Two-Family Historic
For Sale
$599,000
Pending
31 Williams Street, Salem, MA 01970
Cedar-shingle 2-family home with a private rooftop deck, located in a National Register historic district.
Property Size1,863 SF
Days on Market104
Property Features for 31 Williams Street
General Information
Standard status
Pending
Size
1,863 SF
Property subtype
2 Family - 2 Units Up/Down
Additional Details
Multifamily Units
2
Amenities
private rooftop deck
Building Details
Year Built
1800
Construction
cedar shingle
Tenancy
Multi
Listing Agency:
Real Broker MA, LLC
(855) 450-0442
Listed By:
Stewart Woodward
(781) 647-1552
Source:
Lockandkeyre
Added: May 28
Changed: Sep 6
Last Checked: Sep 6 at 6:58AM
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 Real Broker MA, LLC
Investment Insights
Based on property information with market context.
This cedar-shingle 2-family residence offers two units and a private rooftop deck. The property needs repairs and updates, presenting an opportunity for a buyer to renovate and tailor the home to their needs.
Located in Salem’s historic Bridge Street Neck area within a National Register historic district, the home sits on a quiet, tree-shaded street. The public remarks note proximity to downtown and popular destinations including the commuter rail, Salem Common, the harbor, and local museums, with Essex Street dining, cafes, and boutiques nearby.
On-street permit parking only is noted in the remarks. Prospective buyers should contact the listing agent with questions regarding the property’s condition and updates needed.
Located in Salem’s historic Bridge Street Neck area within a National Register historic district, the home sits on a quiet, tree-shaded street. The public remarks note proximity to downtown and popular destinations including the commuter rail, Salem Common, the harbor, and local museums, with Essex Street dining, cafes, and boutiques nearby.
On-street permit parking only is noted in the remarks. Prospective buyers should contact the listing agent with questions regarding the property’s condition and updates needed.
Key Highlights
- Cedar‑shingle 2‑family home built in 1800 in Salem’s historic Bridge Street Neck neighborhood
- Located in a National Register historic district featuring Federal, Greek Revival, and Victorian homes nearby
- Includes two units plus a private rooftop deck with city views
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
$31,384
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
5.24%
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%
$627,680
$627.7K
Cap Rate 7%
$448,343
$448.3K
Cap Rate 9%
$348,711
$348.7K
Market Conditions
NOI Build-Up for 1,863 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
$46.9K $25.20/SF
− Vacancy
−$2.1K −$1.13/SF
EGI
$44.8K $24.07/SF
− OpEx
−$13.5K −$7.22/SF
NOI
$31.4K $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%
$627,680
Cap Rate 7%
$448,343
Cap Rate 9%
$348,711
Alternative Uses
Best Use
Multifamily LT 5
$448.3K
$392.3K – $523.1K
NOI $31,384 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$404.7K
$354.1K – $472.2K
NOI $28,330 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$1.10M
$965.0K – $1.29M
NOI $77,202 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,539
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 - Cedar-shingle 2-family home with a private rooftop deck, located in a National Register historic district.
Where is this duplex located?
The property is located at 31 Williams Street Salem, MA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Cedar‑shingle 2‑family home built in 1800 in Salem’s historic Bridge Street Neck neighborhood; Located in a National Register historic district featuring Federal, Greek Revival, and Victorian homes nearby; Includes two units plus a private rooftop deck with city views
