Updated Two-Unit Multifamily
For Sale
$759,000
3 Chase Street, Salem, MA 01970
Three-story residence offers two layouts, permitted electrical upgrades, vehicle parking, and unfinished expansion space.
Property Size3,378 SF
Price / SF$224.69
Days on Market78
Property Features for 3 Chase Street
General Information
Standard status
Active
Size
3,378 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
R3
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,224
Amenities
fireplace
Building Details
Building Size
3,378 SF
Year Built
1915
Buildings
1
Stories
3
Listing Agency:
JMJ Commercial Realty, Inc.
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 14
Changed: Aug 29
Last Checked: Aug 29 at 1:51PM
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 JMJ Commercial Realty, Inc.
Investment Insights
Based on property information with market context.
This 3,378-square-foot duplex is arranged across three stories and contains two residential units. The first-floor apartment includes a living room with fireplace, dining room, kitchen, two bedrooms, and one full bath, with room to create an additional bedroom. The second-floor unit provides three bedrooms, a kitchen, and one full bath, along with access to an unfinished third floor featuring high ceilings.
The property at 3 Chase Street in Salem is near downtown and includes parking for 3-4 vehicles. Both units have new electrical systems with completed permit inspections, supported by three separate electrical panels identified as new in 2026. The roof and siding were replaced approximately 11 years ago, while the boiler dates to 2015 and the hot water heater was installed in 2021. Zoning is R3.
The property at 3 Chase Street in Salem is near downtown and includes parking for 3-4 vehicles. Both units have new electrical systems with completed permit inspections, supported by three separate electrical panels identified as new in 2026. The roof and siding were replaced approximately 11 years ago, while the boiler dates to 2015 and the hot water heater was installed in 2021. Zoning is R3.
Key Highlights
- 3,378 SF duplex with two residential units across three stories
- First‑floor unit includes 2 bedrooms, 1 full bath, fireplace, dining room, and kitchen
- Second‑floor unit has 3 bedrooms, 1 full bath, kitchen, and third‑floor access
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
$56,906
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
7.50%
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%
$1,138,120
$1.1M
Cap Rate 7%
$812,943
$812.9K
Cap Rate 9%
$632,289
$632.3K
Market Conditions
NOI Build-Up for 3,378 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
$85.1K $25.20/SF
− Vacancy
−$3.8K −$1.13/SF
EGI
$81.3K $24.07/SF
− OpEx
−$24.4K −$7.22/SF
NOI
$56.9K $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%
$1,138,120
Cap Rate 7%
$812,943
Cap Rate 9%
$632,289
Alternative Uses
Best Use
Multifamily LT 5
$812.9K
$711.3K – $948.4K
NOI $56,906 @ 7.0% cap · market cap 7.50%
Second Best
Apartment 5plus
$733.8K
$642.1K – $856.1K
NOI $51,367 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$2.00M
$1.75M – $2.33M
NOI $139,983 @ 7.0% cap · market cap 18.44%
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
2,589
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
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Frequently Asked Questions
What type of property is this?
Duplex - Three-story residence offers two layouts, permitted electrical upgrades, vehicle parking, and unfinished expansion space.
Where is this duplex located?
The property is located at 3 Chase Street Salem, MA.
What is the asking price?
The asking price for this property is $759,000.
What are key features of this property?
This property features: 3,378 SF duplex with two residential units across three stories; First‑floor unit includes 2 bedrooms, 1 full bath, fireplace, dining room, and kitchen; Second‑floor unit has 3 bedrooms, 1 full bath, kitchen, and third‑floor access
