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
Days on Market132
Property Features for 32 Market St
General Information
Standard status
Active
Size
5,903 SF
Property subtype
Multifamily
Taxes and HOA fees
Annual Taxes
$12,607
Building Details
Building Size
5,903 SF
Year Built
1850
Listing Agency:
RE/MAX Bentley's
Listed By:
Alissa Christie
Source:
Classifiedrealtygroup
Added: Apr 21
Changed: Aug 29
Last Checked: Aug 30 at 2:01PM
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$89,763
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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
