Updated Four-Unit
New
For Sale
$1,275,000
1-7 Prince, Salem, MA 01970
Four residential units feature renovated interiors, off-street parking, and basement storage.
Property Size3,400 SF
Price / SF$375
Days on Market5
Property Features for 1-7 Prince
General Information
Standard status
Active
Size
3,400 SF
Total Parking Spaces
5
Property subtype
Multi-family
Units
Unit Mix
4 x 2BR
Multifamily Units
4
Amenities
basement storage
Building Details
Year Built
1960
Listing Agency:
Little & Co.,REALTORS
Listed By:
Francesca Little
(617) 396-3100
Source:
Longwoodresidential
Added: Aug 30
Changed: Sep 1
Last Checked: Sep 1 at 8:19PM
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.
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$57,277
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.49%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
NOI $57,277 @ 7.0% cap · market cap 4.49%
Second Best
Apartment 5plus
$738.6K
$646.3K – $861.7K
NOI $51,702 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$2.01M
$1.76M – $2.35M
NOI $140,895 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
