Two-Family Historic
31 Williams Street, Salem, MA 01970
For Sale
$599,000
Pending
Cedar-shingle 2-family home with a private rooftop deck, located in a National Register historic district.
Property Size1,863 SF
Days on Market170
Property Features for 31 Williams Street
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
private rooftop deck
No
Wood, Hardwood
3.0
Insulated Windows
Gas Dryer Hookup, Washer Hookup
Partial, Dirt Floor, Unfinished Basement
2
1
2.50
3
City View(s), Yes
Frame
Shingle
Level
Deck - Roof
Waterfront, Harbor, Public
Building Details
Year Built
Construction
Tenancy
Listing Agency:
Central Square Realty Group
Listed By:
Stewart Woodward · License MA #9553048
(781) 647-1552
Source:
Compass
Added: May 28
Changed: Oct 31
Last Checked: Nov 12 at 9:42AM
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 Central Square Realty Group
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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 / Yr
$31,384
Cap Rate
5.24%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,539
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 Duplexes in Essex County, MA
Properties on Market for Duplexes in Essex County
Vacancy Rate% for Multifamily in Northeast region
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
