Two-Unit Residential Income
16 School Street Salem, NH 03079
16 School Street, Salem, NH, 03079
$699,000
For Sale
$699,000
Two-story two-family with a large backyard and barn, offering separate 3-bedroom and 4-bedroom unit layouts.
Property Size2,288 SF
Price / SF$305.51
Days on Market12
Property Features for 16 School Street
General Information
- Standard status
- Active
- Size
- 2,288 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1850
Listing Agency
Keller Williams Realty Evolution
Listed by
Elizabeth Smith
Source
Laerrealty
Added: Jul 7 Checked: Jul 17 at 2:39 am
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 Keller Williams Realty Evolution
Investment Insights
Based on property information with market context.
This two-story two-family residential income property features two separate units with a total of seven bedrooms based on the provided floor plan information. The first-floor unit is described as having three bedrooms, and the second-floor unit is described as having four bedrooms. The home includes outdoor space with a large backyard and an on-site barn, which may be used for additional storage or other flexible purposes as allowed by applicable rules and use requirements. Buyer should verify all information, including bedroom count and unit configuration, against available records.
The property is located in a quiet neighborhood. Public remarks note it is steps from an elementary school and approximately one mile from Routes 93 and 495, supporting everyday accessibility for residents and commuting convenience.
For an owner-occupant or investor, the separate two-unit setup can support a live-in-and-lease arrangement or a traditional rental strategy, depending on preference. The combination of well-defined unit layouts, on-site barn space, and yard area adds practical day-to-day utility for tenants, while the commuter access referenced in the remarks may appeal to renters who value convenient travel routes. The property is offered for sale and is back on the market due to buyer financing difficulties.
The property is located in a quiet neighborhood. Public remarks note it is steps from an elementary school and approximately one mile from Routes 93 and 495, supporting everyday accessibility for residents and commuting convenience.
For an owner-occupant or investor, the separate two-unit setup can support a live-in-and-lease arrangement or a traditional rental strategy, depending on preference. The combination of well-defined unit layouts, on-site barn space, and yard area adds practical day-to-day utility for tenants, while the commuter access referenced in the remarks may appeal to renters who value convenient travel routes. The property is offered for sale and is back on the market due to buyer financing difficulties.
Key Highlights
- Two‑story two‑family built in 1850 with separate unit layouts
- Unit mix includes a spacious 3‑bedroom unit and a 4‑bedroom unit
- Buyer to verify public‑record details; public record lists a 6‑bedroom two‑family with total 7 bedrooms per floor plans
Local Financial Insights For Multifamily LT 5
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 | $57.7k | $25.20 |
| − Vacancy | −$2.6k | −$1.13 |
| EGI | $55.1k | $24.07 |
| − OpEx | −$16.5k | −$7.22 |
| NOI | $38.5k | $16.85 |
2,288 SF · lease $25.20/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$550.6K
$481.8K – $642.4K
NOI $38,544 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$496.0K
$434.0K – $578.7K
NOI $34,720 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$761.7K
$666.5K – $888.7K
NOI $53,322 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two-story two-family with a large backyard and barn, offering separate 3-bedroom and 4-bedroom unit layouts.
Where is this duplex located?
The property is located at 16 School Street Salem, NH.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two‑story two‑family built in 1850 with separate unit layouts; Unit mix includes a spacious 3‑bedroom unit and a 4‑bedroom unit; Buyer to verify public‑record details; public record lists a 6‑bedroom two‑family with total 7 bedrooms per floor plans
