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401 Essex St 7 Unit Apartment Building $2,500,000 ($357,143/Unit) 5.60% Cap Rate Salem, MA 01970
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.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,500,000 | Building Class | B |
| Price Per Unit | $357,143 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 4,345 SF |
| Cap Rate | 5.60% | No. Stories | 3 |
| No. Units | 7 | Year Built/Renovated | 1817/2022 |
| Property Type | Multifamily | Parking Ratio | 2.3/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | B1 | ||
| Price | $2,500,000 |
| 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 | - | - |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
40/100
Moderately bikeable
60/100
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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401 Essex St
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