Fully Renovated 26-Unit Apartment
233 Lafayette Salem, MA 01970
233 Lafayette, Salem, MA, 01970
$7,995,000
For Sale
$7,995,000
Renovated brick apartment building with 26 units, including studios and one- and two-bedroom layouts.
Property Size17,755 SF
Price / SF$450.30
Days on Market122
Property Features for 233 Lafayette
General Information
- Standard status
- Active
- Size
- 17,755 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1915
Listing agency
Little & Co.,REALTORS
Listed by
Francesca Little
(617) 262-6200
Source
Cabotandcompany
Added: Mar 22 Updated: Jul 21 at 12:12AM Checked: Jul 21 at 6:38AM
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 Little & Co.,REALTORS
Investment Insights
Based on property information with market context.
This fully renovated brick apartment building offers 26 units across studio, one-bedroom, and two-bedroom configurations. The property underwent an extensive renovation in 2020, including a new roof, fully upgraded electrical, new boilers and hot water storage, and a new sprinkler system. Unit interiors have been updated throughout with upgraded kitchens and baths, and 15 units include in-unit laundry.
The building is positioned to provide an investor-ready, turnkey profile following the major capital improvements already completed. Unit mix includes twelve one-bedroom units, six two-bedroom units, and eight studios.
With its refreshed building systems and apartment interiors, this property is structured for straightforward occupancy following renovation completion.
The building is positioned to provide an investor-ready, turnkey profile following the major capital improvements already completed. Unit mix includes twelve one-bedroom units, six two-bedroom units, and eight studios.
With its refreshed building systems and apartment interiors, this property is structured for straightforward occupancy following renovation completion.
Key Highlights
- Fully renovated 26‑unit brick apartment building (12 one‑bed, 6 two‑bed, 8 studios)
- Extensive 2020 improvements include new roof, fully upgraded electrical, new boilers and hot water storage, and new sprinkler system
- Unit interiors upgraded with updated kitchens and baths across the building
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $511.3k | $28.80 |
| − Vacancy | −$20.5k | −$1.15 |
| EGI | $490.9k | $27.65 |
| − OpEx | −$220.9k | −$12.44 |
| NOI | $270.0k | $15.21 |
17,755 SF · lease $28.80/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.86M
$3.37M – $4.50M
NOI $269,990 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.51M
$9.20M – $12.26M
NOI $735,763 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Tree Girl Landscaping
Landscaping
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FAQs
What type of property is this?
Apartment building - Renovated brick apartment building with 26 units, including studios and one- and two-bedroom layouts.
Where is this apartment building located?
The property is located at 233 Lafayette Salem, MA.
What is the asking price?
The asking price for this property is $7,995,000.
What are key features of this property?
This property features: Fully renovated 26‑unit brick apartment building (12 one‑bed, 6 two‑bed, 8 studios); Extensive 2020 improvements include new roof, fully upgraded electrical, new boilers and hot water storage, and new sprinkler system; Unit interiors upgraded with updated kitchens and baths across the building
