11-Unit Apartment
For Sale
$3,200,000
32 Market St, Newburyport, MA 01950
Furnished rental units operate near the waterfront, restaurants, shops, public transportation, and other Newburyport amenities.
Property Size5,903 SF
Price / SF$542.10
Days on Market178
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Property Features for 32 Market St
General Information
Standard status
Active
Size
5,903 SF
Property subtype
Multi-Family
Building Details
Year Built
1850
Listing Agency:
RE/MAX Bentley's
Listed By:
Alissa Christie
(978) 572-1200
Source:
Lyvrealty
Added: Apr 21
Changed: Sep 30
Last Checked: Oct 15 at 1:16AM
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 RE/MAX Bentley's
Investment Insights
Based on property information with market context.
This 11-unit apartment property at 32 Market St in Newburyport is currently operated as furnished rental housing. The building contains 5,903 square feet, dates to 1850, and includes Hardie Plank siding along with documented improvements. CW zoning applies to the property.
The asset is positioned near the waterfront in downtown Newburyport, with restaurants, shops, a marina, public transportation, parks, bike paths, and walk/jog trails among the surrounding amenities. The property is also within 1 to 2 miles of a public beach and offers access to ocean and river views.
Previously operated as the Inn at Newburyport, the building now provides an established furnished-rental configuration for continued apartment use, subject to buyer due diligence and applicable requirements.
The asset is positioned near the waterfront in downtown Newburyport, with restaurants, shops, a marina, public transportation, parks, bike paths, and walk/jog trails among the surrounding amenities. The property is also within 1 to 2 miles of a public beach and offers access to ocean and river views.
Previously operated as the Inn at Newburyport, the building now provides an established furnished-rental configuration for continued apartment use, subject to buyer due diligence and applicable requirements.
Key Highlights
- 11‑unit apartment property with 5,903 square feet
- Currently operating as furnished rental units
- Hardie Plank siding and documented property improvements
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$89,763
Cap Rate
2.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,795,260
$1.8M
Cap Rate 7%
$1,282,329
$1.3M
Cap Rate 9%
$997,367
$997.4K
Market Conditions
NOI Build-Up for 5,903 SF
Gross rent
$170.0K $28.80/SF
− Vacancy
−$6.8K −$1.15/SF
EGI
$163.2K $27.65/SF
− OpEx
−$73.4K −$12.44/SF
NOI
$89.8K $15.21/SF
Area
Essex County, MA
Vacancy
4.00%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,795,260
Cap Rate 7%
$1,282,329
Cap Rate 9%
$997,367
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.50M
NOI $89,763 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.49M
$3.06M – $4.08M
NOI $244,619 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,957
Businesses Nearby
Explore this area
Business Placement
Demographics for 01950, MA
18,289
Population
8,298
Households
2.2
Avg Household Size
50
Median Age
66%
College-Educated
98%
High-School Grad
8.4 sq mi
ZIP Area
2,177
Density / Sq Mi
$144,259
Median Household Income
$85,573
Median Earnings
$1,511
Median Rent
$792,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Furnished rental units operate near the waterfront, restaurants, shops, public transportation, and other Newburyport amenities.
Where is this apartment building located?
The property is located at 32 Market St Newburyport, MA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 11‑unit apartment property with 5,903 square feet; Currently operating as furnished rental units; Hardie Plank siding and documented property improvements
