1850 Duplex with Fenced
New
For Sale
$825,000
46 1/2 Essex St, Salem, MA 01970
Two residential units provide varied layouts, private outdoor space, and on-site parking in Salem.
Property Size1,920 SF
Price / SF$429.69
Days on Market6
Property Features for 46 1/2 Essex St
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Multi-Family
Zoning
R2
Net Operating Income
$36,000
Taxes and HOA fees
Annual Taxes
$8,226
Building Details
Building Size
1,920 SF
Year Built
1850
Stories
3
Listing Agency:
REMAX Andrew Realty Services
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 31 at 12:38PM
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 REMAX Andrew Realty Services
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.
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 = 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
$32,345
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
3.92%
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%
$646,900
$646.9K
Cap Rate 7%
$462,071
$462.1K
Cap Rate 9%
$359,389
$359.4K
Market Conditions
NOI Build-Up for 1,920 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
$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 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%
$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
NOI $32,345 @ 7.0% cap · market cap 3.92%
Second Best
Apartment 5plus
$417.1K
$365.0K – $486.6K
NOI $29,196 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$1.14M
$994.6K – $1.33M
NOI $79,564 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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 $825,000.
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
