Three-Family Residential Income
For Sale
$899,999
Pending
1-3 Howard St, Salem, MA 01970
Up/down three-family residence offered for sale, needing some TLC, with period charm and rental income potential.
Property Size2,597 SF
Days on Market97
Property Features for 1-3 Howard St
General Information
Standard status
Pending
Size
2,597 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,283
Building Details
Building Size
2,597 SF
Year Built
1894
Listing Agency:
Austin Realty Group
Listed By:
Brenda Rappaport
(781) 272-0500
Source:
Classifiedrealtygroup
Added: Jul 16
Changed: Oct 5
Last Checked: Oct 19 at 4:01AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Austin Realty Group
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Investment Insights
Based on property information with market context.
This up/down three-family home offers a period-charm residential layout and presents an investor- or owner-occupant-friendly opportunity. The property is being offered in need of some TLC to reach its full potential.
The home is located in the center of Salem’s activities, steps from historic downtown and the Essex Street Pedestrian Mall, with nearby museums, shops, restaurants, and walkable access to many local amenities. WalkScore is 92 (Walker’s Paradise), and bikeScore is 64 (Bikeable), with a transitScore of 38 (Some Transit).
As a residential income property, the building is configured as a three-family with an up/down arrangement designed to support rental income across the units.
The home is located in the center of Salem’s activities, steps from historic downtown and the Essex Street Pedestrian Mall, with nearby museums, shops, restaurants, and walkable access to many local amenities. WalkScore is 92 (Walker’s Paradise), and bikeScore is 64 (Bikeable), with a transitScore of 38 (Some Transit).
As a residential income property, the building is configured as a three-family with an up/down arrangement designed to support rental income across the units.
Key Highlights
- Up/down 3‑family home built in 1894, with period charm
- Steps to historic downtown and the Essex Street Pedestrian Mall
- WalkScore 92 (Walker’s Paradise) for everyday walkability
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,750
Cap Rate
4.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$875,000
$875.0K
Cap Rate 7%
$625,000
$625.0K
Cap Rate 9%
$486,111
$486.1K
Market Conditions
NOI Build-Up for 2,597 SF
Gross rent
$65.4K $25.20/SF
− Vacancy
−$2.9K −$1.13/SF
EGI
$62.5K $24.07/SF
− OpEx
−$18.7K −$7.22/SF
NOI
$43.7K $16.85/SF
Area
Essex County, MA
Vacancy
4.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$875,000
Cap Rate 7%
$625,000
Cap Rate 9%
$486,111
Alternative Uses
Best Use
Multifamily LT 5
$625.0K
$546.9K – $729.2K
NOI $43,750 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$564.2K
$493.6K – $658.2K
NOI $39,491 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$1.54M
$1.35M – $1.79M
NOI $107,619 @ 7.0% cap · market cap 11.96%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,539
Businesses Nearby
Explore this area
Business Placement
Demographics for 01970, MA
44,451
Population
20,920
Households
2.1
Avg Household Size
39
Median Age
50%
College-Educated
92%
High-School Grad
8.2 sq mi
ZIP Area
5,421
Density / Sq Mi
$85,189
Median Household Income
$52,024
Median Earnings
$1,800
Median Rent
$497,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Up/down three-family residence offered for sale, needing some TLC, with period charm and rental income potential.
Where is this triplex located?
The property is located at 1-3 Howard St Salem, MA.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: Up/down 3‑family home built in 1894, with period charm; Steps to historic downtown and the Essex Street Pedestrian Mall; WalkScore 92 (Walker’s Paradise) for everyday walkability
