Flex Warehouse with Office
For Sale
$545,000
6 Old Essex Rd. # 6, Ipswich, MA 01938
Clean flex unit with two overhead garage bays and office space for a range of trades and light manufacturing uses.
Property Size1,628 SF
Price / SF$334.77
Days on Market226
Property Features for 6 Old Essex Rd. # 6
General Information
Standard status
Active
Size
1,628 SF
Property subtype
Commercial
Zoning
RRA
Additional Details
Highway Access
Yes
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$2,048
Building Details
Building Size
1,628 SF
Year Built
1990
Listing Agency:
Weichert REALTORS, Hope & Associates
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jan 12
Changed: Aug 25
Last Checked: Aug 26 at 5:56AM
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 Weichert REALTORS, Hope & Associates
Investment Insights
Based on property information with market context.
Unit 6 in the Ipswich Dairy Condominium Association offers a flexible layout with two garage bays, open work/warehouse space, and an office area. The unit has modern overhead LED lighting and is described as fresh and clean. Interior unit plan walls were removed, with the office space kept as the exception, creating a more open configuration for practical day-to-day operations. Access is provided by two newer electric overhead doors plus a separate passthrough man door.
The unit is located with convenient access to State Route 133 near the Ipswich/Essex line. This setting supports frequent business trips and service access, and the condominium format provides a defined unit offering within the larger property.
For tenants, buyers, or operators, the combination of overhead-door access, open warehouse/work area, and a dedicated office suits contractors, electricians, mechanical services, light manufacturing, and other trades needing both workspace and administrative space. The unit’s open interior configuration and multiple entry points also make it workable as a personal workshop, warehouse, or art studio, depending on use needs. Additional space is available for acquisition through the purchase of common wall Unit 5, allowing expansion within the condominium arrangement.
The unit is located with convenient access to State Route 133 near the Ipswich/Essex line. This setting supports frequent business trips and service access, and the condominium format provides a defined unit offering within the larger property.
For tenants, buyers, or operators, the combination of overhead-door access, open warehouse/work area, and a dedicated office suits contractors, electricians, mechanical services, light manufacturing, and other trades needing both workspace and administrative space. The unit’s open interior configuration and multiple entry points also make it workable as a personal workshop, warehouse, or art studio, depending on use needs. Additional space is available for acquisition through the purchase of common wall Unit 5, allowing expansion within the condominium arrangement.
Key Highlights
- 1990‑built flex unit in the Ipswich Dairy Condominium Association near State Route 133
- Includes 2 garage bays plus open work/warehouse space and office area
- Modern overhead LED lighting and office space
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
Warehouse
$300.4K
$262.9K – $350.5K
NOI $21,028 @ 7.0% cap · market cap 3.86%
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
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Highway access
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 Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Clean flex unit with two overhead garage bays and office space for a range of trades and light manufacturing 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: 1990‑built flex unit in the Ipswich Dairy Condominium Association near State Route 133; Includes 2 garage bays plus open work/warehouse space and office area; Modern overhead LED lighting and office space
