Two-Family Duplex with Separate
23 Park, Salem, MA 01970
For Sale
New
$575,000
Two residential units include a tenant-occupied first-floor apartment and a four-bedroom upper residence.
Property Size2,400 SF
Price / SF$239.58
Days on Market1
Property Features for 23 Park
General Information
Standard status
Size
Property subtype
Zoning
Net Operating Income
Property Condition
Severity
Evidence
Site & Location
Public Transit
Utilities to Site
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
washer/dryer
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Coldwell Banker Realty - Boston
Listed By:
Zahra Z Zoglauer · License MA CN200502
(617) 320-5815
Source:
413realestate
Added: Nov 14
Last Checked: Nov 14 at 2:10PM
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 Coldwell Banker Realty - Boston
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 1915 duplex contains approximately 2,400 square feet across two units, with 12 rooms in total. The first-floor apartment has two bedrooms, one bathroom, and an eat-in kitchen; it is currently tenant-occupied. The second residence spans two floors and includes four bedrooms. Each unit has separate utilities and its own washer and dryer in the basement. The property is offered as-is and is zoned R2.
The building is in South Salem, near Salem State University, downtown Salem, public transportation, shopping, Forest River Park, yacht clubs, and marinas. The Salem commuter rail station and local restaurants and shops are also nearby.
The building is in South Salem, near Salem State University, downtown Salem, public transportation, shopping, Forest River Park, yacht clubs, and marinas. The Salem commuter rail station and local restaurants and shops are also nearby.
Key Highlights
- Approximately 2,400 square feet with 12 rooms
- Two‑unit property; first‑floor apartment has 2 bedrooms and 1 bath
- Four‑bedroom second unit occupies two floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,431
Cap Rate
7.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$808,620
$808.6K
Cap Rate 7%
$577,586
$577.6K
Cap Rate 9%
$449,233
$449.2K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$60.5K $25.20/SF
− Vacancy
−$2.7K −$1.13/SF
EGI
$57.8K $24.07/SF
− OpEx
−$17.3K −$7.22/SF
NOI
$40.4K $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%
$808,620
Cap Rate 7%
$577,586
Cap Rate 9%
$449,233
Alternative Uses
Best Use
Multifamily LT 5
$577.6K
$505.4K – $673.9K
NOI $40,431 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$521.4K
$456.2K – $608.3K
NOI $36,495 @ 7.0% cap · market cap 6.35%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,455 @ 7.0% cap · market cap 17.30%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,708
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
$497,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Duplexes in Essex County, MA
Properties on Market for Duplexes in Essex County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include a tenant-occupied first-floor apartment and a four-bedroom upper residence.
Where is this duplex located?
The property is located at 23 Park Salem, MA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Approximately 2,400 square feet with 12 rooms; Two‑unit property; first‑floor apartment has 2 bedrooms and 1 bath; Four‑bedroom second unit occupies two floors
