Renovated Two-Unit Victorian
For Sale
$1,700,000
18 Balcomb St, Salem, MA 01970
Historic two-residence property with townhouse-style layouts, private outdoor areas, and extensive system upgrades.
Property Size4,310 SF
Price / SF$394.43
Days on Market44
Property Features for 18 Balcomb St
General Information
Standard status
Active
Size
4,310 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1875
Construction
Victorian
Listing Agency:
Cameron Real Estate Group
Listed By:
Jackelyn Enslow
Source:
Gooddeedsrealtypartners
Added: Jul 18
Changed: Aug 29
Last Checked: Aug 25 at 4:45AM
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 Cameron Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1875, this 4,310-square-foot duplex contains two townhouse-style residences with a combined eight bedrooms and six full bathrooms. A substantial renovation retained the building’s historic character while introducing updated kitchens and baths, open-concept living areas, hardwood floors, high ceilings, and restored architectural elements. Improvements include a new roof, electrical and plumbing systems, HVAC with gas heat and central A/C, plus refreshed interior and exterior paint.
Each residence has its own driveway and private yard area, supporting separate household use within the same property. The building is located 1 mile from downtown Salem and the MBTA, with the address at 18 Balcomb Street in Salem, Massachusetts.
Each residence has its own driveway and private yard area, supporting separate household use within the same property. The building is located 1 mile from downtown Salem and the MBTA, with the address at 18 Balcomb Street in Salem, Massachusetts.
Key Highlights
- 4,310 SF duplex with two townhouse‑style residences
- Eight bedrooms and six full bathrooms across two units
- Built in 1875 with restored historic architectural details
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
$72,607
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
4.27%
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%
$1,452,140
$1.5M
Cap Rate 7%
$1,037,243
$1.0M
Cap Rate 9%
$806,744
$806.7K
Market Conditions
NOI Build-Up for 4,310 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
$108.6K $25.20/SF
− Vacancy
−$4.9K −$1.13/SF
EGI
$103.7K $24.07/SF
− OpEx
−$31.1K −$7.22/SF
NOI
$72.6K $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 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%
$1,452,140
Cap Rate 7%
$1,037,243
Cap Rate 9%
$806,744
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$907.6K – $1.21M
NOI $72,607 @ 7.0% cap · market cap 4.27%
Second Best
Apartment 5plus
$936.3K
$819.3K – $1.09M
NOI $65,540 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$2.55M
$2.23M – $2.98M
NOI $178,605 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
682
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 - Historic two-residence property with townhouse-style layouts, private outdoor areas, and extensive system upgrades.
Where is this duplex located?
The property is located at 18 Balcomb St Salem, MA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 4,310 SF duplex with two townhouse‑style residences; Eight bedrooms and six full bathrooms across two units; Built in 1875 with restored historic architectural details
