Renovated Three-Family
For Sale
$1,200,000
24 Dunlap St, Salem, MA 01970
Updated kitchens, baths, flooring, windows, siding, electrical, and plumbing support immediate residential occupancy.
Property Size2,822 SF
Days on Market114
Property Features for 24 Dunlap St
General Information
Standard status
Active
Size
2,822 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
R2
Taxes and HOA fees
Annual Taxes
$8,381
Building Details
Building Size
2,822 SF
Year Built
1910
Stories
3
Units
3
Listing Agency:
Coldwell Banker Realty - Marblehead
(781) 405-7122
Listed By:
Zoe Karademos · License #454004713
(781) 405-7122
Source:
Aucoinryanrealty
Added: May 9
Changed: Aug 29
Last Checked: May 14 at 4:32AM
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 - Marblehead
Investment Insights
Based on property information with market context.
This 1910 triplex in Salem contains three residential units, including two 3-bedroom apartments and a 2-bedroom top-floor unit. Renovations encompass granite and stainless steel kitchens, tiled full bathrooms, hardwood flooring, replacement windows, vinyl siding, and updated electrical and plumbing systems. The property also includes a backyard, a paved driveway accommodating 4+ cars, and access to on-street parking.
The address is located minutes from Historic Downtown Salem, with nearby restaurants, museums, and the harbor. The commuter rail is also within minutes. Walk Score is 99, Bike Score is 81, and Transit Score is 42. The combination of a renovated unit mix, off-street parking, and proximity to downtown amenities supports both owner-occupant and investor use.
The address is located minutes from Historic Downtown Salem, with nearby restaurants, museums, and the harbor. The commuter rail is also within minutes. Walk Score is 99, Bike Score is 81, and Transit Score is 42. The combination of a renovated unit mix, off-street parking, and proximity to downtown amenities supports both owner-occupant and investor use.
Key Highlights
- Three‑unit configuration with two 3‑bedroom apartments and one 2‑bedroom top‑floor unit
- Renovated granite and stainless steel kitchens with tiled full bathrooms
- New hardwood floors, windows, and vinyl siding
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
$47,540
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
3.96%
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%
$950,800
$950.8K
Cap Rate 7%
$679,143
$679.1K
Cap Rate 9%
$528,222
$528.2K
Market Conditions
NOI Build-Up for 2,822 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
$71.1K $25.20/SF
− Vacancy
−$3.2K −$1.13/SF
EGI
$67.9K $24.07/SF
− OpEx
−$20.4K −$7.22/SF
NOI
$47.5K $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%
$950,800
Cap Rate 7%
$679,143
Cap Rate 9%
$528,222
Alternative Uses
Best Use
Multifamily LT 5
$679.1K
$594.3K – $792.3K
NOI $47,540 @ 7.0% cap · market cap 3.96%
Second Best
Apartment 5plus
$613.0K
$536.4K – $715.2K
NOI $42,912 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $116,943 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,771
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?
Triplex - Updated kitchens, baths, flooring, windows, siding, electrical, and plumbing support immediate residential occupancy.
Where is this triplex located?
The property is located at 24 Dunlap St Salem, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑unit configuration with two 3‑bedroom apartments and one 2‑bedroom top‑floor unit; Renovated granite and stainless steel kitchens with tiled full bathrooms; New hardwood floors, windows, and vinyl siding
