2 Plum Island BlvdNewbury, MA 01951

Property Details for 2 Plum Island Blvd

Year built

1970

Construction

FRAME

Lot size

0.28 AC

Property size (Sq ft)

2,925 SF

Zone code

AR4

Property type

Retail properties

Property subtype

Turn key restaurants

APN

NEWB M:0U02 B:0000 L:00132

APU

NEWBM0U02B0000L00132

Description

This exceptional 0.28-acre corner lot at 2 Plum Island Blvd. (also known as 2 Sunset Drive), Newbury, MA, presents a unique investment opportunity. Boasting frontage on both Plum Island Boulevard and Sunset Drive, this property enjoys a prime location at the crossroads of Plum Island, offering unparalleled visibility and accessibility. The existing structure, totaling 4,519 square feet including a 512 square foot patio, currently functions as a restaurant, permitted by-right. Alternatively, the property allows for the construction of a 4,000+ square foot residential home with an ancillary unit, also by-right. Zoning regulations further permit applications for special permits to explore diverse uses, including multiple residential units or other commercial ventures, potentially allowing for increased building size. A legal opinion letter is available for qualified buyers to review zoning and development possibilities. This property benefits from its proximity to the ocean, offering stunning Newburyport sunsets, and its close proximity to downtown Newburyport. The strong demographics and year-round appeal of this location, unlike many seasonal destinations, ensure consistent demand and high return potential. This is a rare chance to acquire a versatile property in a highly desirable location with significant upside potential. Don't miss this opportunity to capitalize on the unique blend of residential and commercial possibilities.

• CAP approach

  CAP return

  Valuation

  6%

  $710,877

  6.5%

  $656,194

  7%

  $609,323

• Comparable approach

  Method

  Valuation

  Relative Method

  $963,095

  Geo Method

  $963,095

• Alternative Use

  Use

  Valuation

  Residential

  $553,524

  Hospitality

  $507,025

  Educational

  $421,839

  Medical

  $436,347

  Retail

  $656,194

Location Insight

City

Newbury

County

Essex

State

Massachusetts

Latitude

42.7985

Longitude

-70.8128

CBSA code

14460

CBSA name

BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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