Ipswich Flex Space with
For Sale
$545,000
6 Old Essex Rd. 6, Ipswich, MA 01938
Flex space with office, suitable for various business uses.
Property Size1,628 SF
Days on Market118
Property Features for 6 Old Essex Rd. 6
General Information
Standard status
Active
Size
1,628 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,048
Building Details
Building Size
1,628 SF
Year Built
1990
Listing Agency:
Keller Williams Realty Evolution
(978) 375-6246
Listed By:
Kevin Street
(978) 375-6246
Source:
Elliman
Added: Apr 27
Changed: Aug 14
Last Checked: Aug 21 at 7:26AM
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, offering convenient access to State Route 133 near the Ipswich Essex line. The unit features two garage bays, an open work/warehouse space, and an office area, all illuminated by modern overhead LED lighting. Access is facilitated by two newer electric opening overhead doors and one passthrough man door. The interior is fresh and clean, with original unit plan interior walls removed, except for the office space. This space can accommodate a variety of trades, including contractors, electricians, mechanical services, light manufacturing, or serve as an office, personal workshop, warehouse, or art studio. An additional 827 square feet of space can be acquired with the purchase of common wall Unit 5. The location has a bike score of 24, indicating it is somewhat bikeable, and a walk score of 6, suggesting car dependence.
Key Highlights
- Convenient access to State Route 133 near the Ipswich Essex line.
- Two garage bays with newer electric opening overhead doors.
- Open work/warehouse space and office with 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
$28,404
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
5.21%
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%
$568,080
$568.1K
Cap Rate 7%
$405,771
$405.8K
Cap Rate 9%
$315,600
$315.6K
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
$46.9K $28.80/SF
− Vacancy
−$3.2K −$1.96/SF
EGI
$43.7K $26.84/SF
− OpEx
−$15.3K −$9.39/SF
NOI
$28.4K $17.45/SF
Area
Essex County, MA
Vacancy
6.80%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
35.00%
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%
$568,080
Cap Rate 7%
$405,771
Cap Rate 9%
$315,600
Alternative Uses
Best Use
Flex RnD
$405.8K
$355.1K – $473.4K
NOI $28,404 @ 7.0% cap · market cap 5.21%
Second Best
Industrial
$247.4K
$216.5K – $288.6K
NOI $17,317 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$963.8K
$843.3K – $1.12M
NOI $67,464 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
Under-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 Industrial in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Chrissi's Cafe & Fine Catering — 8 Hayward St, Ipswich, MA 01938
Frequently Asked Questions
What type of property is this?
Flex space - Flex space with office, suitable for various business uses.
Where is this flex space located?
The property is located at 6 Old Essex Rd. 6 Ipswich, MA.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Convenient access to State Route 133 near the Ipswich Essex line.; Two garage bays with newer electric opening overhead doors.; Open work/warehouse space and office with modern overhead LED lighting.**
