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Property profile & analytics
OFF-MARKET
Estimated value
$695,000
Commercial land
23 Congress St Salem, MA 01970-5125
Individually Owned
17-yr Hold
~
Est. High Equity
Property ID
US38-1338786
Property profile
Verified
Property type
Commercial land
Use group
VACANT COMMERCIAL LAND
Year built
1950
Construction
STEEL FRAME
Total area
3,830 SF
Lot
0.43 ac (18,875 SF)
Zoning code
B5
APN
SALE M:34 L:0447
UPID
US38-1338786
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Pickering Wharf Marina Marina
-
Rockett Management of Salem Property Management Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$804k
Blend (final)
Blend
$695k
Owner & transaction history
Sale Waterfront Hotel · 17 yrs held
Sale Waterfront Hotel
since 2009
7 recorded transactions
Zoning & alternative use
B5 · Salem, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.1M
+3.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Salem submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salem submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,060,000
Current use
OFFICE BUILDING
$1,100,000
Change: +4% · Conversion: Easy
AUTO REPAIR, GARAGE
$915,000
Change: -13% · Conversion: Difficult
RETAIL STORES
$850,000
Change: -20% · Conversion: Easy
Blend value · Realmo final
$695k
Range $626k – $765k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$181 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$12,046
Tax year 2024
Assessed value
$508,500
Assessed 2024
Previous assessed
$508,500
+0.0% YoY
Effective rate
2.37%
On assessed value
Assessed land
$508,500
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial land
Use group
VACANT COMMERCIAL LAND
Status
Off-Market
Year built
1950
Construction
STEEL FRAME
Heating
FORCED AIR
Stories
2
Bathrooms
2
Total area
3,830 SF
Lot
0.43 ac (18,875 SF)
Zoning code
B5
APN
SALE M:34 L:0447
UPID
US38-1338786
Jurisdiction
SALEM
Metro division
ESSEX COUNTY, MA METROPOLITAN DIVISION
Zoning & alternative use
B5 · Salem, MA
Zoning B5 · permitted uses
B5 · Salem, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salem. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.1M
OFFICE BUILDING
Est. value
$1.1M
AUTO REPAIR, GARAGE
Est. value
$915,000
RETAIL STORES
Est. value
$850,000
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1950
Construction
STEEL FRAME
Heating
FORCED AIR
Stories
2
Bathrooms
2
Lot
0.43 ac
Current owner
From public records · entity-resolved
Sale Waterfront Hotel
Individual
Mailing address
57 WHARF ST STE 2E, SALEM, MA 01970-5147
Ownership since
2009
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 26, 2024
—
Salem Waterfront Hotel &
—
Deed
related
$500,000 · Leader Bank NA
Mar 13, 2023
—
Salem Waterfront Hotel &
—
Deed
related
$1,300,000 · Leader Bank NA
Nov 8, 2019
—
Salem Waterfront Hotel
—
Deed
related
$24,120,866 · East Boston Savings Bank
Nov 21, 2013
—
Salem Waterfront Hotel
—
Deed Of Trust
related
$1 · East Boston Savings Bank
May 29, 2009
—
Salem Waterfront Hotel
—
Deed Of Trust
related
$1,600,000 · East Boston Savings Bank
May 26, 2009
$1
Sale Waterfront Hotel
Rockett,j Hilary Tr
Grant Deed
—
Dec 8, 2004
—
Congress Street RT
—
Deed Of Trust
related
$2,000,000 · Gary Needham
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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