Mixed-Use Building with
13 Central Street Salem Salem, MA 01970
13 Central Street Salem, Salem, MA, 01970
$2,290,000
For Sale
$2,290,000
Three-story mixed-use building with a ground-floor restaurant and residential apartments above.
Property Size6,442 SF
Price / SF$355.48
Days on Market23
Property Features for 13 Central Street Salem
General Information
- Standard status
- Active
- Size
- 6,442 SF
Building Details
- Year Built
- 1868
Listing agency
(508) 501-1443
Listed by
Kim Goodby
(508) 501-1443
Source
Milestonerealtyinc
Added: Jun 30 Updated: Jul 10 at 2:09PM Checked: Jul 21 at 3:16AM
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 Kim Goodby
Investment Insights
Based on property information with market context.
This three-story mixed-use property totals 6,442 SF and combines commercial and residential space in one building. The first floor is occupied by an established restaurant, while the second and third floors are configured as residential apartments, creating a vertical mix of uses. The public remarks also note the site’s historically significant connection to Salem’s colonial and revolutionary-era past, with a historical marker recognizing The London Coffee House dating back to 1698.
Located at 13 Central Street in Salem, MA, the building is described as being in the heart of downtown and positioned for walkable access to local shops, restaurants, cultural attractions, and year-round tourism. The remarks further indicate the property is supported by long-term tenants and stable occupancy.
For buyers or operators seeking an income-producing mixed-use structure, the arrangement offers a straightforward split between restaurant space on the ground level and apartment units on the upper floors. The on-site combination of uses may appeal to parties looking to manage a single asset while operating a hospitality component below and residential leasing above, as described in the property’s existing tenancy and occupancy profile.
Located at 13 Central Street in Salem, MA, the building is described as being in the heart of downtown and positioned for walkable access to local shops, restaurants, cultural attractions, and year-round tourism. The remarks further indicate the property is supported by long-term tenants and stable occupancy.
For buyers or operators seeking an income-producing mixed-use structure, the arrangement offers a straightforward split between restaurant space on the ground level and apartment units on the upper floors. The on-site combination of uses may appeal to parties looking to manage a single asset while operating a hospitality component below and residential leasing above, as described in the property’s existing tenancy and occupancy profile.
Key Highlights
- Three‑story mixed‑use building totaling 6,442 SF built in 1868
- Ground‑floor restaurant with residential apartments on the 2nd and 3rd floors
- Property is located in downtown Salem and occupies a historically significant site
Local Financial Insights For Mixed Use
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 | $231.9k | $36.00 |
| − Vacancy | −$23.2k | −$3.60 |
| EGI | $208.7k | $32.40 |
| − OpEx | −$78.3k | −$12.15 |
| NOI | $130.5k | $20.25 |
6,442 SF · lease $36.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$1.86M
$1.63M – $2.17M
NOI $130,451 @ 7.0% cap · market cap 5.70%
Second Best
Specialty Retail
$1.70M
$1.49M – $1.98M
NOI $119,075 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$3.81M
$3.34M – $4.45M
NOI $266,955 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Conventional restaurants
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Three-story mixed-use building with a ground-floor restaurant and residential apartments above.
Where is this mixed-use property located?
The property is located at 13 Central Street Salem Salem, MA.
What is the asking price?
The asking price for this property is $2,290,000.
What are key features of this property?
This property features: Three‑story mixed‑use building totaling 6,442 SF built in 1868; Ground‑floor restaurant with residential apartments on the 2nd and 3rd floors; Property is located in downtown Salem and occupies a historically significant site
