Unoccupied Two-Family
For Sale
$825,000
Pending
16 Pleasant Street, Salem, MA 01970
Vacant two-family duplex with two flexible 2–3 bedroom units, hardwood floors, fireplaces, basement laundry hookups, and off-street parking.
Property Size2,622 SF
Days on Market107
Property Features for 16 Pleasant Street
General Information
Standard status
Pending
Size
2,622 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
R2
Additional Details
Multifamily Units
2
Amenities
classic hardwood floors
multiple fireplaces
easy to maintain outdoor space
full basement with laundry hookups
walk up attic
Electric Dryer Hookup, Washer Hookup
Tile, Vinyl, Hardwood
Washer, Dryer, Range, Refrigerator, Freezer
4
Laundry Room, Bathroom With Tub & Shower, Kitchen, Living RM/Dining RM Combo
No
Shingle,Rubber
Public Transportation, Shopping, Tennis Court(s), Park, Walk/Jog Trails, Golf, Medical Facility, Laundromat, Bike Path, Conservation Area, House of Worship, Marina, Private School, Public School, T-Station, University
for Gas Range, for Electric Range, for Electric Dryer, Washer Hookup, Varies per Unit
2
Harbor,Ocean,Unknown To Beach
Building Details
Building Size
2,622 SF
Year Built
1860
Stories
2
Tenancy
Multi
Listing Agency:
James A. Finn & Sons
(978) 922-0379
Listed By:
James Finn
Source:
Reishomesearch
Added: Apr 28
Changed: Aug 8
Last Checked: Jul 23 at 10:08AM
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 James A. Finn & Sons
Investment Insights
Based on property information with market context.
This unoccupied two-family duplex offers two spacious residential units with flexible 2–3 bedroom layouts. Both units feature classic hardwood floors and multiple fireplaces. The property includes a full basement with laundry hookups and a walk-up attic, along with easy-to-maintain outdoor space and two-car off-street parking.
Located in Salem, the home is just moments from Salem Common, Collins Cove, and vibrant downtown, with Salem MBTA Depot approximately 0.8 miles away.
The overall configuration provides two separate living units supported by basement laundry infrastructure and additional attic space, offering a straightforward residential income property setup while it remains vacant.
Located in Salem, the home is just moments from Salem Common, Collins Cove, and vibrant downtown, with Salem MBTA Depot approximately 0.8 miles away.
The overall configuration provides two separate living units supported by basement laundry infrastructure and additional attic space, offering a straightforward residential income property setup while it remains vacant.
Key Highlights
- Vacant two‑family duplex with two flexible 2–3 bedroom units
- Classic hardwood floors and 4 total fireplaces across the home
- Full basement with laundry hookups and a walk‑up attic
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,171
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.35%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$883,420
$883.4K
Cap Rate 7%
$631,014
$631.0K
Cap Rate 9%
$490,789
$490.8K
Market Conditions
NOI Build-Up for 2,622 SF
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.
Gross rent
$66.1K $25.20/SF
− Vacancy
−$3.0K −$1.13/SF
EGI
$63.1K $24.07/SF
− OpEx
−$18.9K −$7.22/SF
NOI
$44.2K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$883,420
Cap Rate 7%
$631,014
Cap Rate 9%
$490,789
Alternative Uses
Best Use
Multifamily LT 5
$631.0K
$552.1K – $736.2K
NOI $44,171 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$569.6K
$498.4K – $664.5K
NOI $39,871 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,655 @ 7.0% cap · market cap 13.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,048
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-family duplex with two flexible 2–3 bedroom units, hardwood floors, fireplaces, basement laundry hookups, and off-street parking.
Where is this duplex located?
The property is located at 16 Pleasant Street Salem, MA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Vacant two‑family duplex with two flexible 2–3 bedroom units; Classic hardwood floors and 4 total fireplaces across the home; Full basement with laundry hookups and a walk‑up attic
