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1 Prince St - 1-7 Prince st & 48-54 Harbor st Salem MA 8 Unit Apartment Building Offered at $2,650,000 at a 5.77% Cap Rate Salem, MA 01970
Executive Summary
Turnkey 8-unit investment opportunity in Salem. The Property consists of two four-family buildings deeded together, totaling eight (8) 2-bedroom units, along with 10 off-street parking spaces. Heat and hot water are included in rent. The property has been extensively updated, featuring renovated kitchens and baths with granite countertops and stainless steel appliances, updated electrical, a new roof on the Harbor Street building, and new insulation in both attics and walls. Additional highlights include basement storage and a clean, well-maintained condition, making this an ideal opportunity for investors seeking a low-maintenance, stabilized asset with upside through future rent optimization. See attached for the OM with detailed financials.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$226,800
|
$34.07
|
| Other Income |
$2,040
|
$0.31
|
| Vacancy Loss |
$11,340
|
$1.70
|
| Effective Gross Income |
$217,500
|
$32.68
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$64,535
|
$9.70
|
| Net Operating Income |
$152,965
|
$22.98
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $226,800 |
| Annual Per SF | $34.07 |
| Other Income | |
|---|---|
| Annual | $2,040 |
| Annual Per SF | $0.31 |
| Vacancy Loss | |
|---|---|
| Annual | $11,340 |
| Annual Per SF | $1.70 |
| Effective Gross Income | |
|---|---|
| Annual | $217,500 |
| Annual Per SF | $32.68 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $64,535 |
| Annual Per SF | $9.70 |
| Net Operating Income | |
|---|---|
| Annual | $152,965 |
| Annual Per SF | $22.98 |
Property Facts
| Price | $2,650,000 | Property Type | Multifamily |
| Price Per Unit | $331,250 | Building Size | 6,656 SF |
| Sale Type | Investment | No. Stories | 2 |
| Cap Rate | 5.77% | Year Built/Renovated | 1960/2024 |
| No. Units | 8 | ||
| Zoning | R3 | ||
| Price | $2,650,000 |
| Price Per Unit | $331,250 |
| Sale Type | Investment |
| Cap Rate | 5.77% |
| No. Units | 8 |
| Property Type | Multifamily |
| Building Size | 6,656 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1960/2024 |
| Zoning | R3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | $2,500 | - |
1 1
Exceptionally walkable
90/100
Moderately drivable
60/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | SALE-000034-000000-000341 | Improvements Assessment | $1,261,000 |
| Land Assessment | $171,100 | Total Assessment | $1,432,100 |
Property Taxes
Parcel Number
SALE-000034-000000-000341
Land Assessment
$171,100
Improvements Assessment
$1,261,000
Total Assessment
$1,432,100
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1 Prince St - 1-7 Prince st & 48-54 Harbor st Salem MA
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