Six-Unit Apartment
For Sale
$1,625,000
2-4 Saunders Street, Salem, MA 01970
An Italianate residence offers a varied apartment mix, hardwood floors, high ceilings, and coin-operated laundry.
Property Size5,795 SF
Price / SF$280.41
Days on Market8
Property Features for 2-4 Saunders Street
General Information
Standard status
Active
Size
5,795 SF
Net Rentable
5,795 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 1BR, 4 x 1BR+office, 1 x 2BR/1.5BA
Multifamily Units
6
Additional Details
Public Transit
Yes
Amenities
coin-operated laundry
basement storage
Building Details
Year Built
1800
Construction
Italianate
Listing Agency:
North Shore Realty Advisors
Listed By:
Dan Pouladian · License #423847
(617) 548-7737
Source:
Sarkisboston
Added: Oct 18
Changed: Oct 25
Last Checked: Oct 24 at 9:43PM
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 North Shore Realty Advisors
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Investment Insights
Based on property information with market context.
This six-unit apartment property in Salem’s Bridge Street Neck neighborhood contains approximately 8,792 square feet of total building area, including 5,795 square feet of rentable living area. The unit mix comprises one one-bedroom apartment, four one-bedroom apartments with offices, and a two-bedroom, 1.5-bath townhome. Interior features include hardwood flooring, high ceilings, and layouts with abundant natural light. Coin-operated laundry is on site, and basement storage is also part of the property.
Public transportation, neighborhood restaurants, Salem Common, Downtown Salem, and the waterfront are all within walking distance.
Public transportation, neighborhood restaurants, Salem Common, Downtown Salem, and the waterfront are all within walking distance.
Key Highlights
- Six apartments: one one‑bedroom, four one‑bedroom‑plus‑office units, and one two‑bedroom, 1.5‑bath townhome
- 8,792± square feet of total building area and 5,795± square feet of rentable living area
- Coin‑operated laundry and basement storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$88,121
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,762,420
$1.8M
Cap Rate 7%
$1,258,871
$1.3M
Cap Rate 9%
$979,122
$979.1K
Market Conditions
NOI Build-Up for 5,795 SF
Gross rent
$166.9K $28.80/SF
− Vacancy
−$6.7K −$1.15/SF
EGI
$160.2K $27.65/SF
− OpEx
−$72.1K −$12.44/SF
NOI
$88.1K $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%
$1,762,420
Cap Rate 7%
$1,258,871
Cap Rate 9%
$979,122
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,121 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.43M
$3.00M – $4.00M
NOI $240,143 @ 7.0% cap · market cap 14.78%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,424
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - An Italianate residence offers a varied apartment mix, hardwood floors, high ceilings, and coin-operated laundry.
Where is this apartment building located?
The property is located at 2-4 Saunders Street Salem, MA.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: Six apartments: one one‑bedroom, four one‑bedroom‑plus‑office units, and one two‑bedroom, 1.5‑bath townhome; 8,792± square feet of total building area and 5,795± square feet of rentable living area; Coin‑operated laundry and basement storage
