Two-Family Residential Income
For Sale
$575,000
Pending
7 May St, Salem, MA 01970
Freshly painted two-family home with six bedrooms, updated bathroom, and hardwood floors on a fenced shared yard.
Property Size2,052 SF
Days on Market51
Property Features for 7 May St
General Information
Standard status
Pending
Size
2,052 SF
Property subtype
Multi-Family
Building Details
Year Built
1920
Listing Agency:
Wanda Mooney, Coldwell Banker Community Realtors
Listed By:
Chinatti Realty
(978) 320-3377
Source:
Chinattirealty
Added: Jul 20
Changed: Sep 7
Last Checked: Sep 1 at 5:31PM
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 Wanda Mooney, Coldwell Banker Community Realtors
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
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
$34,568
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
6.01%
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%
$691,360
$691.4K
Cap Rate 7%
$493,829
$493.8K
Cap Rate 9%
$384,089
$384.1K
Market Conditions
NOI Build-Up for 2,052 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
$51.7K $25.20/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$49.4K $24.07/SF
− OpEx
−$14.8K −$7.22/SF
NOI
$34.6K $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 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%
$691,360
Cap Rate 7%
$493,829
Cap Rate 9%
$384,089
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,551
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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
