Two-Unit Duplex Rehabilitation
For Sale
$399,900
Pending
33 Walter St, Salem, MA 01970
Two distinct units require complete rehabilitation and are offered strictly as-is.
Property Size2,123 SF
Lot Size0.20 Acres
Days on Market9
Property Features for 33 Walter St
General Information
Standard status
Pending
Size
2,123 SF
Lot size
0.20 Acres
Property subtype
Investment
Property Condition
Severity
Major Repairs Needed
Evidence
complete top-to-bottom rehabilitation
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,948
Building Details
Building Size
2,123 SF
Year Built
1800
Stories
2
Units
2
Listed By:
James Bourque
(978) 697-2179
Source:
Elliman
Added: Sep 18
Changed: Sep 23
Last Checked: Sep 24 at 11:05AM
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 James Bourque
Investment Insights
Based on property information with market context.
Located at 33 Walter Street in Salem, Massachusetts, this two-unit duplex dates to 1800 and contains more than 2,100 square feet of living space. The layout includes five bedrooms and two bathrooms across the separate units, with the property positioned on an 8,712-square-foot lot.
The home requires a complete rehabilitation and is being offered strictly as-is. The sale is cash-only. Walk Score is 83, Bike Score is 69, and Transit Score is 31, reflecting a walkable setting with bicycle access and some transit service.
The home requires a complete rehabilitation and is being offered strictly as-is. The sale is cash-only. Walk Score is 83, Bike Score is 69, and Transit Score is 31, reflecting a walkable setting with bicycle access and some transit service.
Key Highlights
- Two distinct residential units
- More than 2,100 square feet of living space
- Five bedrooms and two bathrooms
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
$35,377
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
8.85%
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%
$707,540
$707.5K
Cap Rate 7%
$505,386
$505.4K
Cap Rate 9%
$393,078
$393.1K
Market Conditions
NOI Build-Up for 2,100 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
$52.9K $25.20/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$50.5K $24.07/SF
− OpEx
−$15.2K −$7.22/SF
NOI
$35.4K $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%
$707,540
Cap Rate 7%
$505,386
Cap Rate 9%
$393,078
Alternative Uses
Best Use
Multifamily LT 5
$505.4K
$442.2K – $589.6K
NOI $35,377 @ 7.0% cap · market cap 8.85%
Second Best
Apartment 5plus
$456.2K
$399.2K – $532.2K
NOI $31,933 @ 7.0% cap · market cap 7.99%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $87,023 @ 7.0% cap · market cap 21.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,400
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
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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?
Duplex - Two distinct units require complete rehabilitation and are offered strictly as-is.
Where is this duplex located?
The property is located at 33 Walter St Salem, MA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two distinct residential units; More than 2,100 square feet of living space; Five bedrooms and two bathrooms
