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    Mixed-Use Retail Office Residence Title is generated by Realmo AI

    7 Main St, Essex, MA 01929

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    New
    For Sale
    $785,000

    MULTI_FAMILY - Essex, MA

    Property size:
    2,376 SF
    Lot size:
    0.30 Acres
    Price / SF:
    $330/SF
    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 7:06 pm

    Property Features for 7 Main St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    C/Mixed
    Bedrooms
    2
    Bathrooms
    2
    Rooms
    Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 1
    Parking
    6
    Fireplace
    1
    Standard status
    Active
    APN
    1887685
    Size
    2,376 SF
    Lot size
    0.30 Acres

    Taxes and HOA fees

    Tax Year
    2026

    Building Details

    Year built
    1836
    Floors in Building
    2
    Number of units
    2

    We can help!

    Listing Contact
    Keller Williams Realty Evolution

    Listing agent Keller Williams Realty Evolution

    Listing office Keller Williams Realty Evolution 500 Cummings Center, Suite 1550, Beverly, MA

    Listing date Jun 5, 2026

    MLS# 73530991 Listing URL

    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.

    HighLights

    • Mixed‑use property: former 1st‑floor retail/office with 2nd‑floor residential use
    • 1st floor includes a restroom (1/2 bath), oversized kitchen, and two generous office spaces plus a small office/work space
    • 2nd floor unit has 1–2 bedrooms, office space, living room, kitchen, full bath, and a washer/dryer area
    • Architectural shingle roof is approximately 5 years old; gas boiler and related components were new in December 2023
    • Development opportunity noted: sewer capacity available for a multiple unit condominium project (per recent by‑law changes)
    • First review of offers scheduled for Thursday, June 11

    Overview

    This mixed-use property at 7 Main St, Essex, MA features two levels configured for combined commercial and residential use. The first floor was previously used as retail/office and includes a restroom with a half bath, an oversized kitchen, two generous office spaces, and an additional small office/work space. The second floor is a residential unit with 1 to 2 bedrooms, an office space and living room, a kitchen, a full bath, and a washer/dryer area.

    The property has an architecturally pleasing exterior and a shingle roof estimated at approximately 5 years old. The gas boiler and associated components were newly installed in December 2023. Zoning is listed as C/Mixed, and recent by-law changes note development opportunity, including sewer capacity available, for a multiple unit condominium project. First review of offers is scheduled for Thursday, June 11.

    For prospective tenants, buyers, or owners seeking a live-work or mixed-use format, the layout supports a variety of first-floor professional uses while maintaining separate residential space above. The existing rooming and service areas on each level provide a practical starting point for office, retail, or similar applications, with the second floor offering an income-producing residential component under the current configuration.

    Local 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 (±1% cap)
    NOI $66,226 @ 7.0% cap · market cap 8.44%
    Second Best
    Mixed Use
    $687.3K
    $601.4K – $801.9K (±1% cap)
    NOI $48,114 @ 7.0% cap · market cap 6.13%
    Theoretical Best
    Office A
    $1.41M
    $1.23M – $1.64M (±1% cap)
    NOI $98,461 @ 7.0% cap · market cap 12.54%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Sea Meadow Gifts ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Auto Repair Shop Pharmacy Gym & Fitness Center Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Essex
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.782369
    Latitude
    42.634956

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    FAQs

    What type of property is this?
    Live-work space - Two-story building with first-floor retail/office space and second-floor residential unit, plus updated roof and boiler.
    Where is this live-work space 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: Mixed‑use property: former 1st‑floor retail/office with 2nd‑floor residential use; 1st floor includes a restroom (1/2 bath), oversized kitchen, and two generous office spaces plus a small office/work space; 2nd floor unit has 1–2 bedrooms, office space, living room, kitchen, full bath, and a washer/dryer area
    (978) 927-8700
    We can help!
    Listing Contact
    Keller Williams Realty Evolution
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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