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Key Details
Sold Price $965,000
Property Type Multi-Family
Sub Type 5-9 Family
Listing Status Sold
Purchase Type For Sale
Square Footage 4,501 sqft
Price per Sqft $214
MLS Listing ID 73001343
Sold Date 08/03/22
Bedrooms 9
Full Baths 10
Year Built 1870
Annual Tax Amount $8,397
Tax Year 2022
Lot Size 5,227 Sqft
Acres 0.12
Property Sub-Type 5-9 Family
Property Description
Investors: Rare opportunity to buy a Salem MA 6 Family located in the desirable Salem Neck neighborhood with easy access to public transportation, boating, public beaches, and downtown Salem and Beverly MA. Current Cap Rate is 7% at a $950,000 valuation. Heat, hot water and electric are separate for each of the units. Property is sold AS IS with tenants. All Tenants are TAW. Property is in need of updating. Projected Cap Rate after updating is 8.2% based on a valuation of $1,250,000. Reasonable projected rents were used. Note: There are 7 gas hot water boilers and 7 gas hot water tanks as the townhouse unit has two heating systems and 2 hot water tanks, one for each floor. This property is a Potential Condominium Conversion. Request our Investment Analysis of this Property. Offer Instructions: for Financed Offers, include a commercial loan pre-approval; for Cash Offers include proof of funds.
Location
State MA
County Essex
Area Salem Neck
Zoning R2
Direction Corner of Bridge St and Burnside St, Salem, MA
Rooms
Basement Full
Interior
Interior Features Unit 4 Rooms(Living Room, Kitchen)
Heating Unit 1(Hot Water Baseboard, Gas), Unit 2(Hot Water Baseboard, Gas), Unit 3(Hot Water Baseboard, Gas), Unit 4(Hot Water Baseboard, Gas, Individual)
Flooring Wood, Vinyl
Appliance Unit 2(Range, Refrigerator), Unit 4(Range, Refrigerator), Gas Water Heater, Utility Connections for Gas Range
Exterior
Community Features Public Transportation, Shopping, Park, Golf, Medical Facility, Laundromat, Highway Access, House of Worship, Marina, Public School, T-Station, University
Utilities Available for Gas Range
Waterfront Description Beach Front, Harbor, 1/10 to 3/10 To Beach, Beach Ownership(Public)
Roof Type Shingle, Rubber
Total Parking Spaces 5
Garage No
Building
Lot Description Corner Lot, Level
Story 7
Foundation Stone, Brick/Mortar
Sewer Public Sewer
Water Public
Others
Senior Community false
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Bought with Maria Salzillo • J. Barrett & Company
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