Six-Unit Residential Income
395 Essex, Salem, MA 01970
For Sale
$1,995,000
Six residential units with separate gas and electric meters, including one two-bedroom and four one-bedroom layouts.
Property Size5,212 SF
Price / SF$382.77
Days on Market162
Property Features for 395 Essex
General Information
Standard status
Size
Property subtype
Additional Details
Multifamily Units
Building Details
Year Built
Construction
Listing Agency:
Little & Co.,REALTORS
Listed By:
Francesca Little · License MA #9564272
(978) 973-7277
Source:
Kelleyrege
Added: Jun 2
Changed: Nov 9
Last Checked: Nov 8 at 6:27AM
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 Little & Co.,REALTORS
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This six-family Georgian Colonial, built circa 1735, offers six separately metered residential units. The unit mix includes four one-bedroom apartments, one two-bedroom apartment, and one studio. Period details highlighted in the Essex Street-facing apartments include original King George flooring and five working fireplaces. Tenants are responsible for their own utilities, with each unit separately metered for gas and electric. Gas heating systems have all been recently updated, and many kitchens and baths have been updated as well.
The property is located in Salem’s McIntire District on Essex Street. Please see the attached PDF for a rent roll and expenses.
The property is located in Salem’s McIntire District on Essex Street. Please see the attached PDF for a rent roll and expenses.
Key Highlights
- Six‑family Georgian Colonial built circa 1735 in Salem’s McIntire District
- Unit mix includes four 1‑bedroom apartments, one 2‑bedroom apartment, and one studio
- Essex Street‑facing apartments feature original period details, including King George flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$79,256
Cap Rate
3.97%
Suggested Prices Based on Cap Rates
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
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 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 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.09M
$2.70M – $3.60M
NOI $215,984 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
6
Residential units
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
$497,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/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 - Six residential units with separate gas and electric meters, including one two-bedroom and four one-bedroom layouts.
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 $1,995,000.
What are key features of this property?
This property features: Six‑family Georgian Colonial built circa 1735 in Salem’s McIntire District; Unit mix includes four 1‑bedroom apartments, one 2‑bedroom apartment, and one studio; Essex Street‑facing apartments feature original period details, including King George flooring
