Two-Family Residential Income
7 May St Salem, MA 01970
7 May St, Salem, MA, 01970
$575,000
Pending
For Sale
$575,000
Pending
Freshly painted two-family home with six bedrooms, updated bathroom, and hardwood floors on a fenced shared yard.
Property Size2,052 SF
Days on Market13
Property Features for 7 May St
General Information
- Standard status
- Pending
- Size
- 2,052 SF
- Property subtype
- 2 Family - 2 Units Up/Down
Building Details
- Year Built
- 1920
Listing agency
Coldwell Banker Realty - Boston
(617) 320-5815
Listed by
Zahra Zoglauer
(617) 320-5815
Source
Iverty
Added: Jul 10 Updated: Jul 22 at 12:32AM Checked: Jul 22 at 5:01AM
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 Coldwell Banker Realty - Boston
Investment Insights
Based on property information with market context.
This spacious two-family, three-level residence is freshly painted and sun-filled, offering six bedrooms in total. The layout includes a large living room and an eat-in kitchen, with an updated bathroom. The home features hardwood floors throughout, new windows for natural light, and a new roof. Recent kitchen upgrades include a brand-new refrigerator, dishwasher, microwave, and oven. There is also a separate door to the third level and extra storage space.
Set on a corner lot on a one-way street, the property includes a beautiful fenced shared yard. The contractor-reported parking potential and nearby proximity to downtown, restaurants, coffee shops, and public transportation add to its flexibility.
The property is being sold as-is.
Set on a corner lot on a one-way street, the property includes a beautiful fenced shared yard. The contractor-reported parking potential and nearby proximity to downtown, restaurants, coffee shops, and public transportation add to its flexibility.
The property is being sold as-is.
Key Highlights
- Two‑family, three‑level home built in 1920 on a corner lot
- Six bedrooms total with hardwood floors throughout
- Updated bathroom and freshly painted interior
Local Financial Insights For Multifamily LT 5
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 | $51.7k | $25.20 |
| − Vacancy | −$2.3k | −$1.13 |
| EGI | $49.4k | $24.07 |
| − OpEx | −$14.8k | −$7.22 |
| NOI | $34.6k | $16.85 |
2,052 SF · lease $25.20/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$493.8K
$432.1K – $576.1K
NOI $34,568 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$445.8K
$390.1K – $520.1K
NOI $31,204 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$1.21M
$1.06M – $1.42M
NOI $85,034 @ 7.0% cap · market cap 14.79%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Freshly painted two-family home with six bedrooms, updated bathroom, and hardwood floors on a fenced shared yard.
Where is this duplex located?
The property is located at 7 May St Salem, MA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑family, three‑level home built in 1920 on a corner lot; Six bedrooms total with hardwood floors throughout; Updated bathroom and freshly painted interior
