Two-Unit Duplex with
For Sale
$950,000
249 Loring Ave, Salem, MA 01970
Two-level residences offer hardwood flooring, private utilities, updated heating systems, and dedicated parking with garage space.
Property Size3,342 SF
Price / SF$284.26
Days on Market68
Property Features for 249 Loring Ave
General Information
Standard status
Active
Size
3,342 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Zoning
R1
Units
Unit Mix
2 x 3BR/3BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,188
Building Details
Building Size
3,342 SF
Year Built
1930
Stories
4
Listing Agency:
REMAX Executive Realty
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 26
Changed: Aug 31
Last Checked: Aug 31 at 2:26PM
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 REMAX Executive Realty
Investment Insights
Based on property information with market context.
This 3,342-square-foot duplex, built in 1930, contains two two-level apartments. Each residence provides three bedrooms, a living room, dining room, office, kitchen, three full bathrooms, and hallway space. Hardwood flooring runs through both apartments. The property has received interior and exterior painting, along with two new independent gas heating systems. All utilities are separately metered, supporting distinct operation for each residence.
Parking includes space for five cars and two garages. The property is located near the Swampscott line and Salem State University, with R1 zoning. Its two-apartment configuration and substantial floor plans support residential occupancy in a multifamily setting.
Parking includes space for five cars and two garages. The property is located near the Swampscott line and Salem State University, with R1 zoning. Its two-apartment configuration and substantial floor plans support residential occupancy in a multifamily setting.
Key Highlights
- Two apartments, each with three bedrooms and three full bathrooms
- 3,342 SF duplex built in 1930
- Two‑level floor plans include living, dining, office, and kitchen areas
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
$56,300
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
5.93%
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%
$1,126,000
$1.1M
Cap Rate 7%
$804,286
$804.3K
Cap Rate 9%
$625,556
$625.6K
Market Conditions
NOI Build-Up for 3,342 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
$84.2K $25.20/SF
− Vacancy
−$3.8K −$1.13/SF
EGI
$80.4K $24.07/SF
− OpEx
−$24.1K −$7.22/SF
NOI
$56.3K $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%
$1,126,000
Cap Rate 7%
$804,286
Cap Rate 9%
$625,556
Alternative Uses
Best Use
Multifamily LT 5
$804.3K
$703.8K – $938.3K
NOI $56,300 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$726.0K
$635.3K – $847.0K
NOI $50,820 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,492 @ 7.0% cap · market cap 14.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
280
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-level residences offer hardwood flooring, private utilities, updated heating systems, and dedicated parking with garage space.
Where is this duplex located?
The property is located at 249 Loring Ave Salem, MA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two apartments, each with three bedrooms and three full bathrooms; 3,342 SF duplex built in 1930; Two‑level floor plans include living, dining, office, and kitchen areas
