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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    301 Essex St Salem, MA 01970-3435

    • Retail space
    • 7,619 SF
    • 0.14 lot acres
    OFF-MARKET
    Last Sale
    May 21, 2021
    $950,000
    Value Estimations
    $1,040,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0590930
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • sell Used Furniture Boston, Consignment Store Boston, Thrift Store Boston / Furniture & Home Goods / Home Decor Store
    • Witch City Consignment / Discount Store / (Bike/Boat/Book/etc) Store
    • Jerry's Department Store / Discount Store / (Bike/Boat/Book/etc) Store

    Property Details for 301 Essex St

    Year built
    1900
    Construction
    STEEL FRAME
    Lot size
    0.14 lot acres
    Property size
    7,619 SF
    Zone code
    B5
    Property type
    Retail space
    APN
    SALE M:26 L:0458
    APU
    SALEM26L0458

    Description

    This exceptional investment opportunity presents a unique chance to acquire a thriving commercial/retail property in the heart of Salem, MA, situated at the high-traffic intersection of Route 114, Essex Street, North Street, and Summer Street. The existing single-story brick building offers approximately 10,000 square feet of ground-level commercial/retail space featuring a glass storefront and additional sub-grade space. This existing structure is complemented by a fully approved mixed-use development plan, adding significant value and potential for substantial returns. The approved expansion encompasses a total of 21 residential units, strategically designed to meet diverse needs. This includes ten townhouses each featuring private decks, four flats, and six luxurious penthouse townhouses boasting private roof decks. A proposed 12-car parking garage is included in the approved plans, addressing the parking needs of both residents and commercial tenants. The 6,500 square feet of ground-level commercial/retail space provides ample opportunity for a variety of businesses. All necessary municipal approvals are already in place, streamlining the development process. The project is ready for the next phase, requiring only the completion and acceptance of the construction documents (CD plans). This property sits on a 0.14-acre lot and is listed at $1,999,000. This is a turnkey opportunity for an investor or developer seeking a high-return, mixed-use project in a prime Salem location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,090,000
      ML approach
      $1,160,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,058,000
      Market price range: $1.05M - $2.51M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,695,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.8984
    Latitude
    42.5212
    CBSA code
    14460
    CBSA name
    BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $19,006
    $373,900
    $428,400
    $802,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      2,098 SF

      45 Brg St

      RETAIL STORES (PERSONAL SERVICES) • 2,098 SF
      45 Brg St, Salem, MA 01970-4133
      View Details
    • Value Estimation
      $1,990,000
      16,038 SF

      285 Derby St

      RETAIL STORES (PERSONAL SERVICES) • 16,038 SF
      285 Derby St, Salem, MA 01970-7511
      View Details
    • Value Estimation
      $1,465,000
      5,814 SF

      276 Highland Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,814 SF
      276 Highland Ave, Salem, MA 01970-1978
      View Details
    • Value Estimation
      $760,000
      5,846 SF

      95 Congress St

      RETAIL STORES (PERSONAL SERVICES) • 5,846 SF
      95 Congress St, Salem, MA 01970-5509
      View Details
    • Value Estimation by Request
      2,068 SF

      118 Derby St

      RETAIL STORES (PERSONAL SERVICES) • 2,068 SF
      118 Derby St, Salem, MA 01970-5646
      View Details
    • Value Estimation
      $1,465,000
      11,640 SF

      173 Essex St

      RETAIL STORES (PERSONAL SERVICES) • 11,640 SF
      173 Essex St, Salem, MA 01970-3726
      View Details

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    • Contact for pricing

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      Established Polish Deli For Sale

      Profitable Polish deli established in 2001, available for sale.
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      Downtown Salem Office Condo

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      Spacious Mixed-Use Property in Salem

      Large mixed-use property with development potential in downtown Salem.
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    Similar Nearby for Lease

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      Retail Space in Vinnin Square

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      Retail Space on Route 107

      Retail space available now at a busy intersection.
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      Fully furnished salon space with photography set available for rent.
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      Flex Space Near Downtown Salem

      Established flex space suitable for retail or office use.
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    • $13 SF/Yr
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      Retail Space Available For Lease

      Retail space available for lease, totaling 4,355 square feet.
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    • $18 SF/Yr
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      Salem Office/Retail Space Available

      Office and retail space available for lease in Salem.
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      View Details
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    301 Essex St
    Salem, MA 01970-3435
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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