Comparative MarketAnalysis
PREPARED BY
PREPARED
SHARON CRONIN
FOR
JACALYN BENNETT
45Water Street Newburyport, MA01950
51WaterStreet Newburyport,MA01950
47WaterStreet Newburyport, MA01950
Gibson
Map of Comparable Listings
$2,350,000$273
$4,900,000$288
$2,744,375$377
11 Charter Street Newburyport, MA 01950
$3,200,000
CLOSED 4/19/22
Beds 0/0 Baths
4,184 Sq. Ft. ($765 / sqft)
Year Built 1869 Days on market: 76
Details
Prop Type: Commercial Sale
County: Essex
Acres: 0.1
Features
Building Area Units: Square Feet
Business Type: 5+ Residential
Remarks
Lot Size (sqft): 4,492
List date: 2/1/22
Sold date: 4/19/22
Off-market date: 2/24/22
Updated: Apr 19, 2022 2:12 PM
$3,300,000
$3,300,000
$12,871
Disclosures: Seller is a licensed Real Estate Broker.
Parking Total: 5.0
Roof: Rubber
Utilities: Public Water, Public Sewer
Zoning Description: Legal Non-Conforming
Rare opportunity to own a large investment property downtown Newburyport. For more information, reach out to listing agent.
Courtesy of Herrick Lutts Realty Partners Information is deemed reliable but not guaranteed.
150 Main Street Gloucester, MA 01930
$3,175,000
CLOSED 2/19/25
Details
Prop Type: Commercial Sale
County: Essex
Acres: 0.55
Features
Building Area Units: Square Feet
Business Type: Commercial
Remarks
Lot Size (sqft): 23,915
List date: 10/25/24
Sold date: 2/19/25
Beds 0/0 Baths
MLS #73306566
12,822 Sq. Ft. ($248 / sqft)
Year Built 1961 Days on market: 117
Off-market date: 1/27/25
Updated: Feb 19, 2025 6:02 PM
Parking Total: 20.0
Roof: Rubber
Utilities: Public Water, Public Sewer, Natural Gas Available, Three Phase
$22,668
Zoning Description: Legal Conforming
Attention Investors and Developers! Seize this exceptional chance to transform a strategic property located in the vibrant heart of downtown Gloucester. Just one block from the picturesque harbor, this 12,000 sf building has ocean views from its upper levels,Constructed with solid steel beam and cement, this property offers the durability needed for a range of potential usessubject to city approvalsincluding luxury condominiums, apartments, a boutique hotel, upscale restaurant, or retail space. The interior has been gutted, providing a blank slate ready for reconstruction to suit your design.Property includes a full parking lot with 20 spaces accessible from Middle Street, a rare asset in such a prime location. The surrounding area is a bustling hub, with local shops, renowned restaurants, parks, music venues, marinas, beaches, and supermarkets all within walking distance. The property is located in an economic opportunity zone for potential tax benefits.
Courtesy of Churchill Information is deemed reliable but not guaranteed.
59 State Street
Newburyport, MA 01950
MLS #72859144
Beds 0/0 Baths 8,607 Sq. Ft. ($273 / sqft) Year Built 1795 Days on market: 169
Off-market date: 10/25/21
Price: $2,700,000
County: Essex
Acres: 0.1
Features
Building Area Units: Square Feet
List date: 7/1/21
Sold date: 12/17/21
Updated: Dec 18, 2021 8:06 PM
Business Type: Professional/Office
Utilities: Public Water, Public Sewer, Natural Gas Available, 220 Volts
price: $2,700,000 Taxes: $17,277
Zoning Description: Legal Conforming
Remarks
Historic Newburyport, Ma - Originally The Merchants National Bank Building 1795 - Total Area 12,312 Sq. Ft., 8,607 Sq. Ft. of Office & Retail - Historic Bank Building, Vaults still in place. New HVAC, Well maintained - Buildings like this do not become available very often - Not fully leased, plenty of upside, This could be a chance in a lifetime. Can you imagine your business here or possibly your new home on the 3rd Floor.
Courtesy of The North Shore Realty Group Information is deemed reliable but not guaranteed.
Newburyport, MA 01950
$2,200,000
CLOSED 10/27/23
Details
Prop Type: Commercial Sale
County: Essex
Acres: 0.37
Features
Lot Size (sqft): 16,046
List date: 6/22/23
Sold date: 10/27/23
Building Area Units: Square Feet Disclosures: Square footage of office condos does not include common space, kitchen, rest rooms, conference room, hallways, entryway
Remarks
Massachusetts
Beds 0/0 Baths Year Built 2002
Days on market: 127
Off-market date: 8/17/23
Updated: Oct 28, 2023 4:01 AM
$22,799
Parking Total: 14.0
Utilities: Public Water, Public Sewer
Zoning Description: Legal Conforming
This property has exceptional possibilities! This beautiful brick federalist is a unique offering of elegant commercial office space on the lower and first levels (technically 5 office condos) AND 2 luxury residential condos on the second and third levels. Prominent, top-notch location on one of the most architecturally significant streets in America, across from the historic Bartletts Mall and around the corner from Newburyport's vibrant downtown. Current owners have used this as their corporate headquarters as well as enjoying the two residential condos. Myriad possibilities, incl. converting to all residential. The property has too many amenities to detail here, but include an elevator, generous 14 parking spaces, two car garage, 8 fireplaces and roof deck. Sold as one package.
Courtesy of William Raveis Real Estate Information is deemed reliable but not guaranteed.
182-184 Merrimac St
Newburyport, MA 01950
$1,700,000
CLOSED 2/8/22
Details
Prop Type: 5-9 Family
County: Essex
Full baths: 6.0
Acres: 0.16
Features
Appliances: Unit 1(Range, Dishwasher, Refrigerator), Unit 2(Range, Dishwasher, Refrigerator), Unit 3(Range, Dishwasher, Refrigerator), Unit 4(Range, Dishwasher, Refrigerator), Gas Water
Heater, Utility Connections for Gas Range
Basement: Unfinished
Stories Total: 9
Building Area Units: Square Feet
Lot Size (sqft): 6,850
List date: 11/23/21
Sold date: 2/8/22
Off-market date: 12/8/21
MLS #72922692
8 Beds 6.0/0 Baths 5,130 Sq. Ft. ($331 / sqft)
Year Built 1800 Days on market: 15
Updated: Feb 8, 2022 4:58 PM
List Price: $1,750,000
Orig list price: $1,750,000
Community Features: Public Transportation, Shopping, Tennis Court(s), Park, Walk/ Jog Trails, Bike Path, Public School
Construction Materials: Stone
Current Financing: Conv. Fixed
Exterior Features: Unit 1
Balcony/Deck, Unit 2
Balcony/Deck, Unit 3
Balcony/Deck, Unit 4
Balcony/Deck
Foundation Details: Stone
Gross Income: 76200.0
Heating: Unit 1(Gas), Unit 2(Gas), Unit 3(Gas), Unit 4(Gas)
Taxes: $12,869
High: Newburyport
Middle: Knox
Elementary: Bresnahan
Interior Features: Unit 1(Bathroom With Tub & Shower, Open Floor Plan), Unit 2(Bathroom With Tub & Shower, Open Floor Plan), Unit 3(Bathroom With Tub & Shower, Open Floor Plan), Unit 4(Bathroom With Tub & Shower, Open Floor Plan), Unit 1 Rooms(Living Room, Kitchen), Unit 2
Rooms(Living Room, Kitchen), Unit 3
Rooms(Living Room, Kitchen), Unit 4
Rooms(Living Room, Kitchen)
Number Of Units Total: 6
Parking Features: Paved Drive, Off Street, Tandem, Common
Parking Total: 8.0
Patio And Porch Features:
Deck
Rent Includes: Unit 1(None), Unit 2(None), Unit 3(None), Unit 4(None)
Road Surface Type: Paved
Roof: Shingle
Rooms Total: 25
Sewer: Public Sewer
Utilities: for Gas Range
Water Source: Public
Remarks
One of a kind multi-family home featuring 6 units; four 1 bedroom and two 2 bedroom units minutes from downtown Newburyport. Home is located beside Cashman park which offers tennis courts, basketball courts, playing fields, boat launch and beautiful sunset views of the Merrimack River. Short trip to the Waterfront Park for daily boat watching, great restaurants and downtown shopping. Don't miss out on this great investment opportunity! All offers due Thursday, December 2nd, 2021 by 6pm!
Courtesy of Berkshire Hathaway HomeServices Verani Realty Information is deemed reliable but not guaranteed.
MA 01950 MLS
$1,430,000
CLOSED 8/2/22
Details
Prop Type: Commercial Sale
County: Essex
Acres: 0.03
Features
Building Area Units: Square Feet
Business Type: Commercial
Lot Size (sqft): 1,153
List date: 6/26/22
Sold date: 8/2/22
Disclosures: *Call or Text
Frank Bertolino for Showings* Showings prior to 10 am or after 5 pm Monday -Friday. One of the Agents is related to the Sellers.
Beds 0/0 Baths 4,712 Sq. Ft. ($303 / sqft)
Year Built 1800 Days on market: 37
Off-market date: 7/17/22
Updated: Aug 3, 2022 11:18 AM
Existing Lease Type: Other (See Remarks)
Gross Income: 96960.0
Roof: Shingle
Utilities: Public Water, Public Sewer, 220 Volts
$1,600,000
$1,600,000
$7,714
Zoning Description: Legal Conforming
Remarks
This is one of the few Buildings to survive Urban Renewal saved and refurbished maintaining Historic Values by a Private Investor and Long time Resident. Inn St. is one of the if not the only Foot Traffic area's of Historic Downtown Newburyport with access to Public Parking. Own a piece of Historic Newburyport History. I have been told some of the Brick came from the Ballast of Schooner Ships from Europe. Roof, Insulated Windows, Heat & A/C approx. 2012. 6 Fireplaces.
Courtesy of eXp Realty Information is deemed reliable but not guaranteed.
Newburyport, MA 01950
$3,000,000
4/2/25
Details
Source: manual Lot Size (sqft): 13,660 List Price: $3,000,000 Taxes: $13,132
Features
Remarks
This is our best comparable. Off-market sale. $427 SF
Source: manual Information is deemed reliable but not guaranteed.
Portsmouth, RI 02871
$4,900,000 3 Beds 0/0 Baths
6/29/22 Year Built 1990
Details
Source: manual Lot Size (sqft): 23,086 List Price: $4,900,000 Taxes: $2,172
Features
Remarks
.21 acre. $289 SF No water views.
Source: manual Information is deemed reliable but not guaranteed.
Comparative MarketAnalysis
$1,325,000$763
31-35 Market Sq 1
Newburyport, MA 01950 MLS
$1,500,000
Beds 0/0 Baths Year Built 1800 CLOSED 1/30/25 Days on market: 364
Details
Prop Type: Commercial Sale
County: Essex
Lot Size (sqft):
Features
Building Area Units: Square Feet
Business Type: Commercial Condo
List date: 2/1/24
Sold date: 1/30/25
Off-market date: 6/20/24
Updated: Jan 30, 2025 3:28 PM List Price: $1,599,900
$9,915
$1,799,900
Disclosures: Details on business available to qualified buyer after POF and acceptable offer with subject to condition to be met prior to P and S
Roof: Asphalt/Composition Shingles
Utilities: Public Water
Zoning Description: Other (See Remarks)
Remarks
Highly Visible Restaurant Space that is Turn Key! Available at price is Real Estate which includes a fully furnished and equipped established and profitable business well known for Italian food plus popular turn key bar. Total of 178 seats including 74 inside including bar seating, plus 68 rear and 36 front patios open seasonally and all outside furnishings are included. The property has very high end Italian equipment, wood fired oven and complete lower level prep kitchen, office, walk in and locking storage. All systems and equipment was installed new and a full water filtration system, music in and out and multi point POS system was also installed.
Courtesy of RE/MAX Bentley's. Information is deemed reliable but not guaranteed.
Note from Sharon:
This was a restaurant and condominium with no room for expansion or parking.
Water
107 State Street
Newburyport, MA 01950
$1,150,000
CLOSED 3/14/24
Details
Prop Type: Commercial Sale
County: Essex Area: Joppa
Acres: 0.52
Features
Building Area Units: Square Feet
Business Type: Commercial
Lot Size (sqft): 22,623
List date: 2/21/22
Sold date: 3/14/24
Off-market date: 3/15/23
Beds 0/0 Baths
1,508 Sq. Ft. ($763 / sqft)
Year Built 1969 Days on market: 751
Updated: Mar 15, 2024 6:02 PM
List Price: $1,250,000
Orig list price: $1,200,000
Disclosures: Please see disclosure in Remarks section of listing.
Parking Total: 10.0
Roof: Tar/Gravel
Utilities: Public Water, Public Sewer, Natural Gas Available
Taxes: $9,213
Zoning Description: Legal Conforming, Other (See Remarks)
Remarks
Corner lot at a four-way traffic signal. Large level lot, walking distance to downtown Newburyport. Residential redevelopment opportunity with a strong "Walk Score" to Newburyport MBTA Commuter Rail station. Sale includes two parcels 107 High and 95 High Street. The property is offered "as is where is", without indemnification of any kind. However, in the event underground storage tanks are present, Global will manage and retain liability for removal of same and will see it through to a regulatory closure. Once Global receives closure, Global's environmental liability for conditions at the property expire.
Courtesy of eXp Realty. Information is deemed reliable but not guaranteed.
Note from Sharon:
This was a gas station with some environmental concerns. The property was sold as land.
Comparable
S 2 Sold Listings
Homes sold for an average of 89.59% of their list price.
Days on market It took an average of 558 days for a home to sell.
January 16, 2026
This offering represents a rare opportunity to acquire a historically significant waterfront assemblage with exceptional redevelopment potential The property?s highest and best use is as a unified package, and our target buyer is a sophisticated developer evaluating a mixed-use waterfront project By combining the parcels, a developer can maximize both residential square footage and on-site parking? key value drivers in a downtown waterfront location
Pricing and development feasibility have been carefully evaluated with the following considerations in mind:
- Parcels #45 and #47 are located within the Downtown Overlay District and are zoned WMU, requiring some form of waterfront marine use at the ground level Development will require approvals from both the Planning Board and the Historical Commission
- Parcel #51,while also zoned WMU,is not located within the Downtown Overlay District,allowing for a less restrictive development process
- Parcels #45,#47,and #51are located in Flood Zone AE,and all applicable elevation and floodplain regulations will be enforced.
- Parcel #38 is zoned B-2 and lies within the Downtown Overlay District; any modifications will require Planning Board and Historical Commission approval This parcel is not located within a flood zone.
- Due to historic preservation requirements,buildings over 75 years old have protected rooflines, making vertical expansion of #45 and #47 unlikely
To determine value, I analyzed comparable sales and applied adjustments to price per square foot to reflect the property?s ample parking, waterfront access, water views, and prime downtown location Based on this analysis and in consultation with my commercial appraiser, I estimate a market value range of $14,000,000 to $15,000,000
I bring direct experience with complex, multi-parcel development projects, having been involved in the Condominiums at the Kelley School from initial planning through final sale I would be pleased to provide references from the developers and discuss how my experience, market knowledge, and strategic approach can help maximize value and ensure a successful transaction.
Sincerely,
Sharon Cronin Global Real Estate Advisor
978 609 0740
Sharon.Cronin@GibsonSIR.com