Building Details

Building Size 6,345 SF

Year Built 1915

Listing Agency: Boston Realty Advisors

Listed By: Daniel Alper · License #CN254381 Show Phone

Source: Classifiedrealtygroup

Added: Jul 24 Changed: Sep 28 Last Checked: Oct 5 at 3:51PM

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Investment Insights

Based on property information with market context.

This for-sale multifamily property features 6 units and has been very well maintained. The offering also provides room for additional value through cosmetic improvements. The boiler system was recently upgraded, supporting continued building utility reliability.

Common areas include two washers and two dryers, and both laundry machines are coin operated. The property is located in a quiet residential neighborhood with easy access to local public transportation, and it is a short walk to Salem Harbor.

Overall, the building presents a strong baseline for income potential with meaningful recent mechanical updates and shared laundry amenities.

Key Highlights

• 6‑unit multifamily property built in 1915
• Boiler system was recently upgraded
• Common areas include coin‑operated laundry with 2 washers and 2 dryers

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$96,485

Cap Rate

6.22%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,929,700 $1.9M

Cap Rate 7%

$1,378,357 $1.4M

Cap Rate 9%

$1,072,056 $1.1M

Market Conditions

NOI Build-Up for 6,345 SF

Gross rent

$182.7K $28.80/SF

− Vacancy

−$7.3K −$1.15/SF

EGI

$175.4K $27.65/SF

− OpEx

−$78.9K −$12.44/SF

NOI

$96.5K $15.21/SF

Area

Essex County, MA

Vacancy

4.00%

Lease Rate

$28.80 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,929,700

Cap Rate 7%

$1,378,357

Cap Rate 9%

$1,072,056

Alternative Uses

Best Use

Apartment 5plus

$1.38M

$1.21M – $1.61M (±1% cap)

NOI $96,485 @ 7.0% cap · market cap 6.22%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.76M

$3.29M – $4.38M (±1% cap)

NOI $262,935 @ 7.0% cap · market cap 16.96%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Locksmith (Bike/Boat/Book/etc) Store Butcher Pet Grooming Service Computer & Electronic Repair Nursing Home

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

Location Intelligence

Trade Area within ½ mile

2,708

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Apartment building - Six-unit multifamily property with a recently upgraded boiler and coin-operated common-area laundry.

Where is this apartment building located?

The property is located at 33 Harbor Street Salem, MA.

What is the asking price?

The asking price for this property is $1,550,000.

What are key features of this property?

This property features: 6‑unit multifamily property built in 1915; Boiler system was recently upgraded; Common areas include coin‑operated laundry with 2 washers and 2 dryers