Two-Family Home with
For Sale
$799,900
Pending
24 Mason St, Salem, MA 01970
Vacant two-family residence with updated interiors, fenced yard, off-street parking, and full basement.
Property Size3,214 SF
Days on Market81
Property Features for 24 Mason St
General Information
Standard status
Pending
Size
3,214 SF
Property subtype
Multi Family
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Building Details
Year Built
1870
Listing Agency:
Realty One Group Nest
(978) 255-4394
Listed By:
Montero Realty Group
(617) 992-4696
Source:
Lockandkeyre
Added: Jun 17
Changed: Sep 4
Last Checked: Sep 5 at 6:21AM
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 Realty One Group Nest
Investment Insights
Based on property information with market context.
This two-family home is delivered completely vacant and offers flexible occupancy options. The first-floor unit is configured as a 4-room sleeping arrangement with a full bath, living room, and a large eat-in kitchen. The upper unit spans the second and third floors and is configured as a 5-room sleeping arrangement with 2.5 baths and flexible living space. Recent updates include LifeProof luxury vinyl plank flooring, updated kitchen cabinets, and an updated sink. The roof and siding were replaced a few years ago.
Additional property features include a fenced backyard, off-street parking, ample storage, and a full basement. The home is located near downtown Salem and is described as convenient to commuter rail, shopping, restaurants, parks, and the waterfront.
Buyer to perform own due diligence.
Additional property features include a fenced backyard, off-street parking, ample storage, and a full basement. The home is located near downtown Salem and is described as convenient to commuter rail, shopping, restaurants, parks, and the waterfront.
Buyer to perform own due diligence.
Key Highlights
- Vacant two‑family home delivered completely vacant for immediate owner‑occupant, investor, or multigenerational use
- Upper unit spans 2nd and 3rd floors with 5‑room sleeping arrangement, 2.5 baths, and flexible living space
- First‑floor unit includes 4‑room sleeping arrangement with full bath, living room, and large eat‑in kitchen
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
$54,144
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
6.77%
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%
$1,082,880
$1.1M
Cap Rate 7%
$773,486
$773.5K
Cap Rate 9%
$601,600
$601.6K
Market Conditions
NOI Build-Up for 3,214 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
$81.0K $25.20/SF
− Vacancy
−$3.6K −$1.13/SF
EGI
$77.3K $24.07/SF
− OpEx
−$23.2K −$7.22/SF
NOI
$54.1K $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%
$1,082,880
Cap Rate 7%
$773,486
Cap Rate 9%
$601,600
Alternative Uses
Best Use
Multifamily LT 5
$773.5K
$676.8K – $902.4K
NOI $54,144 @ 7.0% cap · market cap 6.77%
Second Best
Apartment 5plus
$698.2K
$610.9K – $814.6K
NOI $48,873 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $133,187 @ 7.0% cap · market cap 16.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
2,233
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 - Vacant two-family residence with updated interiors, fenced yard, off-street parking, and full basement.
Where is this duplex located?
The property is located at 24 Mason St Salem, MA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Vacant two‑family home delivered completely vacant for immediate owner‑occupant, investor, or multigenerational use; Upper unit spans 2nd and 3rd floors with 5‑room sleeping arrangement, 2.5 baths, and flexible living space; First‑floor unit includes 4‑room sleeping arrangement with full bath, living room, and large eat‑in kitchen
