Building Details

Building Size 3,342 SF

Year Built 1930

Stories 4

Listing Agency: Averbuch Realty Show Phone

Listed By: Alexander Barmin Show Phone

Source: Churchillprop

Added: Jun 26 Changed: Oct 6 Last Checked: Oct 16 at 7:29AM

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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.

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 / Yr

$56,300

Cap Rate

5.93%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,126,000 $1.1M

Cap Rate 7%

$804,286 $804.3K

Cap Rate 9%

$625,556 $625.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,342 SF

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 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 (±1% cap)

NOI $56,300 @ 7.0% cap · market cap 5.93%

Second Best

Apartment 5plus

$726.0K

$635.3K – $847.0K (±1% cap)

NOI $50,820 @ 7.0% cap · market cap 5.35%

Theoretical Best

Office A

$1.98M

$1.73M – $2.31M (±1% cap)

NOI $138,492 @ 7.0% cap · market cap 14.58%

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 Parking Lot & Garage Kitchen & Bath Showroom Electrical Service Bakery Hair Salon (Bike/Boat/Book/etc) 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

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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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