Mixed-Use Retail and Residential
7 Main St Essex, MA 01929
For Sale
$785,000
Pending
Two-story mixed-use building with retail/office space below and residential unit above, plus updated roof and boiler.
Property Size2,376 SF
Days on Market53
Property Features for 7 Main St
General Information
- Standard status
- Pending
- Size
- 2,376 SF
- Property subtype
- 2 Family - 2 Units Up/Down
Building Details
- Year Built
- 1836
Listing Agency:
Keller Williams Realty Evolution
(978) 375-6246
Listed By:
Kevin Street
(978) 375-6246
Source:
Lockandkeyre
Added: Jun 5
Changed: Jul 10
Last Checked: Jul 26 at 1:56PM
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.
Offered for sale is a well-cared-for mixed-use property with a former retail/office layout on the first floor and residential use on the second floor. The first-floor unit is set up for flexible business use, including a restroom/half bath, an oversized kitchen, and two generous office spaces plus one smaller office/work space. The second-floor unit is configured for 1 to 2 bedrooms, with an office space, living room, kitchen, full bath, and a washer/dryer area.
Located at 7 Main St in Essex, MA, the property combines commercial and residential space under one roof, creating a built-in income stream while allowing the first floor to support a wide range of professional or service-oriented businesses. The shingle roof is approximately four years old, and the gas boiler with associated components were newly installed in December 2023.
Recent by-law changes add a potential development angle for qualified buyers, with sewer capacity available for a multiple-unit condominium project. The offering includes development consideration alongside current operating flexibility, with the first review of offers scheduled for Thursday, June 11.
Located at 7 Main St in Essex, MA, the property combines commercial and residential space under one roof, creating a built-in income stream while allowing the first floor to support a wide range of professional or service-oriented businesses. The shingle roof is approximately four years old, and the gas boiler with associated components were newly installed in December 2023.
Recent by-law changes add a potential development angle for qualified buyers, with sewer capacity available for a multiple-unit condominium project. The offering includes development consideration alongside current operating flexibility, with the first review of offers scheduled for Thursday, June 11.
Key Highlights
- Two‑story mixed‑use building: retail/office on the 1st floor and residential use on the 2nd floor
- 1st floor features a restroom/1/2 bath, oversized kitchen, two generous office spaces, and one small office/work space
- 2nd floor residential unit includes 1 to 2 bedrooms, plus office space, living room, kitchen, full bath, and washer/dryer area
Financial Insights For Office B
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 | $108.3k | $45.60 |
| − Vacancy | −$20.0k | −$8.44 |
| EGI | $88.3k | $37.16 |
| − OpEx | −$22.1k | −$9.29 |
| NOI | $66.2k | $27.87 |
2,376 SF · lease $45.60/SF/yr · vacancy 18.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$946.1K
$827.8K – $1.10M
NOI $66,226 @ 7.0% cap · market cap 8.44%
Second Best
Multifamily LT 5
$571.8K
$500.3K – $667.1K
NOI $40,027 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$1.41M
$1.23M – $1.64M
NOI $98,461 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Sea Meadow Gifts ...
(Bike/Boat/Book/etc) Store
FAQs
What type of property is this?
Duplex - Two-story mixed-use building with retail/office space below and residential unit above, plus updated roof and boiler.
Where is this duplex located?
The property is located at 7 Main St Essex, MA.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: Two‑story mixed‑use building: retail/office on the 1st floor and residential use on the 2nd floor; 1st floor features a restroom/1/2 bath, oversized kitchen, two generous office spaces, and one small office/work space; 2nd floor residential unit includes 1 to 2 bedrooms, plus office space, living room, kitchen, full bath, and washer/dryer area
