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Essex 01929
8 Sumac Dr
$500,000
● House - Off Market

8 Sumac Dr

Essex, MA 01929
bedrooms
2 Beds
bathrooms
1 Bath
square feet
1,086 Ft²
$876,292
RealtyHop Estimate
40.21%
Since Jul 1, 2020
National-US
Primary Model

About This Property

Don't miss this once in a lifetime opportunity to build or renovate on a nearly 3 acre lot filled with privacy and tranquility.  Located in the highly sought-after area of Conomo Point, this picturesque property sits at the end of Sumac Street views of the Essex River.  At high tide, the marsh fills in and offers a private, secluded waterfront experience with the ability to kayak from the edge of your property. This is a rare opportunity to own year round land on Conomo Point and will not last!  A gently slope leads you up from marsh edge creating an ideal lot without flooding concerns. You also have a possibility to simply renovate existing cozy 2/3 bedroom cottage to make a waterfront retreat. Showings begin immediately.
Unit Size
1,086 Ft²
Days on Market
-
Land Size
2.72 acres
Price per sqft
$576
Property Type
House
Property Taxes
$532
HOA Dues
-
Year Built
1960

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Cap Rate Calculator

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Cap Rate 100% Occupancy
N/A (extreme outlier)

What does this mean?

Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.

How much can I actually make?

Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.

How is cap rate calculated?

Cap Rate = Net Operating Income (NOI) / Property Asset Value.

When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.

Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.

Last updated: 4 months ago (MLSPIN #72636656)

Price History

Date / Event Date Event Price
Jun 15, 2020 Sold
Premium
Sold
Mar 21, 2020 Listed by Compass $625,000
Listed by Compass
Jan 29, 2013 Sold
Premium
Sold
Dec 14, 2012 Listed by Compass $40,000
Listed by Compass

Property Highlights

Garage
Parking Available
Fireplace

Building Info

Overview

    General

  • Year Built: 1960
  • Effective Year Built: 1960
  • Building Count: 1
  • Total Rooms: 4
  • Bedroom Count: 2
  • Bathroom Count: 1
  • Full Bathrooms: 1
  • Partial Bathrooms: 1
  • Building Condition: 2
  • Building Quality: 0
  • Construction Type: 6
  • Building Style: 11
  • Exterior Walls Type: 1
  • Interior Walls Type: 0
  • Roof Shape Type: 1
  • Roof Cover Type: 15
  • Floor Count: 100
  • Living Units: 1
  • Floor Cover: 0
  • Basement Type: 0
  • Basement Area: 0
  • Garage Type: 7
  • Parking Space Count: 0
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 118,570
  • Total Building Area: 1,086
  • Gross Building Area: 1,218
  • Building Area: 1,086
  • Building Area Measurement: L

    Heating and Cooling

  • Fireplace Count: 1
  • Air Conditioning: 0
  • Heating: 2
  • Heated Square Feet: 1,086
  • Heating Fuel Type: 2

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Land Acres: 0000002722
  • Standard Land Use Code: 1001
  • County Land Use Code: 101

Neighborhood

  • School District Name: Lawrence School District
  • Census Tract: 222100

Zoning

  • Zoning: RS2

Geography

  • Account Number: 785
  • Parcel: ESSE M:110 L:5
  • Lot: 5
  • Municipality: ESSEX
  • Latitude: 42.6448
  • Longitude: -70.7475

    Address

  • Full Address: 8 Sumac Dr
  • Address - House Number: 8
  • Address - Street Name: Sumac
  • Address - Suffix Type: Dr
  • State: MA
  • City Name: Essex
  • Carrier Code: R002
  • 4-Digit Zip Code: 1003
  • Zip Code: 01929

Valuation

    Tax

  • Tax Year: 2023
  • Tax Amount: $726,800

    Appraisal Valuation

  • Standard Deviation: 0.1612
  • Valuation Date: Feb 07, 2024
  • Confidence Score: 79
  • Final Value: 653,961
  • High Value: 759,430
  • Low Value: 548,491

    Assessments Valuation

  • Assessed Year: 2023
  • Assessed Total Value: $523,600
  • Assessed Land Value: $399,600
  • Assessed Improvements Value: $124,000

    Sales

  • Current Sale Contract Date: Jun 08, 2020
  • Current Sale Recording Date: Jun 15, 2020
  • Current Sale Price:
    Premium
  • Current Sale Document Type: O
  • Current Sale Input Document Number: 20200615001910
  • Previous Sale Recording Date: Jan 29, 2013
  • Previous Sale Amount: $202,000
  • Previous Sale Document Type: O
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Request mortgage information redaction

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Essex

Stats & Trends

Median Asking:

$699,000

Sale Price/ft²

$384

Below Asking

0.01%

Average Days on Market

54

Average Home Size

2534 ft²

Average Home Age

73 years

Currently For Sale

1483 Listings
Based on RH Advisors, Inc. calculations of home data from MLS and/or public records.

Similar Homes for Sale

Currently no similar homes around

Nearby Rentals

Rentals Near You

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Last Updated: 4 months ago
Data Source: MLS PIN, MLS# 72636656

Frequently Asked Questions

When was property at 8 Sumac Drive built and last sold?
The property at 8 Sumac Drive was built in 1960 and last sold on Jun 8, 2020 for $500,000.
How much is this home worth?
The estimated value of the home located at 8 Sumac Drive is $600,135.
What are some comparable homes to 8 Sumac Drive?
There are currently no comparable homes to 8 Sumac Drive.
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