Property Description

Turnkey 3-family gem in the heart of downtown Salem! Fully renovated units, strong rental income, and location make this an exceptional opportunity for investors or owner-occupants seeking cash flow and long-term growth. Unit 1 offers 3 beds/2 baths with stylish finishes and generous living space. Unit 2 features 3 beds/1.5 baths has been renovated and will be delivered vacant ideal for an owner to move right in. Unit 3 is a spacious 1 bed/1 bath with separate kitchen, living and dinning room. Beautiful hardwood floors, modern kitchens, and updated baths through out the home. Exterior improvements and solid systems make this a low-maintenance asset. Current rents: $3,300 (U1), $3,100 (U2), $2,022 (U3). Excellent tenant history, responsible residents, and unbeatable proximity to shops, dining, commuter rail, and waterfront. Whether you're looking to expand your portfolio or live in one unit and let the others pay the mortgage this property checks all the boxes.

Property Details tap to expand

Building Information

  • Total Units: 3
  • Total Floors: 6
  • Total Bedrooms: 7
  • Total Full Baths: 4
  • Total Half Baths: 1
  • Amenities: Bike Path, House of Worship, Laundromat, Medical Facility, Park, Public School, Public Transportation, Shopping, T-Station, University, Walk/Jog Trails
  • Basement Features: Full, Unfinished Basement
  • Common Rooms: Dining Room, Kitchen, Living Room
  • Common Interior Features: Bathroom With Tub & Shower, Stone/Granite/Solid Counters, Tile Floor, Upgraded Cabinets
  • Common Appliances: Dishwasher - ENERGY STAR, Range, Refrigerator, Refrigerator - ENERGY STAR
  • Common Heating: Active Solar, Common, Electric Baseboard, Electric Baseboard, Extra Flue, Forced Air, Gas, Heat Pump, Heat Pump, Hot Water Radiators, Oil, Oil, Radiant, Steam
  • Common Cooling: Heat Pump

Financial

  • APOD Available: Yes
  • Expenses Source: Owner Provided
  • Gross Operating Income: 61464
  • Gross Expenses: 10990
  • Electric Expenses: 870
  • Water/Sewer: 1012
  • INSC: 3731
  • Repairs & Maintenance: 1600
  • RFS: 770
  • Net Operating Income: 50474

Utilities

  • Utility Connections: for Gas Range
  • Water: City/Town Water, Private
  • Sewer: City/Town Sewer, Private
  • Sewer District: Salem

Unit 1 Description

  • Included in Rent: Water
  • Under Lease: Yes
  • Floors: 1
  • Levels: 1

Unit 2 Description

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

Unit 3 Description

  • Included in Rent: Heat, Water
  • Under Lease: Yes
  • Floors: 3
  • Levels: 1

Construction

  • Year Built: 1915
  • Type: 3 Family
  • Construction Type: Aluminum, Frame
  • Foundation Info: Fieldstone
  • Roof Material: Rubber, Shingle, Slate
  • Flooring Type: Hardwood, Tile
  • Lead Paint: Unknown
  • Warranty: No

Other Information

  • MLS ID# 73381487
  • Last Updated: 05/31/25

Property History tap to expand

Date Event Price Price/Sq Ft Source
05/28/2025New$1,050,000$367MLSPIN
08/31/2022Sold$750,000$288MLSPIN
07/05/2022Under Agreement$749,900$288MLSPIN
07/03/2022Active$749,900$288MLSPIN
06/29/2022New$749,900$288MLSPIN

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Seller's Representative: The Alianza Group, Nina-Soto Realty, LLC
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 2025-05-31 16:16:00