32 Market St · Newburyport, MA 01950

$3,200,000

121 bd · 11.0 ba · 5,903 sqft · MultiFamily public records · 59 Days on market

Built 1850 3,560 sqft lot $542/sqft · 67% above area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 11 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

TURNKEY INCOME WITH UPSIDE! Downtown Newburyport, rare opportunity to own a prime 11-unit asset just steps to the waterfront, restaurants, shops, and everything that makes Newburyport one of the North Shore’s most desirable destinations. Previously the Inn at Newburyport and currently operating as furnished rental units, with strong in-place income. Thoughtfully maintained and improved, featuring durable Hardie Plank siding and numerous upgrades that enhance long-term ownership appeal while minimizing near-term capital needs. Investors will appreciate the immediate cash flow along with future flexibility. Continue operating as a high-performing rental or explore other creative options. Inquire for financials the 11 units! Buyers to perform their own due diligence.

Key facts

• Numerous upgrades
• 3,560 sq ft lot
• Built 1850

Tags

• STEPS TO THE WATERFRONT
• FURNISHED RENTAL UNITS
• DURABLE HARDIE PLANK SIDING
• NUMEROUS UPGRADES

What this means for you Summary

Snapshot

• This is a 11 × 11-bed/11.0-bath units multifamily listed at $3.20M.

Deal economics

• At list price, monthly cash flow is $17k ($201k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($45k rent vs $3.20M).
• Recommended offer: $3.10M (3.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 1.7% in Newburyport — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 80/100 on livability (#34 in MA, #1,642 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, cost of living F.
• Newburyport (suburban): math 49% / reading 64% proficiency, ranked #77 of 302 in MA (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+8.7%/yr); 47 active listings in the ZIP; high-income renter base; 1,032 units permitted in Essex County in 2024 (590 in 5+ unit buildings).
• At $45,329/mo this rent would consume 390% of the median local household income ($140k/yr) (locally 405% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $22k of loan paydown is wiped out by about $96k of value loss. Plan a longer hold.
• Essex County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $896k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($3.10M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $780k; list at $3.20M implies a 310% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,104,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.42% ✓
• Cap rate: 12.56%
• Cash-on-cash: 22.39%
• DSCR: 2.00
• GRM: 5.9

CMA / ARV

• ARV (median comp): $1,910,606
• List price: $3,200,000
• Delta: 67.49%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 20.3%
• Equity multiple: 1.88×
• Total profit: $784,627
• Equity at exit: $477,130

10-year hold

• IRR: 31.5%
• Equity multiple: 4.50×
• Total profit: $3,139,857
• Equity at exit: $276,678

Cash invested: $896,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 20 Strongly Tenant-Friendly
• State Massachusetts: 20 Strongly Tenant-Friendly · D+15
• County: — inherits STATE
• City: — inherits STATE

Cambridge / Boston historically rent-controlled (preempted 1994 but consideration ongoing); strong tenant protections; court backlogs.

Methodology + full state rankings →

ZIP-level market 01950

• Rents YoY: 8.7%
• Active inventory: 47
• Price-to-rent: 64.7×

Monthly cashflow live

• Estimated rent: $45,329 medium
• Mortgage (P&I): −$16,781
• Tax from tax record: −$977 /mo · $11,728/yr
• Insurance: −$1,333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$9,519
• Net cashflow: $16,718

Break-even live

Break-even rent $24,167

Max offer price $3,200,000

Occupancy floor 58%

Sensitivity live

Price	-10% $18,530	-5% $17,624	+0% $16,718	+5% $15,812	+10% $14,907
Rent	-10% $13,137	-5% $14,928	+0% $16,718	+5% $18,509	+10% $20,299
Rate	-1.0pp $18,330	-0.5pp $17,532	base $16,718	+0.5pp $15,889	+1.0pp $15,045

11-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 11× units	11	11	$45,331
Total (11 units)			$45,329

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $800,000
• Closing costs: $96,000
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $3,200,000 Active 59 DOM
2. 2026-06-17
   days on market $3,200,000 Active 58 DOM
3. 2026-06-16
   days on market $3,200,000 Active 57 DOM
4. 2026-06-15
   days on market $3,200,000 Active 56 DOM
5. 2026-06-13
   days on market $3,200,000 Active 54 DOM
6. 2026-06-13
   days on market $3,200,000 Active 53 DOM
7. 2026-06-09
   days on market $3,200,000 Active 50 DOM
8. 2026-06-08
   days on market $3,200,000 Active 49 DOM
9. 2026-06-07
   days on market $3,200,000 Active 48 DOM
10. 2026-06-04
    days on market $3,200,000 Active 45 DOM
11. 2026-06-03
    days on market $3,200,000 Active 44 DOM
12. 2026-06-02
    days on market $3,200,000 Active 43 DOM
13. 2026-06-01
    days on market $3,200,000 Active 42 DOM
14. 2026-05-31
    days on market $3,200,000 Active 41 DOM
15. 2026-04-20
    listed $3,200,000 New 780-char remark

    Show marketing remark (780 chars)

    TURNKEY INCOME WITH UPSIDE! Downtown Newburyport, rare opportunity to own a prime 11-unit asset just steps to the waterfront, restaurants, shops, and everything that makes Newburyport one of the North Shore’s most desirable destinations. Previously the Inn at Newburyport and currently operating as furnished rental units, with strong in-place income. Thoughtfully maintained and improved, featuring durable Hardie Plank siding and numerous upgrades that enhance long-term ownership appeal while minimizing near-term capital needs. Investors will appreciate the immediate cash flow along with future flexibility. Continue operating as a high-performing rental or explore other creative options. Inquire for financials the 11 units! Buyers to perform their own due diligence.

16. 2009-10-05
    soldstatus $780,000 Sold 421-char remark

    Show marketing remark (421 chars)

    The only multi-family in Newburyport with more than 10 units.Investment opportunity in downtown Newburyport.11 apartments: 2 one-bedroom units, 2 two-room studios, 4 large one-room studios, 3 small one-room studios. All apartments have full kitchens, private baths and wide pine floors. 1 car garage.Location, Location. Also available for sale: 98-100 PLEASANT, 26 MARKET STREET and 141 STATE STREET. Call us for details.

17. 2009-10-02
    soldstatus $763,000
18. 2009-09-28
    historical Under Agreement 421-char remark

    Show marketing remark (421 chars)

    The only multi-family in Newburyport with more than 10 units.Investment opportunity in downtown Newburyport.11 apartments: 2 one-bedroom units, 2 two-room studios, 4 large one-room studios, 3 small one-room studios. All apartments have full kitchens, private baths and wide pine floors. 1 car garage.Location, Location. Also available for sale: 98-100 PLEASANT, 26 MARKET STREET and 141 STATE STREET. Call us for details.

19. 2009-07-06
    price $795,000 Price Changed 421-char remark

    Show marketing remark (421 chars)

    The only multi-family in Newburyport with more than 10 units.Investment opportunity in downtown Newburyport.11 apartments: 2 one-bedroom units, 2 two-room studios, 4 large one-room studios, 3 small one-room studios. All apartments have full kitchens, private baths and wide pine floors. 1 car garage.Location, Location. Also available for sale: 98-100 PLEASANT, 26 MARKET STREET and 141 STATE STREET. Call us for details.

20. 2009-05-09
    price $805,000 421-char remark

    Show marketing remark (421 chars)

    The only multi-family in Newburyport with more than 10 units.Investment opportunity in downtown Newburyport.11 apartments: 2 one-bedroom units, 2 two-room studios, 4 large one-room studios, 3 small one-room studios. All apartments have full kitchens, private baths and wide pine floors. 1 car garage.Location, Location. Also available for sale: 98-100 PLEASANT, 26 MARKET STREET and 141 STATE STREET. Call us for details.

21. 2009-04-09
    price $810,000 421-char remark

    Show marketing remark (421 chars)

    The only multi-family in Newburyport with more than 10 units.Investment opportunity in downtown Newburyport.11 apartments: 2 one-bedroom units, 2 two-room studios, 4 large one-room studios, 3 small one-room studios. All apartments have full kitchens, private baths and wide pine floors. 1 car garage.Location, Location. Also available for sale: 98-100 PLEASANT, 26 MARKET STREET and 141 STATE STREET. Call us for details.

22. 2009-03-24
    price $840,000 421-char remark

    Show marketing remark (421 chars)

    The only multi-family in Newburyport with more than 10 units.Investment opportunity in downtown Newburyport.11 apartments: 2 one-bedroom units, 2 two-room studios, 4 large one-room studios, 3 small one-room studios. All apartments have full kitchens, private baths and wide pine floors. 1 car garage.Location, Location. Also available for sale: 98-100 PLEASANT, 26 MARKET STREET and 141 STATE STREET. Call us for details.

23. 2009-02-26
    listed $850,000 421-char remark

    Show marketing remark (421 chars)

    The only multi-family in Newburyport with more than 10 units.Investment opportunity in downtown Newburyport.11 apartments: 2 one-bedroom units, 2 two-room studios, 4 large one-room studios, 3 small one-room studios. All apartments have full kitchens, private baths and wide pine floors. 1 car garage.Location, Location. Also available for sale: 98-100 PLEASANT, 26 MARKET STREET and 141 STATE STREET. Call us for details.

24. 1999-10-01
    soldstatus $400,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MA · Partial reset (capped growth)

• Current annual tax: $11,728 · $977/mo
• Projected year-2 tax: $25,544 · $2,129/mo
• Expected delta: +$13,816/yr (+$1,151/mo · 117.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $543,948
• − Mortgage interest: −$179,250
• − Property taxes: −$11,728
• − Insurance: −$16,000
• − Repairs & maintenance: −$43,516
• − Management: −$43,516
• − Depreciation: −$93,091
• Taxable income: $156,848
• Est. tax owed @ 24.0%: −$37,643
• After-tax cash flow: $162,974/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Newburyport
• NCES district ID: 2508580
• Math proficiency: 49% ▼ -9.00%
• Reading proficiency: 64% ▬ 0.00%
• Median HH income: $83,550
• Composite: 51.32/100
• National rank: #1741
• State rank: #77 of 302 in MA

Livability — Newburyport

• Score: 80/100
• State rank: #34
• US rank: #1642

Category grades

Amenities F Commute B+ Cost of living F Crime A+ Employment A+ Housing A Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newburyport, MA
• County: Essex County · 632,995 people
• City population: 18,652
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 18,652
• Household income: $139,625
• Rent vs Own: 22.5% rent · 77.5% own
• Severe rent burden: 405.0

Population outlook (Essex County) Hauer SSP2

• Today (2025): 840,920 people
• By 2030: 872,201 · +3.7%
• By 2040: 927,918 · +10.3%
• By 2050: 970,206 · +15.4%
• By 2075: 1,077,993 · +28.2%
• By 2100: 1,103,053 · +31.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Lithuanian 8% Slovak 3% Romanian 3%
• Foreign-born: 6% · Canada
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 2% German/W. Germanic 1%

Political lean MEDSL · Essex

• 2024 margin: Strong D (+20.3) · D 59.2% · R 38.9% · Other 1.9%
• 2008→2024 swing: 0.0pp no change · 2008: 20.3pp · 2024: 20.3pp
• All cycles: 2024: D+20.3 2020: D+29.1 2016: D+22.5 2012: D+16.2 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -452.93%
• Current HPI: 319.4477
• Rent YoY: ▲ 8.72%
• Metro: Boston-Cambridge-Newton, MA-NH
• State GDP YoY: ▲ 2.28%
• F500 in state: 38

Industry mix (Fortune 500 HQ in MA)

Industry	F500 HQs	Revenue
▸Technology	3	$17B
▸Insurance	2	$84B
▸Retail	2	$76B
▸Life Sciences	1	$43B
▸Energy Technology	1	$31B
▸Aerospace / Defense	1	$18B

Price history

+700.0% since first listed

10 events — show timeline

• 2026-04-20 Listed $3,200,000 MLS PIN
• 2009-10-05 Sold (MLS) $780,000 MLS PIN
• 2009-10-02 Sold (Public Records) $763,000 Public Records
• 2009-09-28 Contingent — MLS PIN
• 2009-07-06 Price Changed $795,000 MLS PIN
• 2009-05-09 Price Changed $805,000 MLS PIN
• 2009-04-09 Price Changed $810,000 MLS PIN
• 2009-03-24 Price Changed $840,000 MLS PIN
• 2009-02-26 Listed $850,000 MLS PIN
• 1999-10-01 Sold (Public Records) $400,000 Public Records

Property tax history

+4.2%/yr

Latest (2023): $11,728 · -10.6% YoY. Source: county tax records.