Side-by-Side Townhouse
For Sale
$825,000
23-25 Putnam Street, 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
Price / SF$396.44
Days on Market189
Property Features for 23-25 Putnam Street
General Information
Standard status
Active
Size
2,081 SF
Property subtype
Multi-family
Building Details
Year Built
1980
Listing Agency:
Citylight Homes LLC
Listed By:
Steven Belesis · License #9510338
(617) 763-1001
Source:
Campionre
Added: Apr 26
Changed: Oct 31
Last Checked: Oct 11 at 5:55AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$35,057
Cap Rate
4.25%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
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 Street 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
