16-18 Loring Ave, Salem, MA 01970
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$1,959,000
5 Unit
9 Beds
7 Baths
5998 SQFT
0.41 Acre

Property Description

Prominent Victorian home with total of 5 units and recent approval for 6th, along with 6 large concrete garages located in the rear of property on Charles Street. This home has been in the same family for over 60 years, has been well maintained, with long term tenants and empty owners unit with plans to split into 2 units. Great detail inside and out, this property boast high ceilings, hardwood floors, detailed fireplace rooms as well as the added income from the 6, 12 x 35' garages underneath the yard in the rear of the property.

Property Details tap to expand

Building Information

  • Total Units: 5
  • Total Floors: 10
  • Total Bedrooms: 9
  • Total Full Baths: 5
  • Total Half Baths: 2
  • Total Fireplaces: 4
  • Amenities: Public Transportation, T-Station
  • Basement Features: Full
  • Common Interior Features: Tile Floor

Financial

  • APOD Available: Yes
  • Gross Operating Income: 106000
  • Gross Expenses: 13132
  • GSE: 6072
  • Electric Expenses: 4416
  • Water/Sewer: 1382
  • Repairs & Maintenance: 1262
  • Net Operating Income: 68756

Utilities

  • Energy Features: Insulated Windows, Storm Doors, Storm Windows
  • Utility Connections: Varies per Unit
  • Water: City/Town Water, Private
  • Sewer: City/Town Sewer, Private

Unit 1 Description

  • Under Lease: No
  • Floors: 1
  • Levels: 2

Unit 2 Description

  • Under Lease: No
  • Floors: 1
  • Levels: 1

Unit 3 Description

  • Under Lease: No
  • Floors: 2
  • Levels: 1

Unit 4 Description

  • Under Lease: No
  • Floors: 3
  • Levels: 1

Construction

  • Year Built: 1895
  • Type: 5+ Family - 5+ Units Side by Side
  • Construction Type: Aluminum, Frame
  • Foundation Info: Fieldstone, Granite
  • Roof Material: Aluminum, Asphalt/Fiberglass Shingles
  • Flooring Type: Tile, Vinyl, Wall to Wall Carpet, Wood
  • Lead Paint: Unknown
  • Warranty: No

Other Information

  • MLS ID# 73338064
  • Last Updated: 03/01/25

Property History tap to expand

Date Event Price Price/Sq Ft Source
03/01/2025Active$1,959,000$327MLSPIN
02/25/2025New$1,959,000$327MLSPIN

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Seller's Representative: Matthew Power, 1 Percent Realty, LLC
Sub Agent Compensation: n/a
Buyer Agent Compensation: 1.5
Facilitator Compensation: n/a
Compensation Based On: Net Sale Price
Sub-Agency Relationship Offered: No

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MLS PIN data last updated at 2025-03-01 03:06:00