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    Wenham Redevelopment Opportunity Title is generated by Realmo AI

    36 Essex St, Wenham, MA 01984

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    55+ residential community redevelopment opportunity on 50.48 acres.

    Type:Multifamily
    Property size:
    115,000 SF
    Lot size:
    50.48 Acres
    Added:
    Jan 24, 2026
    Days on Market:
    114
    Last Refresh:
    Mar 17 at 1:13 pm

    Property Features for 36 Essex St

    General Information

    Standard status
    Active
    Size
    115,000 SF
    Lot size
    50.48 Acres
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Philip DeSimone

    Listing agent Philip DeSimone License #9536924

    Listing office Kelleher & Sadowsky Associates Inc

    Listing date Jan 24, 2026

    Source Crexi

    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 Kelleher & Sadowsky Associates Inc

    HighLights

    • Prime re‑development opportunity for a 55+ residential community on 50.48 acres.
    • Located in Wenham, MA, a desirable New England town with strong demographics.
    • Conveniently located 35 minutes from Boston and 3 minutes from Rt‑128, offering easy access to urban amenities.
    • Zoning allows for single‑family residential, educational, and non‑profit uses by right, with potential for Independent Living or Senior Living Overlay Districts.
    • Existing +\/- 115,000 sq ft of building space in three connected properties, including a Gilded Age mansion with modern additions.
    • Close proximity to lifestyle amenities, including West Beach and various dining, shopping, and cultural attractions.

    Overview

    Located at 36 Essex Street in Wenham, MA, this redevelopment opportunity features approximately 115,000 square feet of space in three connected properties situated on 50.48 acres. The original property, a Gilded Age mansion, was built in 1929 and includes two modern additions. The property is located 35 minutes from Boston and three minutes to Rt-128. Wenham combines New England charm with a median family income of $207,244. Essex County has more than 250,000 residents over 55 years of age. The property is located within the Residential Zoning District, which allows for single family residential, educational, and non-profit uses by right. Developers may also opt into the Independent Living Overlay District or the Senior Living Overlay District. The former school has filed for Chapter 11 Bankruptcy, with the goal of selecting a buyer by January 2026. The property is 26 miles (35 minutes) from downtown Boston by car, with commuter rail service a few miles away. West Beach in Beverly is nine minutes away, and the area is rich in dining, shopping, museums, and cultural attractions. The property is well-positioned for connectivity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Academy at Penguin Hall High School

    Suggested Use

    Real Estate Agency Spa & Massage Center Big Box & Wholesale Store Gym & Fitness Center Skin Care Clinic Kitchen & Bath Showroom HVAC Service Electrical Service Furniture & Home Goods Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Wenham
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.8482151
    Latitude
    42.594254

    FAQs

    What type of property is this?
    Senior housing / Retirement Home - 55+ residential community redevelopment opportunity on 50.48 acres.
    Where is this senior housing / retirement home located?
    The property is located at 36 Essex St Wenham, MA.
    What are key features of this property?
    This property features: Prime re‑development opportunity for a 55+ residential community on 50.48 acres.; Located in Wenham, MA, a desirable New England town with strong demographics.; Conveniently located 35 minutes from Boston and 3 minutes from Rt‑128, offering easy access to urban amenities.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Philip DeSimone
    Real Estate License ID: 9536924
    Learn More
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    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.

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