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    Ipswich Mixed-Use Historic Property Title is generated by Realmo AI

    57 East Street, Ipswich, MA 01938

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    Claim this Listing
    For Sale
    $975,000

    Mixed-use property with bakery, apartment, and storage building.

    Type:Commercial
    Property size:
    2,419 SF
    Price / SF:
    $403/SF
    Added:
    Aug 31, 2025
    Days on Market:
    280
    Last Refresh:
    Apr 21 at 6:28 am

    Property Features for 57 East Street

    General Information

    Standard status
    Active
    Size
    2,419 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1909

    We can help!

    Listing Contact
    The North Shore Realty Group

    Listing agent The North Shore Realty Group

    Listing office eXp Realty

    Listing date Aug 31, 2025

    Source Stevebremis

    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 eXp Realty

    HighLights

    • Established commercial space with a fully equipped industrial kitchen suitable for high‑volume food service.
    • Includes a two‑bedroom apartment on the second floor with a private entrance.
    • Prime location with great visibility and convenient parking.
    • Zoned for multiple uses: bakery, restaurant, convenience store, retail package store (wine and malt beverages).
    • Close proximity to the Ipswich River, boat launch, and park.
    • Additional 342 sq. ft. out‑building for extra storage.

    Overview

    This is an opportunity to own a piece of Ipswich history dating back to 1909. The property is currently used as a neighborhood bakery, restaurant, convenience store, and retail package store with a wine and malt beverage license. The second floor features a two-bedroom, one-bath apartment with a large living room and dining room, accessible via a private entrance. The first floor is equipped with a professional industrial kitchen, fully set up for high-volume food service, currently operating as a bakery serving lunch and dinner. A 342 sq. ft. out-building, formerly a bait shop, is now used for extra storage. The property offers convenient parking, great visibility, and enormous growth potential. It is located a short distance from the Ipswich River, with the Ipswich River Boat Launch and Park moments away. The property has the potential to convert to 100% residential rentals. The property size is 2419 sq. ft.

    Local Financial Insights For Mixed Use

    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 $87.1k $36.00
    − Vacancy −$8.7k −$3.60
    EGI $78.4k $32.40
    − OpEx −$29.4k −$12.15
    NOI $49.0k $20.25
    2,419 SF · lease $36.00/SF/yr · vacancy 10.00% · expense 37.50%

    Alternative Uses

    Best Use
    Mixed Use
    $699.8K
    $612.3K – $816.4K (±1% cap)
    NOI $48,985 @ 7.0% cap · market cap 5.02%
    Second Best
    Specialty Retail
    $638.8K
    $558.9K – $745.2K (±1% cap)
    NOI $44,713 @ 7.0% cap · market cap 4.59%
    Theoretical Best
    Office A
    $1.43M
    $1.25M – $1.67M (±1% cap)
    NOI $100,243 @ 7.0% cap · market cap 10.28%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    ATM Machine at Little ... Atm Little River Store ... Cafe & Coffee Shop

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Chrissi's Cafe & Fine Catering — 8 Hayward St, Ipswich, MA 01938

    Location Insight

    • Map
    • Local Demand
    City
    Ipswich
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.8291612
    Latitude
    42.6834117

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    FAQs

    What type of property is this?
    Restaurant - Mixed-use property with bakery, apartment, and storage building.
    Where is this restaurant located?
    The property is located at 57 East Street Ipswich, MA.
    What is the asking price?
    The asking price for this property is $975,000.
    What are key features of this property?
    This property features: Established commercial space with a **fully equipped industrial kitchen** suitable for high‑volume food service.; Includes a two‑bedroom apartment on the second floor with a private entrance.; **Prime location with great visibility and convenient parking.**
    We can help!
    Listing Contact
    The North Shore Realty Group
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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