Renovated
New
For Sale
$995,000
39 Salem Street, Salem, MA 01970
Three updated apartments offer three-bedroom layouts, separate electric metering, and off-street parking.
Property Size3,391 SF
Lot Size0.07 Acres
Price / SF$293.42
Days on Market6
Property Features for 39 Salem Street
General Information
Standard status
Active
Size
3,391 SF
Total Parking Spaces
8
Lot size
0.07 Acres
Property subtype
Multi-family
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1915
Listing Agency:
Horvath & Tremblay
Listed By:
Stephen Girolamo
(617) 236-0711
Source:
Campionre
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 9:09AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This renovated triplex contains three apartments, each with three bedrooms and one bathroom. The property provides 3,391 square feet of gross living area within 5,521 square feet of gross area, on a 0.07-acre parcel. Eight off-street parking spaces are arranged in four tandem pairs. The building dates to 1915.
Located in Salem’s Point neighborhood, the property is within walking distance of the Salem Harbor Walk, Peabody Essex Museum, Salem Witch Museum, and Salem Common. Palmer Cove lies to the south, with downtown Salem and neighborhood retail corridors also identified as nearby destinations.
Electricity is separately metered, and tenants are responsible for electric baseboard heat and electrically powered hot water. The landlord provides city water and sewer.
Located in Salem’s Point neighborhood, the property is within walking distance of the Salem Harbor Walk, Peabody Essex Museum, Salem Witch Museum, and Salem Common. Palmer Cove lies to the south, with downtown Salem and neighborhood retail corridors also identified as nearby destinations.
Electricity is separately metered, and tenants are responsible for electric baseboard heat and electrically powered hot water. The landlord provides city water and sewer.
Key Highlights
- Three renovated 3‑bedroom/1‑bathroom apartments
- 3,391 square feet of gross living area; 5,521 square feet of gross area
- 0.07‑acre parcel with eight off‑street spaces in four tandem pairs
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
$57,125
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
5.74%
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%
$1,142,500
$1.1M
Cap Rate 7%
$816,071
$816.1K
Cap Rate 9%
$634,722
$634.7K
Market Conditions
NOI Build-Up for 3,391 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
$85.5K $25.20/SF
− Vacancy
−$3.8K −$1.13/SF
EGI
$81.6K $24.07/SF
− OpEx
−$24.5K −$7.22/SF
NOI
$57.1K $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%
$1,142,500
Cap Rate 7%
$816,071
Cap Rate 9%
$634,722
Alternative Uses
Best Use
Multifamily LT 5
$816.1K
$714.1K – $952.1K
NOI $57,125 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$736.6K
$644.6K – $859.4K
NOI $51,565 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$2.01M
$1.76M – $2.34M
NOI $140,522 @ 7.0% cap · market cap 14.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
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
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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?
Triplex - Three updated apartments offer three-bedroom layouts, separate electric metering, and off-street parking.
Where is this triplex located?
The property is located at 39 Salem Street Salem, MA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Three renovated 3‑bedroom/1‑bathroom apartments; 3,391 square feet of gross living area; 5,521 square feet of gross area; 0.07‑acre parcel with eight off‑street spaces in four tandem pairs
