Warehouse with 50-Foot-Deep
For Sale
$1,800,000
57-rr Grove Street, Salem, MA 01970
Heavy civil contractor facility with a 4,784 sq ft warehouse, bay doors, and additional NRCC-zoned land for storage.
Property Size4,784 SF
Lot Size0.56 Acres
Price / SF$376.25
Days on Market95
Property Features for 57-rr Grove Street
General Information
Standard status
Active
Size
4,784 SF
Lot size
0.56 Acres
Property subtype
Commercial
Zoning
NRCC
Warehouse & Industrial
Clear Height
12 ft
Drive-In Doors
5
Additional Details
Business Included
Yes
Building Details
Year Built
1950
Listing Agency:
Conway - Swampscott
Listed By:
Robinson Mendez
(617) 696-6100
Source:
Kelleyrege
Added: May 28
Changed: Aug 28
Last Checked: Aug 29 at 11:16AM
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 Conway - Swampscott
Investment Insights
Based on property information with market context.
This offering combines a fully operational heavy civil construction company with commercial real estate and equipment. The package includes a 4,784 sq ft commercial building with 50-foot-deep bays, five bay doors, and 12-foot ceiling height, located on a 19,378 sq ft main parcel. An additional 4,996 sq ft lot provides room for equipment storage, vehicle parking, and future expansion.
The real estate is accompanied by K&B Excavating, a division of Brennan Construction, Inc., with over 40 years of continuous operation. The business focuses on excavation, demolition, utility installation, roadwork, building pad preparation, and snow and ice management for both public and private sector clients.
Also included are two NRCC-zoned parcels, supporting a turnkey acquisition designed for ongoing operations and immediate site use.
The real estate is accompanied by K&B Excavating, a division of Brennan Construction, Inc., with over 40 years of continuous operation. The business focuses on excavation, demolition, utility installation, roadwork, building pad preparation, and snow and ice management for both public and private sector clients.
Also included are two NRCC-zoned parcels, supporting a turnkey acquisition designed for ongoing operations and immediate site use.
Key Highlights
- 4,784 sq ft commercial building with 50‑foot‑deep bays, five bay doors, and 12‑foot ceiling height
- 19,378 sq ft main parcel plus an additional 4,996 sq ft lot for equipment storage, vehicle parking, and future expansion
- Includes a fully operational heavy civil construction business: K&B Excavating, a division of Brennan Construction, Inc.
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
$61,791
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
3.43%
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%
$1,235,820
$1.2M
Cap Rate 7%
$882,729
$882.7K
Cap Rate 9%
$686,567
$686.6K
Market Conditions
NOI Build-Up for 4,784 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
$76.9K $16.08/SF
− Vacancy
−$4.2K −$0.88/SF
EGI
$72.7K $15.20/SF
− OpEx
−$10.9K −$2.28/SF
NOI
$61.8K $12.92/SF
Area
Essex County, MA
Vacancy
5.50%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
15.00%
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%
$1,235,820
Cap Rate 7%
$882,729
Cap Rate 9%
$686,567
Alternative Uses
Best Use
Warehouse
$882.7K
$772.4K – $1.03M
NOI $61,791 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.83M
$2.48M – $3.30M
NOI $198,248 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12 ft
Clear height
5
Drive-in doors
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
977
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01970, MA
44,451
Population
20,920
Households
2.1
Avg Household Size
39
Median Age
50%
College-Educated
92%
High-School Grad
8.2 sq mi
ZIP Area
5,421
Density / Sq Mi
$85,189
Median Household Income
$52,024
Median Earnings
$1,800
Median Rent
$497,500
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- TE Andresen — 36 Jefferson Ave #38, Salem, MA 01970
- Self-Storage at U-Haul — 43 Jefferson Ave, Salem, MA 01970
- Advantage Self Storage — 4 Jefferson Ave, Salem, MA 01970
- United Van Lines — 32 Jefferson Ave, Salem, MA 01970
- Public Storage — 12 Goodhue St, Salem, MA 01970
Frequently Asked Questions
What type of property is this?
Warehouse - Heavy civil contractor facility with a 4,784 sq ft warehouse, bay doors, and additional NRCC-zoned land for storage.
Where is this warehouse located?
The property is located at 57-rr Grove Street Salem, MA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 4,784 sq ft commercial building with 50‑foot‑deep bays, five bay doors, and 12‑foot ceiling height; 19,378 sq ft main parcel plus an additional 4,996 sq ft lot for equipment storage, vehicle parking, and future expansion; Includes a fully operational heavy civil construction business: K&B Excavating, a division of Brennan Construction, Inc.
