Flex Warehouse Unit with
For Sale
$519,000
6-6 Old Essex Rd, Ipswich, MA 01938
Flex unit with two garage bays, open work/warehouse space, and an office with LED lighting and electric overhead doors.
Property Size1,628 SF
Price / SF$318.80
Days on Market241
Property Features for 6-6 Old Essex Rd
General Information
Standard status
Active
Size
1,628 SF
Additional Details
Utilities to Site
Yes
Heavy Power
Yes
Taxes and HOA fees
Annual Taxes
$2,048
Listing Agency:
Keller Williams Realty Evolution
(978) 927-8700
Listed By:
Kevin Street
(978) 375-6246
Source:
Exprealty
Added: Jan 12
Changed: Sep 8
Last Checked: Sep 9 at 9:33AM
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 Keller Williams Realty Evolution
Investment Insights
Based on property information with market context.
Unit 6 is located in the Ipswich Dairy Condominium Association and features two garage bays plus open work/warehouse space with an office area. The office is equipped with modern overhead LED lighting, and the unit is accessed through two newer electric opening overhead doors and one passthrough man door. The unit presents as fresh and clean, with original interior unit plan walls removed except for the office space.
The unit offers convenient access to State Route 133 near the Ipswich/Essex line. Utility services listed include three-phase power and gas available at the building.
Designed to accommodate a variety of uses, Unit 6 can work for trades, contractor and electrician services, mechanical services, light manufacturing, office space, or a personal workshop/warehouse/art studio configuration.
The unit offers convenient access to State Route 133 near the Ipswich/Essex line. Utility services listed include three-phase power and gas available at the building.
Designed to accommodate a variety of uses, Unit 6 can work for trades, contractor and electrician services, mechanical services, light manufacturing, office space, or a personal workshop/warehouse/art studio configuration.
Key Highlights
- Flex unit in the Ipswich Dairy Condominium Association with convenient access to State Route 133 near the Ipswich/Essex line
- Includes 2 garage bays with open work/warehouse space plus an office area
- Office and work area have modern overhead LED lighting
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
$45,377
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
8.74%
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%
$907,540
$907.5K
Cap Rate 7%
$648,243
$648.2K
Cap Rate 9%
$504,189
$504.2K
Market Conditions
NOI Build-Up for 1,628 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
$74.2K $45.60/SF
− Vacancy
−$13.7K −$8.44/SF
EGI
$60.5K $37.16/SF
− OpEx
−$15.1K −$9.29/SF
NOI
$45.4K $27.87/SF
Area
Essex County, MA
Vacancy
18.50%
Lease Rate
$45.60 /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%
$907,540
Cap Rate 7%
$648,243
Cap Rate 9%
$504,189
Alternative Uses
Best Use
Office B
$648.2K
$567.2K – $756.3K
NOI $45,377 @ 7.0% cap · market cap 8.74%
Second Best
Flex RnD
$405.8K
$355.1K – $473.4K
NOI $28,404 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$963.8K
$843.3K – $1.12M
NOI $67,464 @ 7.0% cap · market cap 13.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Heavy power
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01938, MA
13,785
Population
6,270
Households
2.2
Avg Household Size
51
Median Age
57%
College-Educated
98%
High-School Grad
32.1 sq mi
ZIP Area
429
Density / Sq Mi
$124,405
Median Household Income
$62,161
Median Earnings
$1,525
Median Rent
$701,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex unit with two garage bays, open work/warehouse space, and an office with LED lighting and electric overhead doors.
Where is this flex space located?
The property is located at 6-6 Old Essex Rd Ipswich, MA.
What is the asking price?
The asking price for this property is $519,000.
What are key features of this property?
This property features: Flex unit in the Ipswich Dairy Condominium Association with convenient access to State Route 133 near the Ipswich/Essex line; Includes 2 garage bays with open work/warehouse space plus an office area; Office and work area have modern overhead LED lighting
