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.

Property Details tap to expand

Building Information

  • Total Units: 5
  • Total Floors: 11
  • Total Bedrooms: 6
  • Total Full Baths: 4
  • Amenities: Highway Access, Public School, Public Transportation, Shopping, T-Station
  • Basement Features: Concrete Floor, Unfinished Basement, Walk Out
  • Common Rooms: Dining Room, Kitchen, Living Room
  • Common Interior Features: Bathroom with Shower Stall, Internet Available - Unknown, Pantry, Tile Floor
  • Common Appliances: None, Range, Refrigerator
  • Common Heating: Electric, Forced Air, Space Heater
  • Common Cooling: None

Financial

  • APOD Available: No
  • Expenses Source: Owner Provided
  • Gross Operating Income: 43200
  • Gross Expenses: 24282
  • Water/Sewer: 4726
  • INSC: 4100
  • Repairs & Maintenance: 600
  • Net Operating Income: 18918

Utilities

  • Electric Info: 100 Amps, Other (See Remarks)
  • Utility Connections: for Electric Range, for Gas Range
  • Water: City/Town Water, Private
  • Sewer: City/Town Sewer, Private

Unit 1 Description

  • Included in Rent: Water
  • Under Lease: No
  • Floors: 2

Unit 2 Description

  • Included in Rent: Water
  • Under Lease: No
  • Floors: 2

Unit 3 Description

  • Included in Rent: Water
  • Under Lease: No
  • Floors: 3

Unit 4 Description

  • Included in Rent: Water
  • Under Lease: No
  • Floors: 3

Construction

  • Year Built: 1900
  • Type: 5+ Family - 5+ Units Up/Down
  • Construction Type: Stone/Concrete
  • Foundation Info: Brick
  • Roof Material: Tar & Gravel
  • Flooring Type: Concrete, Hardwood, Tile, Wall to Wall Carpet, Wood
  • Lead Paint: Unknown
  • Year Round: Yes
  • Warranty: No

Other Information

  • MLS ID# 73373885
  • Last Updated: 05/14/25

Property History tap to expand

Date Event Price Price/Sq Ft Source
05/14/2025New$1,350,000$223MLSPIN
05/13/2025New$1,350,000$223MLSPIN

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Seller's Representative: Tanyeli Ballinger, Leading Edge Real Estate
Sub Agent Compensation: n/a
Buyer Agent Compensation: n/a
Facilitator Compensation: n/a
Compensation Based On: n/a
Sub-Agency Relationship Offered: No

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MLS PIN data last updated at 2025-05-14 14:11:00