Six-Unit Residential Income
395 Essex Salem, MA 01970
395 Essex, Salem, MA, 01970
$1,995,000
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 Market46
Property Features for 395 Essex
General Information
- Standard status
- Active
- Size
- 5,212 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1735
Listing agency
Little & Co.,REALTORS
(978) 973-7277
Listed by
Francesca Little
Source
Stevebremis
Added: Jun 7 Updated: Jul 22 at 5:42AM Checked: Jul 22 at 5:42AM
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 Little & Co.,REALTORS
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $150.1k | $28.80 |
| − Vacancy | −$6.0k | −$1.15 |
| EGI | $144.1k | $27.65 |
| − OpEx | −$64.8k | −$12.44 |
| NOI | $79.3k | $15.21 |
5,212 SF · lease $28.80/SF/yr · vacancy 4.00% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
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
