Historic Five-Residence Apartment
393 Essex St, Salem, MA 01970
For Sale
$1,875,000
Pending
Renovated in 2022, the property combines individually metered utilities with separate HVAC and hot-water systems.
Property Size5,345 SF
Days on Market52
Property Features for 393 Essex St
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Site & Location
Public Transit
Utilities to Site
Units
Unit Mix
Multifamily Units
Additional Details
Gross Income
Sprinkler System
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Year Renovated
Buildings
Stories
Units
Listing Agency:
Gibson Sotheby's International Realty
(978) 526-0243
Listed By:
Michael Selbst · License MA #9049869
(617) 504-9159
Source:
Clementsrealty
Added: Sep 22
Changed: Nov 12
Last Checked: Nov 12 at 7:57PM
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 Gibson Sotheby's International Realty
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Investment Insights
Based on property information with market context.
This 5,345-square-foot apartment building dates to 1775 and was renovated to the studs in 2022. The property contains five residences, including a substantial first-floor unit with two ensuite bedrooms, living and dining rooms, a cook’s kitchen, and access to a bluestone patio, lawn, and private parking. Four additional one-bedroom apartments occupy the upper levels. Historic interior features include a three-story Federal staircase, wainscoting, paneled walls, and original interior shutters.
Each residence has separately metered gas and electric service, along with its own HVAC and hot-water equipment. The building is fully sprinklered and fire monitored and carries B1 zoning. It is located in Salem’s McIntire Historic District, less than 30 seconds from Chestnut Street and near downtown restaurants, shops, and commuter rail.
Each residence has separately metered gas and electric service, along with its own HVAC and hot-water equipment. The building is fully sprinklered and fire monitored and carries B1 zoning. It is located in Salem’s McIntire Historic District, less than 30 seconds from Chestnut Street and near downtown restaurants, shops, and commuter rail.
Key Highlights
- Five residences, including one two‑bedroom first‑floor unit and four one‑bedroom apartments
- 5,345 square feet on a property dating to 1775
- Renovated to the studs in 2022
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$81,278
Cap Rate
4.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,625,560
$1.6M
Cap Rate 7%
$1,161,114
$1.2M
Cap Rate 9%
$903,089
$903.1K
Market Conditions
NOI Build-Up for 5,345 SF
Gross rent
$153.9K $28.80/SF
− Vacancy
−$6.2K −$1.15/SF
EGI
$147.8K $27.65/SF
− OpEx
−$66.5K −$12.44/SF
NOI
$81.3K $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 Rate 5%
$1,625,560
Cap Rate 7%
$1,161,114
Cap Rate 9%
$903,089
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.02M – $1.35M
NOI $81,278 @ 7.0% cap · market cap 4.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.16M
$2.77M – $3.69M
NOI $221,495 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
5
Residential units
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,184
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 Apartment buildings in Essex County, MA
Properties on Market for Apartment buildings in Essex County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated in 2022, the property combines individually metered utilities with separate HVAC and hot-water systems.
Where is this apartment building located?
The property is located at 393 Essex St Salem, MA.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: Five residences, including one two‑bedroom first‑floor unit and four one‑bedroom apartments; 5,345 square feet on a property dating to 1775; Renovated to the studs in 2022
