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    11 Summer St Salem, MA 01970

    For Sale
    $2,500,000

    Large mixed-use property with development potential in downtown Salem.

    Lot size:
    0.30 Acres

    Property Features for 11 Summer St

    General Information

    Lot size
    0.30 Acres

    Building Details

    Year built
    1870

    Source: Heather Klosowski Real Estate Agent Heather Klosowski

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Spacious Mixed-Use Property in Salem

    This six-family home offers approximately 7,000 square feet of living space and is situated on a large lot in downtown Salem, adjacent to the Salem Inn. Zoned for mixed-use, the property presents opportunities for both commercial and residential applications. The existing structure requires renovation. Ten garages are included, along with a large workshop above them that could potentially be converted into additional units. The property's zoning and size suggest potential for further development.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Law Firm Realty agency Spa & Massage Hair Salon Dental Office Clothing Store Nail Salon Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.8982819
    Latitude
    42.5207159

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    FAQs

    What type of property is this?
    Apartment building - Large mixed-use property with development potential in downtown Salem.
    Where is this apartment building located?
    The property is located at 11 Summer St Salem, MA.
    What is the asking price?
    The asking price for this property is $2,500,000.
    What are key features of this property?
    This property features: - Largest lot in downtown Salem, offering significant development potential.; - Mixed-use zoning allows for commercial and residential applications.; - Substantial living space with close to 7,000 sq. ft.
    (978) 914-2300
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    11 Summer St Salem, MA 01970
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