Historic Six-Unit Multifamily
For Sale
$1,795,000
395 Essex, Salem, MA 01970
Six apartments in a circa-1735 Georgian Colonial include updated gas heating and multiple original fireplaces.
Property Size5,212 SF
Price / SF$344.40
Days on Market71
Property Features for 395 Essex
General Information
Standard status
Active
Size
5,212 SF
Total Parking Spaces
7
Property subtype
Multi-Family
Zoning
B1
Net Operating Income
$111,661
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$23,000
Building Details
Building Size
5,212 SF
Year Built
1735
Stories
3
Construction
Georgian Colonial
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty - Westford
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 15
Changed: Aug 23
Last Checked: Aug 18 at 6:42AM
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 Coldwell Banker Realty - Westford
Investment Insights
Based on property information with market context.
This circa-1735 Georgian Colonial multifamily property offers six residential units. The building includes four one-bedroom apartments, one two-bedroom apartment, and one studio. Essex Street-facing units feature original period details such as King George flooring and five working fireplaces. Each unit is separately metered for gas and electric, with tenants responsible for their own utilities. Recent improvements include updated gas heating systems, along with many updated kitchens and baths.
The property is located in Salem’s McIntire District, with apartments facing Essex Street. BikeScore is 45 (Somewhat Bikeable), WalkScore is 59 (Somewhat Walkable), and transitScore is 30 (Some Transit). A rent roll and expenses are available in the attached PDF.
The property is located in Salem’s McIntire District, with apartments facing Essex Street. BikeScore is 45 (Somewhat Bikeable), WalkScore is 59 (Somewhat Walkable), and transitScore is 30 (Some Transit). A rent roll and expenses are available in the attached PDF.
Key Highlights
- Six‑family Georgian Colonial built circa 1735 in Salem’s McIntire District
- Unit mix: four 1‑bedroom apartments, one 2‑bedroom apartment, and one studio
- Essex Street‑facing apartments feature original period details, including King George flooring and five working fireplaces
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
$79,256
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
4.42%
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%
$1,585,120
$1.6M
Cap Rate 7%
$1,132,229
$1.1M
Cap Rate 9%
$880,622
$880.6K
Market Conditions
NOI Build-Up for 5,212 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
$150.1K $28.80/SF
− Vacancy
−$6.0K −$1.15/SF
EGI
$144.1K $27.65/SF
− OpEx
−$64.8K −$12.44/SF
NOI
$79.3K $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 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%
$1,585,120
Cap Rate 7%
$1,132,229
Cap Rate 9%
$880,622
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$990.7K – $1.32M
NOI $79,256 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.09M
$2.70M – $3.60M
NOI $215,984 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,184
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six apartments in a circa-1735 Georgian Colonial include updated gas heating and multiple original fireplaces.
Where is this apartment building located?
The property is located at 395 Essex Salem, MA.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Six‑family Georgian Colonial built circa 1735 in Salem’s McIntire District; Unit mix: four 1‑bedroom apartments, one 2‑bedroom apartment, and one studio; Essex Street‑facing apartments feature original period details, including King George flooring and five working fireplaces
