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1-7 Prince St, Salem, MA 01970
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$1,700,000
8 Unit
16 Beds
8 Baths
6656 SQFT
0.22 Acre

Property Description

Investor's dream! Unlock immense potential with a total of eight 2-bedroom, 1-bath apartments in two separate 4 unit buildings situated on one parcel with 10 parking spaces in a paved lot. Separate electric. Rent includes heat/hot water. Currently, tenants are TAW, offering the chance to maximize returns as rents are currently well below market rates. Constructed in 1960, one building features an updated circuit breaker panel, recent roof replacement (2018) and updated kitchens, while the other one has newer vinyl siding (2020) but needs fuse panel and roof replacement . Insulated replacement windows in both structures, enhancing energy efficiency. Don't miss out on this potentially lucrative investment opportunity! Group Showings to well-qualified buyers on Saturday, April 27th at 11AM BY APPOINTMENT ONLY!

Property Details tap to expand

Building Information

  • Total Units: 8
  • Total Floors: 7
  • Total Bedrooms: 16
  • Total Full Baths: 8
  • Amenities: Park, Public Transportation, Shopping
  • Basement Features: Concrete Floor, Full, Interior Access
  • Common Rooms: Kitchen, Living Room
  • Common Appliances: Range, Refrigerator
  • Common Heating: Electric Baseboard, Gas, Hot Air Gravity, Hot Water Baseboard, Oil, Radiant

Financial

  • APOD Available: Yes
  • Expenses Source: Estimated, Limited Information, Other (See Remarks), Owner Provided
  • Gross Operating Income: 52680
  • Gross Expenses: 56111
  • Electric Expenses: 669
  • Water/Sewer: 7941
  • INSC: 6570
  • Repairs & Maintenance: 6358
  • RFS: 998
  • Net Operating Income: 9513

Utilities

  • Electric Info: Circuit Breakers, Fuses, Individually Metered, Nearby, Underground
  • Energy Features: Insulated Windows
  • Water: City/Town Water, Private
  • Sewer: City/Town Sewer, Private

Unit 1 Description

  • Included in Rent: Heat, Hot Water, Water
  • Under Lease: No
  • Floors: 1
  • Levels: 1

Unit 2 Description

  • Included in Rent: Heat, Hot Water, Water
  • Under Lease: No
  • Floors: 2
  • Levels: 1

Unit 3 Description

  • Included in Rent: Heat, Hot Water, Water
  • Floors: 1
  • Levels: 1

Unit 4 Description

  • Included in Rent: Heat, Hot Water, Water
  • Floors: 2
  • Levels: 1

Construction

  • Year Built: 1960
  • Type: 5-9 Family
  • Construction Type: Aluminum, Frame
  • Foundation Info: Poured Concrete
  • Roof Material: Aluminum, Asphalt/Fiberglass Shingles
  • Flooring Type: Vinyl, Wood
  • Lead Paint: Unknown
  • Warranty: No

Other Information

  • MLS ID# 73228864
  • Last Updated: 04/29/24

Property History tap to expand

Date Event Price Price/Sq Ft Source
04/29/2024Under Agreement$1,700,000$255MLSPIN
04/29/2024Active$1,700,000$255MLSPIN
04/25/2024New$1,700,000$255MLSPIN

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Seller's Representative: The Green Team, Armstrong Field Real Estate
Sub Agent Compensation: n/a
Buyer Agent Compensation: 2.0
Facilitator Compensation: 2.0
Compensation Based On: Net Sale Price
Sub-Agency Relationship Offered: No

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MLS PIN data last updated at 2024-04-29 17:01:00

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