Two-Unit Duplex Rehabilitation
33 Walter St, Salem, MA 01970
For Sale
$399,900
Two distinct units require complete rehabilitation and are offered strictly as-is.
Property Size2,123 SF
Lot Size0.20 Acres
Price / SF$190.43
Days on Market54
Property Features for 33 Walter St
General Information
Standard status
Size
Lot size
Property subtype
Property Condition
Severity
Evidence
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Stories
Units
Listed By:
James Bourque
(978) 697-2179
Source:
Elliman
Added: Sep 18
Changed: Nov 4
Last Checked: Nov 10 at 8:26AM
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
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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 / Yr
$35,377
Cap Rate
8.85%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,400
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 - 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
