Grandfathered 3-Family Redevelopment
For Sale
$990,000
5 Northern Blvd, Newbury, MA 01951
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 Market124
Property Features for 5 Northern Blvd
General Information
Standard status
Active
Size
1,810 SF
Total Parking Spaces
6
Lot size
0.15 Acres
Property subtype
Multi-Family
Zoning
AR4
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,261
Building Details
Building Size
1,810 SF
Year Built
1930
Stories
3
Listing Agency:
Compass
(978) 248-8081
Listed By:
The Bakhtiari Group
(603) 560-5357
Source:
Churchillprop
Added: Jun 20
Changed: Oct 6
Last Checked: Oct 20 at 6:12PM
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
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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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,492
Cap Rate
3.08%
Suggested Prices Based on Cap Rates
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
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 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
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 authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
62
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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
