Renovated Freestanding Office
8 Essex St, Salem, MA 01970
For Sale
$749,000
Owner-occupant office property with private rooms, reception, basement storage, and wheelchair-accessible entry.
Property Size1,428 SF
Price / SF$524.51
Days on Market51
Property Features for 8 Essex St
General Information
Standard status
Size
Property subtype
Zoning
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Year Renovated
Buildings
Owner Occupied
Listing Agency:
Gibson Sotheby's International Realty
(978) 526-0243
Listed By:
Michael Selbst · License #9049869
(617) 504-9159
Source:
Bostoniaproperties
Added: Sep 19
Changed: Nov 5
Last Checked: Nov 7 at 3:41AM
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 Gibson Sotheby's International Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,428-square-foot freestanding office building offers a practical owner-user layout with 3 private offices or rooms, a reception area, task space, shared workspace, and basement storage. The property was renovated to the studs in 2006 and includes 200-amp electrical service, open cell wall insulation, closed cell roof insulation, and Pella and Andersen windows. Central air and the furnace were replaced in 2021, along with the hot water heater.
A side entrance provides wheelchair access, while easy on-street parking supports employees and visitors. The property is located at 8 Essex Street in Salem, near the Beverly Bridge and Collins Cove, with Derby Street and downtown Salem within walking distance.
A side entrance provides wheelchair access, while easy on-street parking supports employees and visitors. The property is located at 8 Essex Street in Salem, near the Beverly Bridge and Collins Cove, with Derby Street and downtown Salem within walking distance.
Key Highlights
- 1,428 SF freestanding office building
- 3 private offices or rooms plus reception, task, and shared workspace
- Renovated to the studs in 2006
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,803
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$796,060
$796.1K
Cap Rate 7%
$568,614
$568.6K
Cap Rate 9%
$442,256
$442.3K
Market Conditions
NOI Build-Up for 1,428 SF
Gross rent
$65.1K $45.60/SF
− Vacancy
−$12.0K −$8.44/SF
EGI
$53.1K $37.16/SF
− OpEx
−$13.3K −$9.29/SF
NOI
$39.8K $27.87/SF
Area
Essex County, MA
Vacancy
18.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$796,060
Cap Rate 7%
$568,614
Cap Rate 9%
$442,256
Alternative Uses
Best Use
Office B
$568.6K
$497.5K – $663.4K
NOI $39,803 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$845.4K
$739.7K – $986.3K
NOI $59,176 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,211
Businesses Nearby
Explore this area
Business Placement
Demographics for 01970, MA
44,451
Population
20,920
Households
2.1
Avg Household Size
39
Median Age
50%
College-Educated
92%
High-School Grad
8.2 sq mi
ZIP Area
5,421
Density / Sq Mi
$85,189
Median Household Income
$52,024
Median Earnings
$1,800
Median Rent
$497,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Office buildings in Essex County, MA
Properties on Market for Office buildings in Essex County
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - Owner-occupant office property with private rooms, reception, basement storage, and wheelchair-accessible entry.
Where is this office building located?
The property is located at 8 Essex St Salem, MA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 1,428 SF freestanding office building; 3 private offices or rooms plus reception, task, and shared workspace; Renovated to the studs in 2006
