Property Description

A true turnkey investment awaits at 14 Forest Ave in desirable downtown Salem! This meticulously maintained two-family home, encompassing approximately 2380 sq ft of living space, offers an exceptional opportunity with a strong rental history and significant capital improvements already in place. Investors will appreciate the peace of mind provided by slate roof and newer vinyl siding, coupled with the crucial 2023 updates of new forced hot air furnaces and condensers for both units. Unit 1 is currently leased at $2,900 a month featuring the sought-after convenience of in-unit laundry, a new hot water tank (2024), a private side deck, and two parking spaces. Unit 2, recently vacated and poised for new tenancy at an estimated $2,750/month, provides immediate rental potential and includes a private side porch. With a full basement and walk-up attic for extensive storage or living space expansion. This property is a compelling asset in the robust Salem real estate market.

Property Details tap to expand

Building Information

  • Total Units: 2
  • Total Floors: 3
  • Total Bedrooms: 6
  • Total Full Baths: 2
  • Amenities: Laundromat, Medical Facility, Park, Private School, Public School, Public Transportation, Shopping, Swimming Pool, Tennis Court, T-Station, University, Walk/Jog Trails
  • Basement Features: Bulkhead, Concrete Floor, Full, Interior Access
  • Common Rooms: Dining Room, Kitchen, Living Room
  • Common Appliances: Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer
  • Common Heating: Central Heat, Electric, Extra Flue, Gas, Heat Pump
  • Common Cooling: Central Air

Financial

  • APOD Available: No
  • Gross Operating Income: 67800
  • Net Operating Income: 67800

Utilities

  • Heat Zones: 2
  • Cooling Zones: 2
  • Electric Info: Circuit Breakers, Underground
  • Utility Connections: for Gas Range
  • Water: City/Town Water, Private
  • Sewer: City/Town Sewer, Private

Unit 1 Description

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

Unit 2 Description

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

Construction

  • Year Built: 1915
  • Type: 2 Family - 2 Units Up/Down
  • Construction Type: Aluminum, Frame
  • Foundation Info: Granite
  • Roof Material: Shingle, Slate
  • Flooring Type: Hardwood
  • Lead Paint: Unknown, Yes
  • Warranty: No

Other Information

  • MLS ID# 73385355
  • Last Updated: 06/05/25

Property History tap to expand

Date Event Price Price/Sq Ft Source
06/04/2025New$849,000$357MLSPIN

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Seller's Representative: The Team - Real Estate Advisors, Coldwell Banker Realty - Cambridge
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 2025-06-05 03:30:00