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Key Details
Sold Price $1,000,000
Property Type Multi-Family
Sub Type 5+ Family - 5+ Units Up/Down
Listing Status Sold
Purchase Type For Sale
Square Footage 6,055 sqft
Price per Sqft $165
MLS Listing ID 73373885
Sold Date 08/18/25
Bedrooms 6
Full Baths 4
Year Built 1900
Annual Tax Amount $14,854
Tax Year 2024
Lot Size 2,178 Sqft
Acres 0.05
Property Sub-Type 5+ Family - 5+ Units Up/Down
Property Description
Nestled in the NB (Neighborhood Business) zone and directly on high-traffic bus routes (106, 108, 411, 430), this mixed-use asset offers seamless access to Malden Center, Sullivan Square (Orange Line), Linden, Somerville, Medford, Everett, Cambridge, and Boston. Surrounded by over 300 active businesses in a thriving commercial corridor, 385-387 Salem Street features four residential units and one commercial space—presenting immediate upside through lease-up of current vacancies. Recent upgrades include 4 new gas hot water tanks for residents and an electric hot water tank for the commercial unit. With separate utilities, ample street parking, and strategic access to Route 60, I-93, Route 1, and the Fellsway (Route 28), this property offers strong income with multiple value-add opportunities. Further due diligence may uncover additional paths for reconfiguration, subject to city permits. A compelling opportunity in a high-demand market for savvy investors. 2 Res & Comm Units vacant.
Location
State MA
County Middlesex
Area Faulkner
Zoning NB
Direction On Salem St. near Broadway, on MBTA bus lines, close to Route 1 & 60, prime high-traffic location
Rooms
Basement Walk-Out Access, Concrete, Unfinished
Interior
Interior Features Pantry, Bathroom with Shower Stall, Internet Available - Unknown, Living Room, Dining Room, Kitchen
Heating Electric
Cooling None
Flooring Tile, Concrete, Hardwood, Carpet, Wood
Appliance None, Range, Refrigerator
Exterior
Exterior Feature Balcony
Community Features Public Transportation, Shopping, Highway Access, Public School, T-Station, Sidewalks
Utilities Available for Gas Range, for Electric Range
Roof Type Tar/Gravel
Garage No
Building
Lot Description Corner Lot
Story 3
Foundation Brick/Mortar
Sewer Public Sewer
Water Public
Schools
Elementary Schools Salemwood
Middle Schools Salemwood
High Schools Malden High
Others
Senior Community false
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Bought with Joseph Akisik • CRG Commercial
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Jim Armstrong
Team Leader/Broker Associate | License ID: 9074205
Team Leader/Broker Associate License ID: 9074205