296 & 288 Highland Avenue, Salem, MA 01970
For Sale
$2,795,000
Auto shops
Property Size5,483 SF
Price / SF$509.76
Days on Market195
Property Features for 296 & 288 Highland Avenue
General Information
Standard status
Size
Property subtype
Building Details
Year Built
Listing Agency:
Keller Williams Realty - Londonderry
Listed By:
Doug Martin · License MA #065638
(603) 493-8784
Source:
Hgjohnsonrealestate
Added: Apr 30
Changed: Nov 10
Last Checked: Aug 8 at 4:52PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty - Londonderry
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Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$90,088
Cap Rate
3.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,801,760
$1.8M
Cap Rate 7%
$1,286,971
$1.3M
Cap Rate 9%
$1,000,978
$1.0M
Market Conditions
NOI Build-Up for 5,483 SF
Gross rent
$131.6K $24.00/SF
− Vacancy
−$2.9K −$0.53/SF
EGI
$128.7K $23.47/SF
− OpEx
−$38.6K −$7.04/SF
NOI
$90.1K $16.43/SF
Area
Essex County, MA
Vacancy
2.20%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,801,760
Cap Rate 7%
$1,286,971
Cap Rate 9%
$1,000,978
Alternative Uses
Best Use
Retail
$1.29M
$1.13M – $1.50M
NOI $90,088 @ 7.0% cap · market cap 3.22%
Second Best
Industrial
$837.6K
$732.9K – $977.2K
NOI $58,631 @ 7.0% cap · market cap 2.10%
Theoretical Best
Office A
$3.25M
$2.84M – $3.79M
NOI $227,214 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
373
Businesses Nearby
52k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 87%
Shops & Services 8%
Electronics 5%
The Home Depot
Home Improvements & Furnishings
44,873 visits/mo
0.2 miles
T-Mobile
Electronics
2,721 visits/mo
0.1 miles
Pep Boys Auto Parts & Service
Shops & Services
2,432 visits/mo
0.3 miles
AutoZone
Shops & Services
1,558 visits/mo
0.3 miles
Demographics for 01970, MA
44,451
Population
20,920
Households
2.1
Avg Household Size
39
Median Age
50%
College-Educated
92%
High-School Grad
8.2 sq mi
ZIP Area
5,421
Density / Sq Mi
$85,189
Median Household Income
$52,024
Median Earnings
$1,800
Median Rent
$497,500
Median Home Value
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Market
Average Price Trend$/SF for Auto shops in Essex County, MA
Properties on Market for Auto shops in Essex County
Vacancy Rate% for Retail in Northeast region
Similar Off Market Nearby
- Highland Ave Auto Body — 455 Highland Ave, Salem, MA 01970
- jays auto tuning — 56 Swampscott Rd, Salem, MA 01970
- Town Fair Tire — 311 Highland Ave, Salem, MA 01970
- Pep Boys — 232 Highland Ave, Salem, MA 01970
- Salem High School Automotive Center — 77 Willson St, Salem, MA 01970
Frequently Asked Questions
Where is this auto shop located?
The property is located at 296 & 288 Highland Avenue Salem, MA.
What is the asking price?
The asking price for this property is $2,795,000.
