6-Unit Italianate Apartment
2 Saunders Street, Salem, MA 01970
For Sale
Contact for pricing
The apartment mix includes one- and two-bedroom residences, with office space in several units.
Property Size8,792 SF
Price / SF$184.83
Days on Market23
Property Features for 2 Saunders Street
General Information
Standard status
Size
Net Rentable
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Asking Price
Public Transit
Amenities
coin-operated laundry
basement storage
Building Details
Year Built
Construction
Listing Agency:
North Shore Realty Advisors
Listed By:
Dan Pouladian · License MA #423847
(617) 548-7737
Source:
Crexi
Added: Oct 19
Changed: Nov 8
Last Checked: Nov 8 at 5:15PM
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.
Built in 1873, this Italianate multifamily property contains six apartments across 8,792 square feet of total building area, including 5,795 square feet of rentable living area. The mix comprises one one-bedroom apartment, four one-bedroom units with office space, and a two-bedroom, 1.5-bath townhome. Hardwood floors, high ceilings, and coin-operated laundry are among the building’s features; basement storage is also present.
The property is on Saunders Street in Salem, within walking distance of public transportation, neighborhood restaurants, Salem Common, Downtown Salem, and the waterfront.
The property is on Saunders Street in Salem, within walking distance of public transportation, neighborhood restaurants, Salem Common, Downtown Salem, and the waterfront.
Key Highlights
- Six apartments in an Italianate building constructed in 1873
- 8,792 square feet of total building area; 5,795 square feet of rentable living area
- Unit mix: one one‑bedroom, four one‑bedroom‑plus‑office apartments, and one two‑bedroom, 1.5‑bath townhome
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$133,695
Cap Rate
8.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,673,900
$2.7M
Cap Rate 7%
$1,909,929
$1.9M
Cap Rate 9%
$1,485,500
$1.5M
Market Conditions
NOI Build-Up for 8,792 SF
Gross rent
$253.2K $28.80/SF
− Vacancy
−$10.1K −$1.15/SF
EGI
$243.1K $27.65/SF
− OpEx
−$109.4K −$12.44/SF
NOI
$133.7K $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%
$2,673,900
Cap Rate 7%
$1,909,929
Cap Rate 9%
$1,485,500
Alternative Uses
Best Use
Apartment 5plus
$1.91M
$1.67M – $2.23M
NOI $133,695 @ 7.0% cap · market cap 8.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.20M
$4.55M – $6.07M
NOI $364,338 @ 7.0% cap · market cap 22.42%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,424
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
$497,500
Median Home Value
Market
Average Price Trend$/SF for Apartment buildings in Essex County, MA
Properties on Market for Apartment buildings in Essex County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - The apartment mix includes one- and two-bedroom residences, with office space in several units.
Where is this apartment building located?
The property is located at 2 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 in an Italianate building constructed in 1873; 8,792 square feet of total building area; 5,795 square feet of rentable living area; Unit mix: one one‑bedroom, four one‑bedroom‑plus‑office apartments, and one two‑bedroom, 1.5‑bath townhome
