Renovated Two-Family
For Sale
$919,900
Pending
6-8 Harmony St, Salem, MA 01970
Recently renovated two-family home with in-unit laundry and updated kitchens and baths across the first two floors.
Property Size3,162 SF
Days on Market93
Property Features for 6-8 Harmony St
General Information
Standard status
Pending
Size
3,162 SF
Property subtype
2 Family - 2 Units Up/Down
Building Details
Year Built
1910
Listing Agency:
Keller Williams Realty Evolution
(978) 927-8700
Listed By:
Jeffrey Carter · License #9060499
(978) 836-6562
Source:
Lockandkeyre
Added: Jun 8
Changed: Sep 8
Last Checked: Jul 16 at 6:31AM
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 Keller Williams Realty Evolution
Investment Insights
Based on property information with market context.
This recently renovated two-family residence is configured with separate living areas on the first and second floors, plus additional space on the third level. The first-floor unit features two bedrooms and one full bathroom, along with an updated kitchen and bath. The second-floor unit includes sun-filled living spaces, gleaming hardwood floors, a renovated kitchen and bathroom, and the convenience of an in-unit washer and dryer. The third floor provides additional unrenovated rooms that may allow for future expansion or customization, depending on how you intend to use the property.
Located at 6-8 Harmony Street in Salem, MA 01970, the home is positioned near major highways and public transportation. It is also described as being close to parks, shopping, and local amenities, supporting a practical day-to-day lifestyle for either owner-occupants or tenants.
For buyers seeking a manageable residential income or owner-occupant setup, the updated first- and second-floor units offer clear day-to-day livability, while the third floor adds flexibility for future planning. A contractor-forward approach is encouraged to evaluate the unrenovated third-floor rooms and determine the best path to finish or repurpose the additional space.
Located at 6-8 Harmony Street in Salem, MA 01970, the home is positioned near major highways and public transportation. It is also described as being close to parks, shopping, and local amenities, supporting a practical day-to-day lifestyle for either owner-occupants or tenants.
For buyers seeking a manageable residential income or owner-occupant setup, the updated first- and second-floor units offer clear day-to-day livability, while the third floor adds flexibility for future planning. A contractor-forward approach is encouraged to evaluate the unrenovated third-floor rooms and determine the best path to finish or repurpose the additional space.
Key Highlights
- Recently renovated two‑family home, built in 1910
- First‑floor unit: 2 bedrooms and 1 full bathroom with updated kitchen and bath
- Second‑floor unit: renovated kitchen and bathroom plus in‑unit washer and dryer
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
$53,268
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
5.79%
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%
$1,065,360
$1.1M
Cap Rate 7%
$760,971
$761.0K
Cap Rate 9%
$591,867
$591.9K
Market Conditions
NOI Build-Up for 3,162 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
$79.7K $25.20/SF
− Vacancy
−$3.6K −$1.13/SF
EGI
$76.1K $24.07/SF
− OpEx
−$22.8K −$7.22/SF
NOI
$53.3K $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%
$1,065,360
Cap Rate 7%
$760,971
Cap Rate 9%
$591,867
Alternative Uses
Best Use
Multifamily LT 5
$761.0K
$665.9K – $887.8K
NOI $53,268 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$686.9K
$601.0K – $801.4K
NOI $48,083 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$1.87M
$1.64M – $2.18M
NOI $131,032 @ 7.0% cap · market cap 14.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,637
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 - Recently renovated two-family home with in-unit laundry and updated kitchens and baths across the first two floors.
Where is this duplex located?
The property is located at 6-8 Harmony St Salem, MA.
What is the asking price?
The asking price for this property is $919,900.
What are key features of this property?
This property features: Recently renovated two‑family home, built in 1910; First‑floor unit: 2 bedrooms and 1 full bathroom with updated kitchen and bath; Second‑floor unit: renovated kitchen and bathroom plus in‑unit washer and dryer
