Flex Space with Two Garage
For Sale
$545,000
6 Old Essex Rd., Ipswich, MA 01938
Commercial Sale, Ipswich, MA
Property Size1,628 SF
Lot Size2.40 Acres
Price / SF$334.77
Days on Market235
Property Features for 6 Old Essex Rd.
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RRA
Zoning description
Legal Non-Conforming
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Directions
RTE 133 to Northgate Rd. to Old Essex Rd.
Standard status
Active
APN
06400136,3995731
Size
1,628 SF
Lot size
2.40 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2048
HOA Fee
$160 Monthly
Building Details
Year built
1990
Listing Agency:
Keller Williams Realty Evolution
(978) 927-8700
Listed By:
Keller Williams Realty Evolution
(781) 395-5600
Added: Jan 12
Changed: Sep 3
Last Checked: Sep 4 at 3:06AM
MLS# 73467382
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Unit 6 is a 1,628-square-foot flex property within the Ipswich Dairy Condominium Association. The layout includes two garage bays, open work and warehouse areas, and a separate office. Original interior partition walls have been removed except in the office, creating an adaptable floor plan. Modern overhead LED lighting, two newer electric overhead doors, and a passthrough man door support day-to-day access and use. The building dates to 1990.
The property is zoned RRA and has convenient access to State Route 133 near the Ipswich-Essex line. Three-phase power and gas service are available at the building. The configuration is suited to the trades, light manufacturing, office use, personal workshop, warehouse, or art studio applications identified for the unit.
The property is zoned RRA and has convenient access to State Route 133 near the Ipswich-Essex line. Three-phase power and gas service are available at the building. The configuration is suited to the trades, light manufacturing, office use, personal workshop, warehouse, or art studio applications identified for the unit.
Key Highlights
- 1,628 SF flex unit with open work and warehouse areas
- Two garage bays with two newer electric overhead doors
- Office area retained after removal of original interior partition walls
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
Yes
Highway access
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 Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Work and warehouse space with an office, modern LED lighting, and access to State Route 133.
Where is this flex space located?
The property is located at 6 Old Essex Rd. 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: 1,628 SF flex unit with open work and warehouse areas; Two garage bays with two newer electric overhead doors; Office area retained after removal of original interior partition walls
