Side-by-Side Townhouse
For Sale
$825,000
Pending
23-25 Putnam St, Salem, MA 01970
Duplex offers two townhouse-style units with private entrances, decks, basements, and separate utilities on a single lot.
Property Size2,081 SF
Days on Market96
Property Features for 23-25 Putnam St
General Information
Standard status
Pending
Size
2,081 SF
Total Parking Spaces
8
Property subtype
Multi Family Home
Zoning
R2
Taxes and HOA fees
Annual Taxes
$7,228
Building Details
Building Size
2,081 SF
Year Built
1980
Stories
3
Units
2
Listing Agency:
Citylight Homes LLC
(978) 977-0050
Listed By:
Steven Belesis · License #9510338
(617) 763-1001
Source:
Housatonicrealestate
Added: Jun 2
Changed: Aug 8
Last Checked: Jul 23 at 7:14AM
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 Citylight Homes LLC
Investment Insights
Based on property information with market context.
This side-by-side townhouse-style duplex features two separate units, each with its own private entrance and ground-level deck. Unit 23 offers 2 bedrooms and 2 full baths, including a primary suite with cathedral ceiling and slider access to a private deck, plus a large living room. Unit 25 includes 2 bedrooms and 1.5 baths with a cathedral ceiling primary suite and private balcony.
Both units include private basements with storage and laundry space. The property has been updated with newly refinished hardwood floors and fresh paint. Additional improvements noted include new gas heating systems and hot water tanks, Harvey replacement windows, and an architectural shingle roof.
Parking is supported by two driveways providing for more than 7 cars, and the property is situated on a lot sized at nearly 8,200 square feet, offering meaningful outdoor yard space. The remark also notes a short walk to Salem Station and Downtown.
Both units include private basements with storage and laundry space. The property has been updated with newly refinished hardwood floors and fresh paint. Additional improvements noted include new gas heating systems and hot water tanks, Harvey replacement windows, and an architectural shingle roof.
Parking is supported by two driveways providing for more than 7 cars, and the property is situated on a lot sized at nearly 8,200 square feet, offering meaningful outdoor yard space. The remark also notes a short walk to Salem Station and Downtown.
Key Highlights
- Two townhouse‑style units on a single lot (Unit 23 and Unit 25) with private entrances, private ground‑level decks, and private basements with storage and laundry
- Nearly 8,200 SqFt lot with yard space and 2 driveways providing parking for more than 7 cars
- Unit 23: 2 bedrooms, 2 full baths; cathedral‑ceiling primary suite with slider to a private deck; newly refinished hardwood floors and fresh paint
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
$35,057
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
4.25%
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%
$701,140
$701.1K
Cap Rate 7%
$500,814
$500.8K
Cap Rate 9%
$389,522
$389.5K
Market Conditions
NOI Build-Up for 2,081 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
$52.4K $25.20/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$50.1K $24.07/SF
− OpEx
−$15.0K −$7.22/SF
NOI
$35.1K $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%
$701,140
Cap Rate 7%
$500,814
Cap Rate 9%
$389,522
Alternative Uses
Best Use
Multifamily LT 5
$500.8K
$438.2K – $584.3K
NOI $35,057 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$452.1K
$395.6K – $527.4K
NOI $31,645 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,236 @ 7.0% cap · market cap 10.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,166
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 - Duplex offers two townhouse-style units with private entrances, decks, basements, and separate utilities on a single lot.
Where is this duplex located?
The property is located at 23-25 Putnam St Salem, MA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Two townhouse‑style units on a single lot (Unit 23 and Unit 25) with private entrances, private ground‑level decks, and private basements with storage and laundry; Nearly 8,200 SqFt lot with yard space and 2 driveways providing parking for more than 7 cars; Unit 23: 2 bedrooms, 2 full baths; cathedral‑ceiling primary suite with slider to a private deck; newly refinished hardwood floors and fresh paint
