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    Property profile & analytics

    45 Storey Ave Newburyport, MA 01950

    • Commercial real estate
    • 118,008 SF
    • 11.04 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1541938
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 45 Storey Ave

    Year built
    1970
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    11.04 lot acres
    Property size
    118,008 SF
    Property type
    Commercial real estate
    APN
    NEWP M:0043 B:0008 L:0000
    APU
    NEWPM0043B0008L0000

    Description

    Port Plaza, located at 45 Storey Avenue in Newburyport, Massachusetts, presents a significant retail opportunity in Essex County. This 57,923 square foot strip center offers multiple spaces for lease, with a minimum divisible space of 1,850 square feet and a maximum contiguous space of 50,851 square feet. Currently, the entire 57,923 square feet is available for lease, providing flexibility for a single large tenant or multiple smaller businesses. The property's address is conveniently situated in Newburyport, MA, zip code 01950, offering excellent visibility and accessibility for customers. The property type is retail, specifically a strip center, making it ideal for a variety of businesses seeking high-traffic locations. This presents a unique chance to establish a presence in a thriving market. The property's location in Essex County provides access to a substantial customer base. Interested parties are encouraged to inquire about lease terms and availability for this exceptional retail space. The property is ready for immediate occupancy. This is a rare opportunity to secure a large, well-located retail space in a desirable Massachusetts market. The flexible space options cater to a wide range of business needs and sizes.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Newburyport
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.9051
    Latitude
    42.8199
    CBSA code
    14460
    CBSA name
    BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $94,643
    $3,564,100
    $5,928,700
    $9,492,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.50 Acres

      1 Harris 4

      Commercial real estate • 0.50 Acres
      1 Harris 4, Newburyport, MA 01950
      View Details
    • Value Estimation
      $13,985,000
      92,907 SF

      260 Merrimac St

      COMMERCIAL (GENERAL) • 92,907 SF
      260 Merrimac St, Newburyport, MA 01950-2192
      View Details
    • Value Estimation
      $1,095,000
      4,816 SF

      18th Highland Ave

      SHOW ROOM, WAREHOUSE • 4,816 SF
      18th Highland Ave, Newburyport, MA 01950-3812
      View Details
    • Value Estimation
      $2,085,000
      7,740 SF

      257 Low St Ste A

      SHOW ROOM, WAREHOUSE • 7,740 SF
      257 Low St Ste A, Newburyport, MA 01950-3545
      View Details
    • Value Estimation
      $1,550,000
      3,185 SF

      19-23 Pleasant St, Unit 1

      COMMERCIAL CONDOMINUIM • 3,185 SF
      19-23 Pleasant St, Newburyport, MA 01950
      View Details
    • Value Estimation by Request
      570 SF

      5 Water St

      COMMERCIAL CONDOMINUIM • 570 SF
      5 Water St, Newburyport, MA 01950-2734
      View Details

    Similar Nearby for Sale

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      0.50 Acres

      Newburyport Office Condo - Downtown

      Prime Newburyport office, renovated, 968 sq ft.
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      Turnkey Multifamily Asset in Newburyport

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      Refurbished Office Space in Newburyport

      Recently refurbished office space in downtown Newburyport with modern amenities.
      21-23 A, Newburyport, MA 01950
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    Similar Nearby for Lease

    • Contact for pricing
      50,851 SF

      Newburyport Retail Space For Lease

      Retail spaces available in Newburyport with high traffic and visibility.
      45 Storey Ave, Newburyport, MA 01950
      View Details
    • $18 SF/Yr

      Newburyport Industrial Flex Unit

      3,042 SF industrial flex unit for lease in Newburyport.
      65 Parker St, Newburyport, MA 01950
      View Details
    • $14 SF/Yr

      Warehouse and Office Flex Space

      Warehouse and office flex space for lease near Seaport.
      69 Parker St, Newburyport, MA 01950
      View Details
    • $1,800 /Mo

      Downtown Office Space For Lease

      Updated 700 Sq. Ft. office space in Newburyport.
      12 Pleasant St, Newburyport, MA 01950
      View Details
    • $3,100 /Mo

      Newburyport Office Space For Rent

      Office space available in Newburyport with parking.
      171 High St, Newburyport, MA 01950
      View Details
    • $2,650 /Mo

      Downtown Newburyport Office Space

      Two-level office in historic downtown Newburyport near waterfront.
      14 Inn St, Newburyport, MA 01950
      View Details
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    45 Storey Ave
    Newburyport, MA 01950
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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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