Building Details

Building Size 1,810 SF

Year Built 1930

Listing Agency: Compass

Listed By: The Bakhtiari Group · License #BK3153120 Show Phone

Source: Classifiedrealtygroup

Added: Jun 20 Changed: Sep 4 Last Checked: Sep 5 at 4:45AM

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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 Compass

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.

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

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

$30,492

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

3.08%

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%

$609,840 $609.8K

Cap Rate 7%

$435,600 $435.6K

Cap Rate 9%

$338,800 $338.8K

Market Conditions

NOI Build-Up for 1,810 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

$45.6K $25.20/SF

− Vacancy

−$2.1K −$1.13/SF

EGI

$43.6K $24.07/SF

− OpEx

−$13.1K −$7.22/SF

NOI

$30.5K $16.85/SF

Area

Essex County, MA

Vacancy

4.50%

Lease Rate

$25.20 /SF/Yr

Expense Ratio

30.00%

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%

$609,840

Cap Rate 7%

$435,600

Cap Rate 9%

$338,800

Alternative Uses

Best Use

Multifamily LT 5

$435.6K

$381.2K – $508.2K (±1% cap)

NOI $30,492 @ 7.0% cap · market cap 3.08%

Second Best

Apartment 5plus

$393.2K

$344.1K – $458.7K (±1% cap)

NOI $27,524 @ 7.0% cap · market cap 2.78%

Theoretical Best

Office A

$1.07M

$937.6K – $1.25M (±1% cap)

NOI $75,006 @ 7.0% cap · market cap 7.58%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Triplexes

Suggested Use

Top Pick Building Supply Auto Repair Shop Electrical Service Real Estate Agency Nail Salon Parking Lot & Garage

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

3

Residential units

Location Intelligence

Trade Area within ½ mile

62

Businesses Nearby

Explore this area Business Placement

Demographics for 01951, MA

3,582

Population

1,731

Households

2.1

Avg Household Size

53

Median Age

61%

College-Educated

100%

High-School Grad

14.3 sq mi

ZIP Area

250

Density / Sq Mi

$175,779

Median Household Income

$85,854

Median Earnings

$1,803

Median Rent

$808,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

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