Corner Residential
For Sale
$399,900
181 North St, Salem, MA 01970
Deeded parking, in-unit laundry, and professional management add practical convenience.
Property Size1,700 SF
Price / SF$235.24
Days on Market140
Property Features for 181 North St
General Information
Standard status
Active
Size
1,700 SF
Total Parking Spaces
2
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
in-unit laundry
ample storage
walk-in closets
Range
Dishwasher
Disposal
Microwave
Refrigerator
Washer
Dryer
Central Air, Individual
Tile
Vinyl / VCT
Carpet
Central, Electric, Individual
2.0 Stories
$5,483 Taxes
Public
Built in 1894
Building Details
Year Built
1894
Listing Agency:
J. Barrett & Company
(978) 922-3683
Listed By:
Daniel Meegan
(617) 388-8500
Source:
Donahuere
Added: May 19
Changed: Oct 3
Last Checked: Oct 4 at 6:10AM
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 J. Barrett & Company
Investment Insights
Based on property information with market context.
This corner condominium offers 1,700 square feet with two bedrooms and one and a half bathrooms. Oversized windows bring natural light to the main living level. The lower level includes a family room and two bedrooms with walk-in closets; in-unit laundry and additional storage are also included. A Carrier heating and cooling system is described as new, and the property is professionally managed.
The home is at 181 North St in Salem, near commuter rail, public transportation, major routes, and downtown Salem. Two deeded parking spaces are included.
The home is at 181 North St in Salem, near commuter rail, public transportation, major routes, and downtown Salem. Two deeded parking spaces are included.
Key Highlights
- 1,700‑square‑foot condominium with two bedrooms and one and a half bathrooms
- Two deeded parking spaces
- Lower level includes a family room and two bedrooms with walk‑in closets
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,851
Cap Rate
6.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$517,020
$517.0K
Cap Rate 7%
$369,300
$369.3K
Cap Rate 9%
$287,233
$287.2K
Market Conditions
NOI Build-Up for 1,700 SF
Gross rent
$49.0K $28.80/SF
− Vacancy
−$2.0K −$1.15/SF
EGI
$47.0K $27.65/SF
− OpEx
−$21.2K −$12.44/SF
NOI
$25.9K $15.21/SF
Area
Essex County, MA
Vacancy
4.00%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$517,020
Cap Rate 7%
$369,300
Cap Rate 9%
$287,233
Alternative Uses
Best Use
Apartment 5plus
$369.3K
$323.1K – $430.9K
NOI $25,851 @ 7.0% cap · market cap 6.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$880.6K – $1.17M
NOI $70,448 @ 7.0% cap · market cap 17.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Deeded parking, in-unit laundry, and professional management add practical convenience.
Where is this residential income property located?
The property is located at 181 North St Salem, MA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 1,700‑square‑foot condominium with two bedrooms and one and a half bathrooms; Two deeded parking spaces; Lower level includes a family room and two bedrooms with walk‑in closets
