Grandfathered 3-Family Redevelopment
5 Northern Blvd Newbury, MA 01951
5 Northern Blvd, Newbury, MA, 01951
$990,000
For Sale
$990,000
Grandfathered triplex on a 6,499 sq ft lot with six off-street parking spaces and ocean views near the beach.
Property Size1,810 SF
Lot Size0.15 Acres
Price / SF$546.96
Days on Market33
Property Features for 5 Northern Blvd
General Information
- Standard status
- Active
- Size
- 1,810 SF
- Lot size
- 0.15 Acres
- Property subtype
- Investment
Building Details
- Year Built
- 1930
Listing agency
(603) 560-5357
Listed by
The Bakhtiari Group
(603) 560-5357
Source
Elliman
Added: Jun 20 Updated: Jul 22 at 4:00AM Checked: Jul 22 at 4:00AM
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 The Bakhtiari Group
Investment Insights
Based on property information with market context.
This property is a grandfathered legal 3-family structure containing approximately 1,810 sq ft of living area on a 6,499 sq ft lot. The site includes six off-street parking spaces. The seller notes the property is sold as-is, and makes no representations or warranties regarding the condition of the existing structure or whether it is salvageable for renovation.
Two redevelopment concepts are described for qualified buyers: (1) three luxury 2-bedroom, 1-bath condos with parking and outdoor deck space, or (2) two larger 3-bedroom luxury condos with parking and outdoor deck space. Conceptual plans are available to qualified buyers, and additional development potential and/or expanded FAR may be possible through future town permitting and approvals. Buyer is responsible for due diligence regarding zoning, permitting, development potential, and future use. The property is positioned on Plum Island with ocean views and a prime setting just steps to the beach, restaurants, and attractions.
Two redevelopment concepts are described for qualified buyers: (1) three luxury 2-bedroom, 1-bath condos with parking and outdoor deck space, or (2) two larger 3-bedroom luxury condos with parking and outdoor deck space. Conceptual plans are available to qualified buyers, and additional development potential and/or expanded FAR may be possible through future town permitting and approvals. Buyer is responsible for due diligence regarding zoning, permitting, development potential, and future use. The property is positioned on Plum Island with ocean views and a prime setting just steps to the beach, restaurants, and attractions.
Key Highlights
- Grandfathered legal 3‑family (triplex) built in 1930 with ~1,810 sqft of living area
- 6,499 sq ft lot with ocean views
- Six off‑street parking spaces
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $45.6k | $25.20 |
| − Vacancy | −$2.1k | −$1.13 |
| EGI | $43.6k | $24.07 |
| − OpEx | −$13.1k | −$7.22 |
| NOI | $30.5k | $16.85 |
1,810 SF · lease $25.20/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$435.6K
$381.2K – $508.2K
NOI $30,492 @ 7.0% cap · market cap 3.08%
Second Best
Apartment 5plus
$393.2K
$344.1K – $458.7K
NOI $27,524 @ 7.0% cap · market cap 2.78%
Theoretical Best
Office A
$1.07M
$937.6K – $1.25M
NOI $75,006 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Grandfathered triplex on a 6,499 sq ft lot with six off-street parking spaces and ocean views near the beach.
Where is this triplex located?
The property is located at 5 Northern Blvd Newbury, MA.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Grandfathered legal 3‑family (triplex) built in 1930 with ~1,810 sqft of living area; 6,499 sq ft lot with ocean views; Six off‑street parking spaces
