Two-Family Duplex with Attic
For Sale
$649,000
61 Mason St, Salem, MA 01970
Additional attic area complements the property's existing residential units.
Property Size1,874 SF
Days on Market9
Property Features for 61 Mason St
General Information
Standard status
Active
Size
1,874 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,445
Building Details
Building Size
1,874 SF
Year Built
1850
Buildings
1
Listing Agency:
North Shore Realty Advisors
Listed By:
Alex Rice
(617) 548-7737
Source:
Donnellyandco
Added: Oct 7
Changed: Oct 13
Last Checked: Oct 12 at 11:00PM
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 North Shore Realty Advisors
Investment Insights
Based on property information with market context.
This 1,874-square-foot duplex in Salem dates to 1850 and contains two residential units, with additional space in the attic. The property is zoned NRCC. A five-unit development plan received approval previously; any future proposal would be subject to current approvals and buyer due diligence.
Downtown Salem, the commuter rail, waterfront, restaurants, shops, parks, and museums are within walking distance. The property is outside the busiest tourist areas.
Downtown Salem, the commuter rail, waterfront, restaurants, shops, parks, and museums are within walking distance. The property is outside the busiest tourist areas.
Key Highlights
- Two residential units in a 1,874‑square‑foot building
- Built in 1850
- Additional attic space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,570
Cap Rate
4.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$631,400
$631.4K
Cap Rate 7%
$451,000
$451.0K
Cap Rate 9%
$350,778
$350.8K
Market Conditions
NOI Build-Up for 1,874 SF
Gross rent
$47.2K $25.20/SF
− Vacancy
−$2.1K −$1.13/SF
EGI
$45.1K $24.07/SF
− OpEx
−$13.5K −$7.22/SF
NOI
$31.6K $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%
$631,400
Cap Rate 7%
$451,000
Cap Rate 9%
$350,778
Alternative Uses
Best Use
Multifamily LT 5
$451.0K
$394.6K – $526.2K
NOI $31,570 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$407.1K
$356.2K – $475.0K
NOI $28,497 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$1.11M
$970.7K – $1.29M
NOI $77,658 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,771
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Additional attic area complements the property's existing residential units.
Where is this duplex located?
The property is located at 61 Mason St Salem, MA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Two residential units in a 1,874‑square‑foot building; Built in 1850; Additional attic space
