Historic Waterfront Mixed-Use
For Sale
$5,200,000
45 Water Street, Newburyport, MA 01950
Two connected buildings offer finished commercial space, on-site parking, and harbor views within a walkable downtown setting.
Property Size9,285 SF
Price / SF$560.04
Days on Market8
Property Features for 45 Water Street
General Information
Standard status
Active
Size
9,285 SF
Property subtype
Commercial
Lease Term
[]
Additional Details
Asking Price
$8,000,000
Building Details
Year Built
1822
Buildings
2
Listing Agency:
Gibson Sotheby's International Realty
Listed By:
Lynne Hendricks
(978) 518-7369
Source:
Littlefieldre
Added: Sep 18
Changed: Sep 24
Last Checked: Sep 24 at 9:46AM
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 Gibson Sotheby's International Realty
Investment Insights
Based on property information with market context.
The offering combines 45 and 47 Water Street as a two-building mixed-use property. The 1822 Clock Tower Building at 45 Water Street provides approximately 9,300 sq. ft. of finished space, a brick exterior, period architectural details, on-site parking, and a fourth-floor balcony. The adjoining 47 Water Street building was constructed in 1970 and extends toward the Clipper City Rail Trail, adding a larger footprint to the assemblage.
The property occupies a waterfront position with views across the harbor, including the marina, Custom House, Harbormaster’s office, Waterfront Park, Gillis Bridge, and Plum Island. The upper floors of 45 Water Street provide elevated harbor outlooks, while the surrounding downtown offers access to restaurants, cafés, cultural destinations, and the waterfront. Both buildings are being offered together.
The property occupies a waterfront position with views across the harbor, including the marina, Custom House, Harbormaster’s office, Waterfront Park, Gillis Bridge, and Plum Island. The upper floors of 45 Water Street provide elevated harbor outlooks, while the surrounding downtown offers access to restaurants, cafés, cultural destinations, and the waterfront. Both buildings are being offered together.
Key Highlights
- Two‑building mixed‑use assemblage at 45 and 47 Water Street
- 1822 Clock Tower Building with approximately 9,300 sq. ft. of finished space
- Adjoining warehouse building constructed in 1970
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
$188,021
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
3.62%
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%
$3,760,420
$3.8M
Cap Rate 7%
$2,686,014
$2.7M
Cap Rate 9%
$2,089,122
$2.1M
Market Conditions
NOI Build-Up for 9,285 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
$334.3K $36.00/SF
− Vacancy
−$33.4K −$3.60/SF
EGI
$300.8K $32.40/SF
− OpEx
−$112.8K −$12.15/SF
NOI
$188.0K $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 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%
$3,760,420
Cap Rate 7%
$2,686,014
Cap Rate 9%
$2,089,122
Alternative Uses
Best Use
Mixed Use
$2.69M
$2.35M – $3.13M
NOI $188,021 @ 7.0% cap · market cap 3.62%
Second Best
Warehouse
$1.71M
$1.50M – $2.00M
NOI $119,927 @ 7.0% cap · market cap 2.31%
Theoretical Best
Office A
$5.50M
$4.81M – $6.41M
NOI $384,768 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,689
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
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Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two connected buildings offer finished commercial space, on-site parking, and harbor views within a walkable downtown setting.
Where is this mixed-use property located?
The property is located at 45 Water Street Newburyport, MA.
What is the asking price?
The asking price for this property is $5,200,000.
What are key features of this property?
This property features: Two‑building mixed‑use assemblage at 45 and 47 Water Street; 1822 Clock Tower Building with approximately 9,300 sq. ft. of finished space; Adjoining warehouse building constructed in 1970
