Waterfront Mixed-Use
For Sale
$2,800,000
47 Water Street, Newburyport, MA 01950
Two complementary downtown buildings combine historic character, warehouse flexibility, harbor views, and on-site parking.
Property Size3,320 SF
Price / SF$843.37
Days on Market8
Property Features for 47 Water Street
General Information
Standard status
Active
Size
3,320 SF
Property subtype
Commercial
Additional Details
Asking Price
$8,000,000
Building Details
Year Built
1970
Buildings
2
Listing Agency:
Gibson Sotheby's International Realty
Listed By:
Lynne Hendricks
(978) 658-2345
Source:
Wilsonwolfe
Added: Sep 18
Changed: Sep 24
Last Checked: Sep 24 at 9:49AM
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.
This offering combines two waterfront buildings at 45 and 47 Water Street in Newburyport. The 1822 Clock Tower Building at 45 Water Street features a brick façade, period architectural detail, approximately 9,300 square feet of finished space, and on-site parking. Its upper floors include a fourth-floor balcony oriented toward the harbor. The adjacent 1970 warehouse at 47 Water Street extends toward the Clipper City Rail Trail and adds substantial complementary space.
The property occupies a prominent position along the working waterfront, with views toward the marina, Custom House, Harbormaster’s office, Waterfront Park, Gillis Bridge, and Plum Island. The two buildings are being offered together, creating a combined mixed-use property with historic character, modern warehouse scale, and direct downtown waterfront context.
The property occupies a prominent position along the working waterfront, with views toward the marina, Custom House, Harbormaster’s office, Waterfront Park, Gillis Bridge, and Plum Island. The two buildings are being offered together, creating a combined mixed-use property with historic character, modern warehouse scale, and direct downtown waterfront context.
Key Highlights
- Two waterfront buildings at 45 and 47 Water Street offered together
- 1822 Clock Tower Building with brick façade and period architectural detail
- Approximately 9,300 square feet of finished space at 45 Water Street
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
$92,538
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
3.30%
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%
$1,850,760
$1.9M
Cap Rate 7%
$1,321,971
$1.3M
Cap Rate 9%
$1,028,200
$1.0M
Market Conditions
NOI Build-Up for 3,320 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
$151.4K $45.60/SF
− Vacancy
−$28.0K −$8.44/SF
EGI
$123.4K $37.16/SF
− OpEx
−$30.8K −$9.29/SF
NOI
$92.5K $27.87/SF
Area
Essex County, MA
Vacancy
18.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,850,760
Cap Rate 7%
$1,321,971
Cap Rate 9%
$1,028,200
Alternative Uses
Best Use
Office B
$1.32M
$1.16M – $1.54M
NOI $92,538 @ 7.0% cap · market cap 3.30%
Second Best
Mixed Use
$960.4K
$840.4K – $1.12M
NOI $67,230 @ 7.0% cap · market cap 2.40%
Theoretical Best
Office A
$1.97M
$1.72M – $2.29M
NOI $137,580 @ 7.0% cap · market cap 4.91%
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 Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two complementary downtown buildings combine historic character, warehouse flexibility, harbor views, and on-site parking.
Where is this mixed-use property located?
The property is located at 47 Water Street Newburyport, MA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Two waterfront buildings at 45 and 47 Water Street offered together; 1822 Clock Tower Building with brick façade and period architectural detail; Approximately 9,300 square feet of finished space at 45 Water Street
