Well-Maintained 6-Unit
For Sale
$1,550,000
33 Harbor Street, Salem, MA 01970
Six-unit multifamily property with a recently upgraded boiler and coin-operated common-area laundry.
Property Size6,345 SF
Days on Market49
Property Features for 33 Harbor Street
General Information
Standard status
Active
Size
6,345 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$9
Amenities
coin operated washer and dryer
Building Details
Building Size
6,345 SF
Year Built
1915
Listing Agency:
Boston Realty Advisors
Listed By:
Daniel Alper · License #CN254381
(617) 768-7333
Source:
Classifiedrealtygroup
Added: Jul 24
Changed: Sep 4
Last Checked: Sep 9 at 6:32AM
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 Boston Realty Advisors
Investment Insights
Based on property information with market context.
This for-sale multifamily property features 6 units and has been very well maintained. The offering also provides room for additional value through cosmetic improvements. The boiler system was recently upgraded, supporting continued building utility reliability.
Common areas include two washers and two dryers, and both laundry machines are coin operated. The property is located in a quiet residential neighborhood with easy access to local public transportation, and it is a short walk to Salem Harbor.
Overall, the building presents a strong baseline for income potential with meaningful recent mechanical updates and shared laundry amenities.
Common areas include two washers and two dryers, and both laundry machines are coin operated. The property is located in a quiet residential neighborhood with easy access to local public transportation, and it is a short walk to Salem Harbor.
Overall, the building presents a strong baseline for income potential with meaningful recent mechanical updates and shared laundry amenities.
Key Highlights
- 6‑unit multifamily property built in 1915
- Boiler system was recently upgraded
- Common areas include coin‑operated laundry with 2 washers and 2 dryers
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
$96,485
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
6.22%
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%
$1,929,700
$1.9M
Cap Rate 7%
$1,378,357
$1.4M
Cap Rate 9%
$1,072,056
$1.1M
Market Conditions
NOI Build-Up for 6,345 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
$182.7K $28.80/SF
− Vacancy
−$7.3K −$1.15/SF
EGI
$175.4K $27.65/SF
− OpEx
−$78.9K −$12.44/SF
NOI
$96.5K $15.21/SF
Area
Essex County, MA
Vacancy
4.00%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,929,700
Cap Rate 7%
$1,378,357
Cap Rate 9%
$1,072,056
Alternative Uses
Best Use
Apartment 5plus
$1.38M
$1.21M – $1.61M
NOI $96,485 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.76M
$3.29M – $4.38M
NOI $262,935 @ 7.0% cap · market cap 16.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,708
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily property with a recently upgraded boiler and coin-operated common-area laundry.
Where is this apartment building located?
The property is located at 33 Harbor Street Salem, MA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 6‑unit multifamily property built in 1915; Boiler system was recently upgraded; Common areas include coin‑operated laundry with 2 washers and 2 dryers
