Turnkey 8-Unit Apartment
1-7 Prince St & 48-54 Harbor Street Salem, MA 01970
1-7 Prince St & 48-54 Harbor Street, Salem, MA, 01970
$2,400,000
For Sale
$2,400,000
Two deeded four-family buildings offer eight 2-bedroom units and 10 off-street parking spaces.
Property Size6,656 SF
Price / SF$360.58
Days on Market149
Property Features for 1-7 Prince St & 48-54 Harbor Street
General Information
- Standard status
- Active
- Size
- 6,656 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1960
Listing agency
Little & Co.,REALTORS
Listed by
Francesca Little
(617) 875-4950
Source
Sarkisboston
Added: Feb 23 Updated: Jul 21 at 2:17AM Checked: Jul 22 at 8:15AM
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.
Turnkey 8-unit investment opportunity featuring two deeded four-family apartment buildings totaling eight 2-bedroom units. The property includes 10 off-street parking spaces. Heat and hot water are included in the rent.
The buildings have been extensively updated, including renovated kitchens and baths with granite countertops and stainless steel appliances, updated electrical, and a new roof on the Harbor Street building. New insulation has been added in both attics and walls, and the property provides basement storage in a clean, well-maintained condition.
This offering is presented as a low-maintenance, stabilized asset, with further rent optimization referenced in the attached materials.
The buildings have been extensively updated, including renovated kitchens and baths with granite countertops and stainless steel appliances, updated electrical, and a new roof on the Harbor Street building. New insulation has been added in both attics and walls, and the property provides basement storage in a clean, well-maintained condition.
This offering is presented as a low-maintenance, stabilized asset, with further rent optimization referenced in the attached materials.
Key Highlights
- Two deeded four‑family buildings totaling 8 units, all 2‑bedroom apartments
- 10 off‑street parking spaces included on the property
- Heat and hot water are included in rent
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $191.7k | $28.80 |
| − Vacancy | −$7.7k | −$1.15 |
| EGI | $184.0k | $27.65 |
| − OpEx | −$82.8k | −$12.44 |
| NOI | $101.2k | $15.21 |
6,656 SF · lease $28.80/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,214 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.94M
$3.45M – $4.60M
NOI $275,823 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Two deeded four-family buildings offer eight 2-bedroom units and 10 off-street parking spaces.
Where is this apartment building located?
The property is located at 1-7 Prince St & 48-54 Harbor Street Salem, MA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Two deeded four‑family buildings totaling 8 units, all 2‑bedroom apartments; 10 off‑street parking spaces included on the property; Heat and hot water are included in rent
