Nine-Unit Multifamily
246-258 Salem Street Lawrence, MA 01843
246-258 Salem Street, Lawrence, MA, 01843
$2,150,000
For Sale
$2,150,000
Mixed multifamily property with a 6-unit building, a 2-family, and a single-family home totaling 22 bedrooms and 10 baths.
Property Size10,057 SF
Price / SF$213.78
Days on Market65
Property Features for 246-258 Salem Street
General Information
- Standard status
- Active
- Size
- 10,057 SF
- Property subtype
- Multi-family / 5-9 Family
Building Details
- Year Built
- 1920
Listing agency
Realty ONE Group Nest
(978) 655-1385
Listed by
Jose Frias · License #9584350
(978) 655-1385
Source
Compass
Added: May 18 Updated: Jul 20 at 11:56PM Checked: Jul 21 at 6:08AM
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 nine-unit multifamily property includes a 6-unit building, a 2-family residence, and a detached single-family home. The overall unit mix totals 22 bedrooms and 10 bathrooms, including several spacious 3-bedroom apartments, multiple 2-bedroom units, and a well-maintained two-bedroom, two-bath single-family residence.
The public remarks indicate that most units have been tastefully renovated. Major capital improvements include updated heating systems throughout, with all replaced in 2019.
The property is located in South Lawrence near major routes, shopping, schools, and public transportation.
The public remarks indicate that most units have been tastefully renovated. Major capital improvements include updated heating systems throughout, with all replaced in 2019.
The property is located in South Lawrence near major routes, shopping, schools, and public transportation.
Key Highlights
- 9‑unit mixed multifamily property: 6‑unit building plus a 2‑family and a single‑family home.
- Total layout includes 22 bedrooms and 10 bathrooms across the 9 units.
- Major capital improvements: heating systems updated throughout, with replacements completed in 2019.
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 | $289.6k | $28.80 |
| − Vacancy | −$11.6k | −$1.15 |
| EGI | $278.1k | $27.65 |
| − OpEx | −$125.1k | −$12.44 |
| NOI | $152.9k | $15.21 |
10,057 SF · lease $28.80/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.91M – $2.55M
NOI $152,931 @ 7.0% cap · market cap 7.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.95M
$5.21M – $6.95M
NOI $416,760 @ 7.0% cap · market cap 19.38%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Mixed multifamily property with a 6-unit building, a 2-family, and a single-family home totaling 22 bedrooms and 10 baths.
Where is this apartment building located?
The property is located at 246-258 Salem Street Lawrence, MA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: 9‑unit mixed multifamily property: 6‑unit building plus a 2‑family and a single‑family home.; Total layout includes 22 bedrooms and 10 bathrooms across the 9 units.; Major capital improvements: heating systems updated throughout, with replacements completed in 2019.
