Listing Agency: Realty One Group Nest Show Phone

Listed By: Montero Realty Group Show Phone

Source: Exprealty

Added: Jun 18 Changed: Oct 11 Last Checked: Oct 15 at 12:39AM

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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.

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 / Yr

$54,144

Cap Rate

6.77%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $54,144 @ 7.0% cap · market cap 6.77%

Second Best

Apartment 5plus

$698.2K

$610.9K – $814.6K (±1% cap)

NOI $48,873 @ 7.0% cap · market cap 6.11%

Theoretical Best

Office A

$1.90M

$1.66M – $2.22M (±1% cap)

NOI $133,187 @ 7.0% cap · market cap 16.65%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Locksmith Computer & Electronic Repair Nursing Home Pet Grooming Service (Bike/Boat/Book/etc) Store Pet Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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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