Building Details

Year built 1979

Buildings 1

Listing Agency: Keller Williams Elite · Keller Williams Realty Show Phone

Listed By: Jennifer Hoyt Show Phone

Added: Sep 27 Changed: Oct 25 Last Checked: Oct 31 at 2:06PM

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MLS# 73583055

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Investment Insights

Based on property information with market context.

The 5,053-square-foot property includes a freestanding Italian/pizza restaurant with dining areas, counter service, a commercial kitchen, prep space, refrigeration, stainless-steel equipment and a wood-fired pizza oven. Outdoor seating is also available. The property is subdivided and separately metered for up to four tenant spaces. Its configuration can accommodate two residential apartments, or an apartment alongside office or retail space. Improvements include gas-fired rooftop HVAC units, rubber roofing, natural gas and public water.

At 414 Boston St in Topsfield, the property fronts Route 1, with approximately 467 feet of frontage. The site spans approximately 0.70 acres and includes approximately 50 parking spaces. Zoning is BP.

Key Highlights

• 5,053‑square‑foot mixed‑use property with restaurant, residential and commercial components
• Freestanding Italian/pizza restaurant includes a wood‑fired pizza oven and commercial kitchen equipment
• Subdivided and separately metered for up to four tenant spaces

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$102,323

Cap Rate

7.31%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,046,460 $2.0M

Cap Rate 7%

$1,461,757 $1.5M

Cap Rate 9%

$1,136,922 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,053 SF

Gross rent

$181.9K $36.00/SF

− Vacancy

−$18.2K −$3.60/SF

EGI

$163.7K $32.40/SF

− OpEx

−$61.4K −$12.15/SF

NOI

$102.3K $20.25/SF

Area

Essex County, MA

Vacancy

10.00%

Lease Rate

$36.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,046,460

Cap Rate 7%

$1,461,757

Cap Rate 9%

$1,136,922

Alternative Uses

Best Use

Mixed Use

$1.46M

$1.28M – $1.71M (±1% cap)

NOI $102,323 @ 7.0% cap · market cap 7.31%

Second Best

Specialty Retail

$1.33M

$1.17M – $1.56M (±1% cap)

NOI $93,401 @ 7.0% cap · market cap 6.67%

Theoretical Best

Office A

$2.99M

$2.62M – $3.49M (±1% cap)

NOI $209,395 @ 7.0% cap · market cap 14.96%

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

Property Analytics

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Open Analytics

Current Use

Osteria Peppino Pizzeria Restaurant Electric Services Unlimited Electrical Service New Outlooks Psychotherapist Ms. Laura Godfrey Alternative Medicine Practice

Suggested Use

Top Pick Dental Office Restaurant Auto Parts Store Garden Center HVAC Service Plumbing Service

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

Lease Details

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

229

Businesses Nearby

Explore this area Business Placement

Demographics for 01983, MA

6,569

Population

2,319

Households

2.8

Avg Household Size

47

Median Age

73%

College-Educated

98%

High-School Grad

11.9 sq mi

ZIP Area

552

Density / Sq Mi

$176,698

Median Household Income

$74,872

Median Earnings

$1,003

Median Rent

$810,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Office Condo with Build-Out

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Four-Unit Office Condominium Package

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Restaurant improvements are paired with flexible residential and commercial space in a BP-zoned property.

Where is this mixed-use property located?

The property is located at 414 Boston St Topsfield, MA.

What is the asking price?

The asking price for this property is $1,400,000.

What are key features of this property?

This property features: 5,053‑square‑foot mixed‑use property with restaurant, residential and commercial components; Freestanding Italian/pizza restaurant includes a wood‑fired pizza oven and commercial kitchen equipment; Subdivided and separately metered for up to four tenant spaces