Income-Producing Four-Unit
101 Ocean Avenue, Salem, MA 01970
Four-unit property with income potential near Canal Street.
Type:Multi-family / 4 Family
Property size:
4,394 SFPrice / SF:
$250/SF- Added:
- Mar 25, 2026
- Days on Market:
- 68
- Last Refresh:
- Mar 25 at 8:22 pm
Property Features for 101 Ocean Avenue
General Information
- Standard status
- Active
- Size
- 4,394 SF
- Property subtype
- Multi-family / 4 Family
Building Details
- Year Built
- 1930
Listing agent AD Advisors Team License #9516694 (617) 505-3324
Listing office Block Realty (617) 505-3324
Listing date Mar 25, 2026
Source Compass
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 Block Realty
HighLights
- Income‑producing four‑unit property with upside potential.
- Two units are fully renovated and leased for immediate income.
- Value‑add opportunity: Third unit with long‑term tenant can be converted from one to two bedrooms.
- Located near Canal Street with commercial establishments, restaurants, and future public transit.
- Large parking lot in the rear.
- Cash buyer or renovation loan opportunity.
Overview
This four-unit property presents an opportunity for cash buyers or those seeking a renovation loan. It offers income-producing potential with strong upside. Two of the units have been fully renovated and are currently leased, providing immediate and stable income. A third unit, occupied by a long-term tenant, offers a value-add opportunity and the potential to be converted from a one-bedroom to a two-bedroom layout. The fourth unit requires a full renovation and is currently uninhabitable. The property is located off Canal Street, near commercial establishments and restaurants. A future train station and other public transit options are located nearby. The property includes a parking lot in the rear. The property size is 4394 square feet.
Local Financial Insights For Multifamily LT 5
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 | $110.7k | $25.20 |
| − Vacancy | −$5.0k | −$1.13 |
| EGI | $105.7k | $24.07 |
| − OpEx | −$31.7k | −$7.22 |
| NOI | $74.0k | $16.85 |
4,394 SF · lease $25.20/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$925.3K – $1.23M
NOI $74,022 @ 7.0% cap · market cap 6.73%
Second Best
Apartment 5plus
$954.5K
$835.2K – $1.11M
NOI $66,817 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$2.60M
$2.28M – $3.03M
NOI $182,086 @ 7.0% cap · market cap 16.55%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Salem
- County
- Essex
- State
- Massachusetts
- Longitude
- -70.8958712
- Latitude
- 42.5076924
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Four-unit property with income potential near Canal Street.
Where is this quadplex located?
The property is located at 101 Ocean Avenue Salem, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Income‑producing four‑unit property with upside potential.; Two units are **fully renovated and leased for immediate income.**; Value‑add opportunity: Third unit with long‑term tenant can be converted from one to two bedrooms.
