Triplex with Two-Car
251 Jefferson Ave, Salem, MA 01970
For Sale
New
$995,000
Three separately serviced units will be delivered vacant, with outdoor areas and parking on an oversized corner parcel.
Property Size4,038 SF
Price / SF$246.41
Days on Market1
Property Features for 251 Jefferson Ave
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Property Condition
Severity
Evidence
Site & Location
Road Access
Utilities to Site
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
balconies
second-floor side deck
front porch
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Aluxety
Listed By:
Adeline Matton · License MA #9521498
(978) 884-5609
Source:
413realestate
Added: Nov 14
Last Checked: Nov 14 at 2:06PM
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 Aluxety
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Investment Insights
Based on property information with market context.
This 4,038-square-foot triplex, built in 1915, contains three units and will be delivered vacant. Separate electric panels, heating systems, and hot water serve the units, with an additional electrical panel for common areas. Heating systems include gas forced hot air, oil-fired hot water, and electric heat; one unit also has a gas fireplace. Balconies and a substantial second-floor side deck provide outdoor space. The property requires renovation and is being sold as is.
The oversized corner lot includes a yard and ample parking, with driveway access from the side street. A restored two-car garage has ladder access to its second floor. The rubber roof is approximately 15 years old, while the windows and mechanical systems are older. Hallways have hardwired smoke and carbon monoxide detectors. Zoning is B1.
The oversized corner lot includes a yard and ample parking, with driveway access from the side street. A restored two-car garage has ladder access to its second floor. The rubber roof is approximately 15 years old, while the windows and mechanical systems are older. Hallways have hardwired smoke and carbon monoxide detectors. Zoning is B1.
Key Highlights
- Three units; 4,038 square feet, built in 1915
- Separate electric panels, heating systems, and hot water for each unit
- Oversized corner lot with yard, ample parking, and side‑street driveway access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,025
Cap Rate
6.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,360,500
$1.4M
Cap Rate 7%
$971,786
$971.8K
Cap Rate 9%
$755,833
$755.8K
Market Conditions
NOI Build-Up for 4,038 SF
Gross rent
$101.8K $25.20/SF
− Vacancy
−$4.6K −$1.13/SF
EGI
$97.2K $24.07/SF
− OpEx
−$29.2K −$7.22/SF
NOI
$68.0K $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%
$1,360,500
Cap Rate 7%
$971,786
Cap Rate 9%
$755,833
Alternative Uses
Best Use
Multifamily LT 5
$971.8K
$850.3K – $1.13M
NOI $68,025 @ 7.0% cap · market cap 6.84%
Second Best
Apartment 5plus
$877.2K
$767.5K – $1.02M
NOI $61,403 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$2.39M
$2.09M – $2.79M
NOI $167,334 @ 7.0% cap · market cap 16.82%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
3
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,267
Businesses Nearby
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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
$497,500
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Essex County, MA
Properties on Market for Triplexes in Essex County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three separately serviced units will be delivered vacant, with outdoor areas and parking on an oversized corner parcel.
Where is this triplex located?
The property is located at 251 Jefferson Ave Salem, MA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Three units; 4,038 square feet, built in 1915; Separate electric panels, heating systems, and hot water for each unit; Oversized corner lot with yard, ample parking, and side‑street driveway access
