Building Details

Year Built 1890

Buildings 1

Stories 3

Listing Agency: RE/MAX 360

Listed By: Katie DiVirgilio · License #9516912 Show Phone

Source: Wilsonwolfe

Added: Oct 13 Changed: Oct 16 Last Checked: Oct 16 at 8:17AM

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Investment Insights

Based on property information with market context.

This 1890 two-family property offers 10 rooms across 2,405 sq. ft. The first-floor unit has a 1+ bedroom layout, while the second and third floors form a 4+ bedroom layout. A basement includes an additional bathroom. The property is being sold as-is, and the seller has not lived there for more than 20 years.

The 3,441 sq. ft. yard is level and includes a detached 2-car garage, plus off-street parking for approximately 3 vehicles. McGlew Park is nearby, and the property is close to the North Street bus line, downtown Salem, shopping, dining, schools, and Bishop Fenwick.

Key Highlights

• Two‑family property with 10 rooms and 2,405 sq. ft.
• First‑floor unit has a 1+ bedroom layout; second and third floors combine for a 4+ bedroom layout
• Level 3,441 sq. ft. yard

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$40,515

Cap Rate

6.23%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$810,300 $810.3K

Cap Rate 7%

$578,786 $578.8K

Cap Rate 9%

$450,167 $450.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,405 SF

Gross rent

$60.6K $25.20/SF

− Vacancy

−$2.7K −$1.13/SF

EGI

$57.9K $24.07/SF

− OpEx

−$17.4K −$7.22/SF

NOI

$40.5K $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%

$810,300

Cap Rate 7%

$578,786

Cap Rate 9%

$450,167

Alternative Uses

Best Use

Multifamily LT 5

$578.8K

$506.4K – $675.3K (±1% cap)

NOI $40,515 @ 7.0% cap · market cap 6.23%

Second Best

Apartment 5plus

$522.4K

$457.1K – $609.5K (±1% cap)

NOI $36,571 @ 7.0% cap · market cap 5.63%

Theoretical Best

Office A

$1.42M

$1.25M – $1.66M (±1% cap)

NOI $99,663 @ 7.0% cap · market cap 15.33%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Computer & Electronic Repair (Bike/Boat/Book/etc) Store Storage Facility Locksmith Daycare Center Tech Support Center

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

2

Residential units

Location Intelligence

Trade Area within ½ mile

434

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

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Frequently Asked Questions

What type of property is this?

Duplex - A separate first-floor residence and upper-level layout offer distinct configurations within the two-family property.

Where is this duplex located?

The property is located at 17 Nursery Street Salem, MA.

What is the asking price?

The asking price for this property is $650,000.

What are key features of this property?

This property features: Two‑family property with 10 rooms and 2,405 sq. ft.; First‑floor unit has a 1+ bedroom layout; second and third floors combine for a 4+ bedroom layout; Level 3,441 sq. ft. yard