Building Details

Building Size 1,920 SF

Year Built 1850

Stories 3

Listing Agency: eXp Realty LLC Show Phone

Listed By: Donald Hardy Show Phone

Source: Churchillprop

Added: Aug 26 Changed: Oct 6 Last Checked: Oct 16 at 6:11AM

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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 eXp Realty LLC

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Investment Insights

Based on property information with market context.

Built in 1850, this R2-zoned duplex contains 1,920 square feet across two residential units. The first-floor unit includes two bedrooms, a living room with a working fireplace, and an updated kitchen and bathroom. The second unit offers three bedrooms, a large living and dining area, and an eat-in kitchen. A fenced yard provides outdoor space, while four parking spots serve the property.

The home is positioned at the rear of 46 1/2 Essex St, reached by driveway from the street to the rear parking area. The property offers access to Salem Commons, Downtown Salem, Collins Cove, and the Willows. Unit 1 will be delivered vacant, while Unit 2 is leased through 6/30/27.

Key Highlights

• 1,920‑square‑foot duplex built in 1850
• Two‑bedroom first‑floor unit with working fireplace
• Three‑bedroom second unit with large living and dining area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$32,345

Cap Rate

4.05%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$646,900 $646.9K

Cap Rate 7%

$462,071 $462.1K

Cap Rate 9%

$359,389 $359.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,920 SF

Gross rent

$48.4K $25.20/SF

− Vacancy

−$2.2K −$1.13/SF

EGI

$46.2K $24.07/SF

− OpEx

−$13.9K −$7.22/SF

NOI

$32.3K $16.85/SF

Area

Essex County, MA

Vacancy

4.50%

Lease Rate

$25.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$646,900

Cap Rate 7%

$462,071

Cap Rate 9%

$359,389

Alternative Uses

Best Use

Multifamily LT 5

$462.1K

$404.3K – $539.1K (±1% cap)

NOI $32,345 @ 7.0% cap · market cap 4.05%

Second Best

Apartment 5plus

$417.1K

$365.0K – $486.6K (±1% cap)

NOI $29,196 @ 7.0% cap · market cap 3.65%

Theoretical Best

Office A

$1.14M

$994.6K – $1.33M (±1% cap)

NOI $79,564 @ 7.0% cap · market cap 9.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Computer & Electronic Repair Locksmith Carpet & Flooring Store Butcher Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,211

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two residential units provide varied layouts, private outdoor space, and on-site parking in Salem.

Where is this duplex located?

The property is located at 46 1/2 Essex St Salem, MA.

What is the asking price?

The asking price for this property is $799,000.

What are key features of this property?

This property features: 1,920‑square‑foot duplex built in 1850; Two‑bedroom first‑floor unit with working fireplace; Three‑bedroom second unit with large living and dining area