Updated Two-Family
For Sale
$875,000
5 Willow Ave, Salem, MA 01970
Separate utilities, a one-car garage, driveway, and patio support practical ownership.
Property Size2,229 SF
Days on Market18
Property Features for 5 Willow Ave
General Information
Standard status
Active
Size
2,229 SF
Total Parking Spaces
4
Property subtype
Multifamily
Units
Unit Mix
1 x 1BR/1BA, 1 x 4BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,309
Amenities
patio
Building Details
Building Size
2,229 SF
Year Built
1890
Listing Agency:
Compass
Listed By:
Strobeck Antonell Bull Group
(781) 285-8028
Source:
Classifiedrealtygroup
Added: Sep 18
Changed: Oct 1
Last Checked: Oct 4 at 7:01AM
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 Compass
Investment Insights
Based on property information with market context.
This updated duplex at 5 Willow Ave includes 2,229 SF of residential space arranged as two separate homes. The first-floor residence has one bedroom and one bathroom. The upper residence occupies two levels and provides four bedrooms, two bathrooms, and a vaulted bonus room. Separate utilities, a one-car garage, driveway, and low-maintenance patio add useful property features. The home was built in 1890 and includes numerous upgrades.
The property is positioned between downtown Salem and Salem State University, with access to downtown shops, restaurants, commuter rail service, and the ferry to Boston. A small neighborhood beach is located at the end of the street. The upper unit is currently vacant and was most recently leased before becoming available.
The property is positioned between downtown Salem and Salem State University, with access to downtown shops, restaurants, commuter rail service, and the ferry to Boston. A small neighborhood beach is located at the end of the street. The upper unit is currently vacant and was most recently leased before becoming available.
Key Highlights
- 2,229 SF duplex with two residential units
- First‑floor unit offers 1 bedroom and 1 bath
- Upper unit spans two levels with 4 bedrooms, 2 baths, and a vaulted bonus room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,550
Cap Rate
4.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$751,000
$751.0K
Cap Rate 7%
$536,429
$536.4K
Cap Rate 9%
$417,222
$417.2K
Market Conditions
NOI Build-Up for 2,229 SF
Gross rent
$56.2K $25.20/SF
− Vacancy
−$2.5K −$1.13/SF
EGI
$53.6K $24.07/SF
− OpEx
−$16.1K −$7.22/SF
NOI
$37.6K $16.85/SF
Area
Essex County, MA
Vacancy
4.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$751,000
Cap Rate 7%
$536,429
Cap Rate 9%
$417,222
Alternative Uses
Best Use
Multifamily LT 5
$536.4K
$469.4K – $625.8K
NOI $37,550 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$484.2K
$423.7K – $564.9K
NOI $33,895 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,369 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
998
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate utilities, a one-car garage, driveway, and patio support practical ownership.
Where is this duplex located?
The property is located at 5 Willow Ave Salem, MA.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 2,229 SF duplex with two residential units; First‑floor unit offers 1 bedroom and 1 bath; Upper unit spans two levels with 4 bedrooms, 2 baths, and a vaulted bonus room
