Building Details

Year built 1963

Floors in Building 3

Number of units 2

Listing Agency: Keller Williams Realty Show Phone

Listed By: Susan Rochwarg Show Phone

Added: Oct 15 Last Checked: Oct 16 at 12:06PM

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MLS# 73591423

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Investment Insights

Based on property information with market context.

This 1,603-square-foot mixed-use property, built in 1963, combines a street-level salon setup with a two-bedroom residence above. The commercial area includes four styling stations, shampoo sinks, dryers, storage, and a half bath. The upper residence has an open kitchen with a four-seat peninsula, a living area, and a primary suite with a walk-in closet and private deck overlooking the fenced backyard.

The property is on Main Street in Reading and is zoned BUSB. Its existing commercial and residential configuration brings both uses together within one building.

Key Highlights

• Street‑level salon setup includes four styling stations, shampoo sinks, dryers, storage, and a half bath
• Two‑bedroom residence above the commercial space
• 1,603 square feet on a 0.0585‑acre lot

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$50,864

Cap Rate

6.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,017,280 $1.0M

Cap Rate 7%

$726,629 $726.6K

Cap Rate 9%

$565,156 $565.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,603 SF

Gross rent

$86.9K $54.24/SF

− Vacancy

−$19.1K −$11.93/SF

EGI

$67.8K $42.31/SF

− OpEx

−$17.0K −$10.58/SF

NOI

$50.9K $31.73/SF

Area

Middlesex County, MA

Vacancy

22.00%

Lease Rate

$54.24 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,017,280

Cap Rate 7%

$726,629

Cap Rate 9%

$565,156

Alternative Uses

Best Use

Office B

$726.6K

$635.8K – $847.7K (±1% cap)

NOI $50,864 @ 7.0% cap · market cap 6.37%

Second Best

Mixed Use

$377.9K

$330.6K – $440.8K (±1% cap)

NOI $26,450 @ 7.0% cap · market cap 3.31%

Theoretical Best

Office A

$949.0K

$830.4K – $1.11M (±1% cap)

NOI $66,428 @ 7.0% cap · market cap 8.31%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Spiritual Diva Hair ... Hair Salon

Suggested Use

Top Pick Parking Lot & Garage (Bike/Boat/Book/etc) Store Garden Center Furniture & Home Goods Computer & Electronic Repair Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,118

Businesses Nearby

Explore this area Business Placement

Demographics for 01867, MA

25,522

Population

9,895

Households

2.6

Avg Household Size

43

Median Age

65%

College-Educated

96%

High-School Grad

10.0 sq mi

ZIP Area

2,552

Density / Sq Mi

$163,407

Median Household Income

$85,600

Median Earnings

$1,722

Median Rent

$741,100

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - A two-bedroom residence sits above a street-level salon space with existing styling stations and wash basins.

Where is this mixed-use property located?

The property is located at 400 Main St Reading, MA.

What is the asking price?

The asking price for this property is $799,000.

What are key features of this property?

This property features: Street‑level salon setup includes four styling stations, shampoo sinks, dryers, storage, and a half bath; Two‑bedroom residence above the commercial space; 1,603 square feet on a 0.0585‑acre lot