Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Retail/Office Space Near Salem State Title is generated by Realmo AI

    331 Lafayette St, Salem, MA 01970

    View on Map
    Claim this Listing
    For Lease
    $25 SF/Yr $5,820/Mo (calc)

    Street-level retail or office space across from Salem State University.

    Type:Commercial
    Property size:
    2,794 SF
    Added:
    Feb 4, 2026
    Days on Market:
    123
    Last Refresh:
    Apr 5 at 11:35 pm

    Property Features for 331 Lafayette St

    General Information

    Standard status
    Active
    Size
    2,794 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    2017

    We can help!

    Listing Contact
    Colleen Cohan

    Listing agent Colleen Cohan

    Listing office The Mega Group

    Listing date Feb 4, 2026

    Source Corcoran

    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 The Mega Group

    HighLights

    • Street‑level retail/office space at a signalized intersection across from Salem State University
    • Built in 2017, modern mixed‑use property
    • 2,794 rentable square feet suitable for retail, service, medical, or professional office uses
    • Existing 49‑seat fast casual restaurant layout with beer and wine license
    • Includes hood, Ansul system, grease trap, sinks, and walk‑in cooler
    • 69 on‑site parking spaces

    Overview

    This street-level retail or professional office space is available for lease. It is situated at a signalized intersection directly across from Salem State University. Constructed in 2017, the mixed-use property offers 2,794 rentable square feet. The premises includes two handicap-accessible bathrooms, making it suitable for retail, service, medical, or professional office uses. The current layout accommodates a 49-seat fast-casual restaurant with a beer and wine license, service and seating areas. It also features a hood, Ansul System, grease trap, sinks, and a walk-in cooler already in place. The property at 331-335 Lafayette Street is located at a signalized intersection on Route 114 in historic Salem, Massachusetts. The site encompasses 35,506 +/- square feet and includes 25,164 +/- rentable square feet of professionally managed commercial space, along with 69 on-site parking spaces.
    Property Profile Location Intelligence

    Current Use by Public Records

    RN Esthetics Salem Spa & Massage Center PZA Grille & Bar Restaurant MODERN HYDRATION IV ... Gym & Fitness Center Salem State University ... University

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.8905
    Latitude
    42.5056

    Nearby Similar for Lease

    • $15 SF/Yr
      8,501 SF

      High-Exposure Retail/Wholesale/Fitness Space

      8,501 sq ft space suitable for retail, wholesale, fitness.
      207 Highland Ave #B, Salem, MA 01970
      View Details
    • $2,975/Mo
      1,000 SF

      Retail Space on Derby Street

      Prime retail space in a high-traffic Salem location.
      1l-214 Derby St, Salem, MA
      View Details
    • $1,800/Mo
      635 SF

      Downtown Salem Office Space

      635 SF office in Salem's historic Derby Square.
      20 Central St 106, Salem, MA 01970
      View Details
    • $16 SF/Yr
      8,000 SF

      Flex Space at Enterprise Center

      Flex commercial space suitable for office, assembly, and distribution.
      71 Loring Ave #100, Salem, MA 01970
      View Details
    • $850/Mo
      144 SF

      Downtown Salem Office Space Available

      Single office in downtown Salem with shared amenities.
      70 Washington St #214-4, Salem, MA 01970
      View Details
    • $1,800/Mo
      635 SF

      Downtown Salem Office Space

      635 SF office space in Salem's historic Derby Square.
      20 Central St #106, Salem, MA 01970
      View Details
    • $18 SF/Yr
      1,145 SF

      Downtown Salem Office Suite

      Well-designed office suite in a prime downtown location.
      60 Washington St, Salem, MA 01970
      View Details
    • $15 SF/Yr
      20,000 SF

      New Industrial Space Available

      20,000 SF of new industrial space for lease.
      373 Highland Ave, Salem, MA 01970
      View Details
    • $4,000/Mo
      3,000 SF

      Salem Office or Retail Space

      Office or retail space with high visibility on Boston St.
      167 Boston St #1, Salem, MA 01970
      View Details
    • $18 SF/Yr
      16,000 SF

      Downtown Salem Office Space Available

      Office space for lease in downtown Salem near amenities.
      10 Federal St, Salem, MA 01970
      View Details
    • $19 SF/Yr
      635 SF

      Downtown Salem Office Space

      635 SF office space in historic Derby Square.
      106-20 Central St, Salem, MA
      View Details
    • $24 SF/Yr
      4,500 SF

      Renovated Flex Retail Suite

      Renovated, air-conditioned space with at-grade entry, signage, and ample parking on a busy roadway.
      57 Loring Ave, Salem, MA 01970
      View Details

    FAQs

    What type of property is this?
    Retail space - Street-level retail or office space across from Salem State University.
    Where is this retail space located?
    The property is located at 331 Lafayette St Salem, MA.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: Street‑level retail/office space at a signalized intersection across from Salem State University; Built in 2017, modern mixed‑use property; 2,794 rentable square feet suitable for retail, service, medical, or professional office uses
    (978) 762-9771
    We can help!
    Listing Contact
    Colleen Cohan
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    331 Lafayette St, Salem, MA 01970
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!