Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    11 Summer St Salem, MA 01970

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Pending
    $2,500,000

    Six-family home on a large lot with mixed-use zoning.

    Lot size:
    0.30 Acres

    Property Features for 11 Summer St

    General Information

    Property type
    Investment
    Standard status
    Pending
    Lot size
    0.30 Acres

    Building Details

    Year built
    1870

    We can help!

    Listing Contact
    Heather Klosowski
    Source: Elliman

    Listing Agent: Heather Klosowski

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

    Learn more

    Overview

    Downtown Salem Mixed-Use Development Opportunity

    This six-family home offers close to 7,000 sq. ft. of living space and is situated on the largest lot in downtown Salem, next to the Salem Inn. Zoned for mixed-use, the property presents the possibility of combining commercial and residential spaces. There is potential for further development. The house requires renovation. The property includes 10 garages and a large workshop above them, which could be converted into additional units.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    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

    Nearby Similar for Sale

    • $699,000
      Pending

      Landmark Mixed-Use Building For Sale

      Fully leased investment property near downtown and train station.
      112 North St, Salem, MA 01970
      View Details
    • Contact for pricing

      Salem Office Space Available

      Office space for sale in Salem, Massachusetts, available immediately.
      35 Congress St, Salem, MA 01970
      View Details
    • Contact for pricing
      2,160 SF

      Industrial Building with Redevelopment Potential

      One-story industrial building in active commercial area undergoing redevelopment.
      1 S Mason St, Salem, MA 01970
      View Details
    • Contact for pricing
      1,008 SF

      Salem Flex Space For Sale

      Centrally located engineered steel building with B4 zoning.
      17 Meadow St, Salem, MA 01970
      View Details
    • Contact for pricing
      31,366 SF

      Salem Industrial Condo For Sale

      31,366 SF industrial condo in Salem, Massachusetts for sale.
      96 Swampscott Rd, Salem, MA 01970
      View Details
    • $2,500,000
      Pending

      Spacious Mixed-Use Property in Salem

      Large mixed-use property with development potential in downtown Salem.
      11 Summer St, Salem, MA 01970
      View Details
    • $390,000
      1,106 SF

      Salem Train Station Storefront

      Prime Salem location, 1,106 sq ft, high traffic.
      280 Bridge St, Salem, MA 01970
      View Details
    • Contact for pricing

      High-Visibility Commercial Space in Salem

      Commercial space in Salem near downtown and commuter rail.
      97 Bridge St, Salem, MA 01970
      View Details
    • $379,000
      1,100 SF

      Salem Retail/Office Building For Sale

      1,100 SF commercial/retail building near Salem T station.
      280 Bridge St, Salem, MA 01970
      View Details
    • Contact for pricing
      1,106 SF

      Salem Commercial Building Near Transit

      Freestanding commercial building near Salem T with development potential.
      280 Bridge St, Salem, MA 01970
      View Details
    • Contact for pricing
      0.06 Acres

      Salem Commercial Gem - High Traffic Area

      Prime Salem location, versatile space, high pedestrian traffic.
      280 Bridge St, Salem, MA 01970
      View Details
    • Contact for pricing

      Salem Retail/Office Building For Sale

      Commercial/retail building near Salem T. Development planned for area.
      280 Bridge St, Salem, MA 01970
      View Details

    FAQs

    What type of property is this?
    Apartment building - Six-family home on a large lot with mixed-use zoning.
    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 opportunities.; - Substantial living space of approximately 7,000 sq. ft.
    (978) 914-2300
    Request Owner's contact information
    11 Summer St Salem, MA 01970
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    11 Summer St
    Salem, MA 01970
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Heather Klosowski
    (978) 914-2300
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!