Building Details

Year Built 1930

Stories 3

Tenancy Multi

Listing Agency: eXp Realty

Listed By: Helena Araujo Show Phone

Source: Portsiderealestategroup

Added: Jan 1 Changed: Oct 18 Last Checked: Oct 16 at 11:06AM

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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 eXp Realty

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Investment Insights

Based on property information with market context.

This mixed-use property contains 10,231 square feet across a 1930 building in Peabody’s downtown district. The first floor has two commercial units, including one presently configured as a residential apartment and scheduled for delivery vacant. The other unit is occupied by a bakery under lease.

Four one-bedroom apartments span the second and third floors. These residences are leased on short-term terms, providing flexibility in future leasing decisions. The property is zoned GBD and positioned near shopping, dining, and major routes.

Key Highlights

• 10,231‑square‑foot mixed‑use building constructed in 1930
• Two commercial units occupy the first floor
• One first‑floor unit is currently used as a residential apartment and will be delivered vacant

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$207,178

Cap Rate

7.53%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,143,560 $4.1M

Cap Rate 7%

$2,959,686 $3.0M

Cap Rate 9%

$2,301,978 $2.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 10,231 SF

Gross rent

$368.3K $36.00/SF

− Vacancy

−$36.8K −$3.60/SF

EGI

$331.5K $32.40/SF

− OpEx

−$124.3K −$12.15/SF

NOI

$207.2K $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%

$4,143,560

Cap Rate 7%

$2,959,686

Cap Rate 9%

$2,301,978

Alternative Uses

Best Use

Mixed Use

$2.96M

$2.59M – $3.45M (±1% cap)

NOI $207,178 @ 7.0% cap · market cap 7.53%

Second Best

Retail

$2.40M

$2.10M – $2.80M (±1% cap)

NOI $168,099 @ 7.0% cap · market cap 6.11%

Theoretical Best

Office A

$6.06M

$5.30M – $7.07M (±1% cap)

NOI $423,970 @ 7.0% cap · market cap 15.42%

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

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick Law Firm Parking Lot & Garage Real Estate Agency Cafe & Coffee Shop Acupuncture Computer & Electronic Repair

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

5

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,375

Businesses Nearby

Explore this area Business Placement

Demographics for 01960, MA

54,155

Population

23,009

Households

2.4

Avg Household Size

47

Median Age

34%

College-Educated

91%

High-School Grad

16.0 sq mi

ZIP Area

3,385

Density / Sq Mi

$95,173

Median Household Income

$56,100

Median Earnings

$1,902

Median Rent

$566,700

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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Frequently Asked Questions

What type of property is this?

Mixed-use property - Downtown mixed-use building combining first-floor commercial space with flexible residential occupancy above.

Where is this mixed-use property located?

The property is located at 46-48 Walnut Street Peabody, MA.

What is the asking price?

The asking price for this property is $2,750,000.

What are key features of this property?

This property features: 10,231‑square‑foot mixed‑use building constructed in 1930; Two commercial units occupy the first floor; One first‑floor unit is currently used as a residential apartment and will be delivered vacant