Building Details

Year Built 1960

Listing Agency: Little & Co.,REALTORS

Listed By: Francesca Little · License #9564272 Show Phone

Source: Eganrealtygroup

Added: Aug 9 Changed: Oct 14 Last Checked: Oct 14 at 11:06PM

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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 Little & Co.,REALTORS

Investment Insights

Based on property information with market context.

This 3,400-square-foot quadplex contains four two-bedroom units within a 1960-built property. Interior improvements include renovated kitchens and bathrooms, granite countertops, stainless steel appliances, updated electrical systems, and new insulation in the attic and walls. A newer roof and basement storage add to the building’s physical improvements.

The property includes five off-street parking spaces. Heat and hot water are included in rent, and the building is described as clean and well maintained. Located at 1-7 Prince in Salem, Massachusetts, the asset is configured for residential income use with four separate two-bedroom units.

Key Highlights

• Four 2‑bedroom units in a quadplex configuration
• 3,400 square feet; built in 1960
• Renovated kitchens and baths with granite countertops and stainless steel appliances

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$57,277

Cap Rate

4.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,145,540 $1.1M

Cap Rate 7%

$818,243 $818.2K

Cap Rate 9%

$636,411 $636.4K

Market Conditions

NOI Build-Up for 3,400 SF

Gross rent

$85.7K $25.20/SF

− Vacancy

−$3.9K −$1.13/SF

EGI

$81.8K $24.07/SF

− OpEx

−$24.5K −$7.22/SF

NOI

$57.3K $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%

$1,145,540

Cap Rate 7%

$818,243

Cap Rate 9%

$636,411

Alternative Uses

Best Use

Multifamily LT 5

$818.2K

$716.0K – $954.6K (±1% cap)

NOI $57,277 @ 7.0% cap · market cap 4.49%

Second Best

Apartment 5plus

$738.6K

$646.3K – $861.7K (±1% cap)

NOI $51,702 @ 7.0% cap · market cap 4.06%

Theoretical Best

Office A

$2.01M

$1.76M – $2.35M (±1% cap)

NOI $140,895 @ 7.0% cap · market cap 11.05%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Locksmith (Bike/Boat/Book/etc) Store Computer & Electronic Repair Butcher Pet Grooming Service Pet Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Location Intelligence

Trade Area within ½ mile

2,593

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

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this quadplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Quadplex - Four residential units feature renovated interiors, off-street parking, and basement storage.

Where is this quadplex located?

The property is located at 1-7 Prince Salem, MA.

What is the asking price?

The asking price for this property is $1,275,000.

What are key features of this property?

This property features: Four 2‑bedroom units in a quadplex configuration; 3,400 square feet; built in 1960; Renovated kitchens and baths with granite countertops and stainless steel appliances