Walgreens NNN
For Sale
Contact for pricing
54 Elliott St, Beverly, MA 01915
Commercially zoned Walgreens property subject to an absolute net lease.
Property Size14,036 SF
Price / SF$348.75
Days on Market158
Property Features for 54 Elliott St
General Information
Standard status
Active
Size
14,036 SF
Property subtype
Retail
Zoning
Commercial
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$305,910
Building Details
Year Built
1998
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Berkeley Capital Advisors Charlotte
Listed By:
Ransome Foose · License #NC 280948
Source:
Crexi
Added: Mar 27
Changed: Aug 30
Last Checked: Aug 30 at 6:51PM
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 Berkeley Capital Advisors Charlotte
Investment Insights
Based on property information with market context.
Located at 54 Elliott St in Beverly, Massachusetts, this 14,036-square-foot Walgreens property was built in 1998. The asset carries Commercial zoning and is structured under an absolute net lease.
The property is identified as an NNN property and is offered for sale. Its established retail identity and existing lease structure provide the principal facts for evaluating the asset.
The property is identified as an NNN property and is offered for sale. Its established retail identity and existing lease structure provide the principal facts for evaluating the asset.
Key Highlights
- 14,036‑square‑foot Walgreens property
- Absolute net lease structure
- Commercial zoning
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
$259,444
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
5.30%
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%
$5,188,880
$5.2M
Cap Rate 7%
$3,706,343
$3.7M
Cap Rate 9%
$2,882,711
$2.9M
Market Conditions
NOI Build-Up for 14,036 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
$353.7K $25.20/SF
− Vacancy
−$7.8K −$0.55/SF
EGI
$345.9K $24.65/SF
− OpEx
−$86.5K −$6.16/SF
NOI
$259.4K $18.48/SF
Area
Essex County, MA
Vacancy
2.20%
Lease Rate
$25.20 /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%
$5,188,880
Cap Rate 7%
$3,706,343
Cap Rate 9%
$2,882,711
Alternative Uses
Best Use
Specialty Retail
$3.71M
$3.24M – $4.32M
NOI $259,444 @ 7.0% cap · market cap 5.30%
Second Best
Retail
$3.29M
$2.88M – $3.84M
NOI $230,617 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$8.31M
$7.27M – $9.69M
NOI $581,648 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,551
Businesses Nearby
159k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Shops & Services 30%
Groceries 23%
Home Improvements & Furnishings 2%
Stop & Shop
Groceries
36,008 visits/mo
0.4 miles
McDonald's
Dining
24,738 visits/mo
0.3 miles
Dollar Tree
Shops & Services
16,701 visits/mo
0.4 miles
Speedway
Shops & Services
15,345 visits/mo
0.3 miles
Dunkin' Donuts
Dining
15,338 visits/mo
0.1 miles
Demographics for 01915, MA
42,341
Population
17,318
Households
2.4
Avg Household Size
40
Median Age
51%
College-Educated
97%
High-School Grad
14.2 sq mi
ZIP Area
2,982
Density / Sq Mi
$102,347
Median Household Income
$57,989
Median Earnings
$1,684
Median Rent
$619,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Commercially zoned Walgreens property subject to an absolute net lease.
Where is this nnn property located?
The property is located at 54 Elliott St Beverly, MA.
What is the asking price?
The asking price for this property is $4,895,000.
What are key features of this property?
This property features: 14,036‑square‑foot Walgreens property; Absolute net lease structure; Commercial zoning
