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401 Essex St
Salem, MA 01970
Multifamily Property For Sale
·
7 Units
Executive Summary
Unique opportunity to own the historic Captain Nathaniel Osgood House, an elegant brick seven-family property built in 1815 and prominently situated within Salem's highly sought-after McIntire District. Rich in period charm and architectural character, the property consists of three (3) one-bedroom units, one (1) two-bedroom unit, and two (2) spacious one-plus-bedroom units. Each units showcases beautiful antique fireplaces, hardwood flooring, and an abundance of original historic detail.The building has been thoughtfully renovated throughout with granite countertops, stainless steel appliances, new bathrooms, efficient Navien heating systems, and updated electrical service. The property offers off-street parking for up to six vehicles. Adding to its appeal is a detached two-story carriage house located at the rear of the property, providing additional income. All tenants pay heat, HW and electric. Please see attached PDF for a rent roll and expenses.
Property Facts
| Price Per Unit | $357,143 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 5.60% | Building Size | 4,345 SF |
| No. Units | 7 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1817/2022 |
| Property Subtype | Apartment | Parking Ratio | 2.3/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | B1 | ||
| Price Per Unit | $357,143 |
| Sale Type | Investment |
| Cap Rate | 5.60% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.12 AC |
| Building Size | 4,345 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1817/2022 |
| Parking Ratio | 2.3/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | B1 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | - |
Property Taxes
| Parcel Number | SALE-000025-000000-000185 | Improvements Assessment | $1,185,500 |
| Land Assessment | $177,500 | Total Assessment | $1,363,000 |
Property Taxes
Parcel Number
SALE-000025-000000-000185
Land Assessment
$177,500
Improvements Assessment
$1,185,500
Total Assessment
$1,363,000
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