Mixed-Use Building with Entertainment
7-11 Wallis Street Beverly, MA 01915
7-11 Wallis Street, Beverly, MA, 01915
$1,885,000
For Sale
$1,885,000
Includes three renovated residential units and a commercial tenancy occupied by Off Cabot Comedy & Events.
Property Size6,722 SF
Price / SF$280.42
Days on Market49
Property Features for 7-11 Wallis Street
General Information
- Standard status
- Active
- Size
- 6,722 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1860
Listing agency
North Shore Realty Advisors
Listed by
Dan Pouladian
(781) 233-1401
Source
Littlefieldre
Added: Jun 4 Updated: Jul 21 at 3:21PM Checked: Jul 21 at 3:21PM
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 North Shore Realty Advisors
Investment Insights
Based on property information with market context.
This mixed-use property includes three renovated residential units and a ground-level commercial tenancy. The residential unit mix consists of one studio, one 1-bedroom, and one 3-bedroom, each undergoing gut renovations with features that include sun-filled open floor plans, soaring ceilings, hardwood flooring, in-unit laundry, large bathrooms, and eat-in kitchens.
The commercial portion is the iconic home of Off Cabot Comedy & Events. The property is described as having approximately 6,722± rentable square feet within a 10,223± gross square footage. For the commercial tenancy, the offering includes stable income with 5% annual rent escalations.
Overall, the building combines historic character with renovated interiors and modernized systems, creating a single asset with both residential and entertainment-driven commercial income.
The commercial portion is the iconic home of Off Cabot Comedy & Events. The property is described as having approximately 6,722± rentable square feet within a 10,223± gross square footage. For the commercial tenancy, the offering includes stable income with 5% annual rent escalations.
Overall, the building combines historic character with renovated interiors and modernized systems, creating a single asset with both residential and entertainment-driven commercial income.
Key Highlights
- Mixed‑use property in Downtown Beverly built in 1860 with approximately 6,722± rentable SF within 10,223± gross SF
- Three renovated residential units: one studio, one 1‑bedroom, and one 3‑bedroom
- Residential updates include gut renovations with hardwood flooring, in‑unit laundry, eat‑in kitchens, large bathrooms, and open floor plans
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $242.0k | $36.00 |
| − Vacancy | −$24.2k | −$3.60 |
| EGI | $217.8k | $32.40 |
| − OpEx | −$81.7k | −$12.15 |
| NOI | $136.1k | $20.25 |
6,722 SF · lease $36.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$1.94M
$1.70M – $2.27M
NOI $136,121 @ 7.0% cap · market cap 7.22%
Second Best
Multifamily LT 5
$1.62M
$1.42M – $1.89M
NOI $113,240 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$3.98M
$3.48M – $4.64M
NOI $278,558 @ 7.0% cap · market cap 14.78%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Includes three renovated residential units and a commercial tenancy occupied by Off Cabot Comedy & Events.
Where is this mixed-use property located?
The property is located at 7-11 Wallis Street Beverly, MA.
What is the asking price?
The asking price for this property is $1,885,000.
What are key features of this property?
This property features: Mixed‑use property in Downtown Beverly built in 1860 with approximately 6,722± rentable SF within 10,223± gross SF; Three renovated residential units: one studio, one 1‑bedroom, and one 3‑bedroom; Residential updates include gut renovations with hardwood flooring, in‑unit laundry, eat‑in kitchens, large bathrooms, and open floor plans
