Mixed-Use Property with
For Sale
$1,100,000
Pending
98 Foster St, Peabody, MA 01960
Two-level configuration combines retail/automotive space with an upstairs residence and separate utilities.
Property Size2,400 SF
Days on Market173
Property Features for 98 Foster St
General Information
Standard status
Pending
Size
2,400 SF
Total Parking Spaces
20
Property subtype
Investment
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$10,909
Amenities
corner lot
separate utilities
Building Details
Building Size
2,400 SF
Year Built
2019
Buildings
1
Stories
2
Units
2
Listing Agency:
Carlton's Wharf & Co.
(617) 331-7473
Listed By:
Jorge Rodriguez · License #9540521
(617) 331-7473
Source:
Elliman
Added: Mar 13
Changed: Aug 30
Last Checked: Aug 31 at 6:16PM
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 Carlton's Wharf & Co.
Investment Insights
Based on property information with market context.
Built in 2019, this mixed-use property combines a first-floor retail and automotive area with a townhouse-style residence above. The residential component includes 3 bedrooms and 2 bathrooms, along with an updated kitchen and bath. Separate utilities serve the commercial and residential portions.
The property occupies a corner lot with parking for 20 vehicles. Its location provides access to I-95 and Peabody Center. The automotive operation is subject to an NNN lease, while the upstairs residence adds a distinct live-work component to the property.
The property occupies a corner lot with parking for 20 vehicles. Its location provides access to I-95 and Peabody Center. The automotive operation is subject to an NNN lease, while the upstairs residence adds a distinct live-work component to the property.
Key Highlights
- Mixed‑use building constructed in 2019
- First‑floor retail and automotive space
- Upstairs townhouse‑style residence with 3 bedrooms and 2 bathrooms
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
$66,895
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
6.08%
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%
$1,337,900
$1.3M
Cap Rate 7%
$955,643
$955.6K
Cap Rate 9%
$743,278
$743.3K
Market Conditions
NOI Build-Up for 2,400 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
$109.4K $45.60/SF
− Vacancy
−$20.2K −$8.44/SF
EGI
$89.2K $37.16/SF
− OpEx
−$22.3K −$9.29/SF
NOI
$66.9K $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 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%
$1,337,900
Cap Rate 7%
$955,643
Cap Rate 9%
$743,278
Alternative Uses
Best Use
Office B
$955.6K
$836.2K – $1.11M
NOI $66,895 @ 7.0% cap · market cap 6.08%
Second Best
Mixed Use
$694.3K
$607.5K – $810.0K
NOI $48,600 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,455 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,197
Businesses Nearby
Explore this area
Business Placement
Demographics for 01960, MA
54,155
Population
23,009
Households
2.4
Avg Household Size
47
Median Age
34%
College-Educated
91%
High-School Grad
16.0 sq mi
ZIP Area
3,385
Density / Sq Mi
$95,173
Median Household Income
$56,100
Median Earnings
$1,902
Median Rent
$566,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level configuration combines retail/automotive space with an upstairs residence and separate utilities.
Where is this mixed-use property located?
The property is located at 98 Foster St Peabody, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Mixed‑use building constructed in 2019; First‑floor retail and automotive space; Upstairs townhouse‑style residence with 3 bedrooms and 2 bathrooms
