Historic Seven-Unit Residential
401 Essex Salem, MA 01970
401 Essex, Salem, MA, 01970
$2,500,000
For Sale
$2,500,000
Brick seven-family property built in 1815 with renovated interiors, off-street parking, and a detached carriage house at the rear.
Property Size4,997 SF
Price / SF$500.30
Days on Market37
Property Features for 401 Essex
General Information
- Standard status
- Active
- Size
- 4,997 SF
- Property subtype
- 5-9 Family
Building Details
- Year Built
- 1815
Listing agency
Little & Co., REALTORS
(978) 973-7277
Listed by
Francesca Little
(978) 973-7277
Source
Lockandkeyre
Added: Jun 15 Updated: Jul 20 at 4:44PM Checked: Jul 21 at 3:34AM
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.
Historic brick seven-family building built in 1815, prominently located within Salem’s McIntire District. The property’s unit mix includes three one-bedroom units, one two-bedroom unit, and two one-plus-bedroom units. Interiors feature period details such as antique fireplaces and hardwood flooring. The building has been renovated throughout with granite countertops, stainless steel appliances, new bathrooms, efficient Navien heating systems, and updated electrical service.
Off-street parking is available for up to six vehicles. A detached two-story carriage house at the rear of the property provides additional income.
All tenants pay for heat, hot water, and electric. The seller notes that a rent roll and expenses are available in the attached PDF.
Off-street parking is available for up to six vehicles. A detached two-story carriage house at the rear of the property provides additional income.
All tenants pay for heat, hot water, and electric. The seller notes that a rent roll and expenses are available in the attached PDF.
Key Highlights
- Historic brick seven‑family property built in 1815 in Salem’s McIntire District
- Unit mix: three 1‑bedroom units, one 2‑bedroom unit, and two 1‑plus‑bedroom units
- Renovated interiors with granite countertops, stainless steel appliances, new bathrooms, and updated electrical service
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 | $143.9k | $28.80 |
| − Vacancy | −$5.8k | −$1.15 |
| EGI | $138.2k | $27.65 |
| − OpEx | −$62.2k | −$12.44 |
| NOI | $76.0k | $15.21 |
4,997 SF · lease $28.80/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$949.8K – $1.27M
NOI $75,986 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.96M
$2.59M – $3.45M
NOI $207,074 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Brick seven-family property built in 1815 with renovated interiors, off-street parking, and a detached carriage house at the rear.
Where is this apartment building located?
The property is located at 401 Essex Salem, MA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Historic brick seven‑family property built in 1815 in Salem’s McIntire District; Unit mix: three 1‑bedroom units, one 2‑bedroom unit, and two 1‑plus‑bedroom units; Renovated interiors with granite countertops, stainless steel appliances, new bathrooms, and updated electrical service
