301 Essex St Salem, MA 01970-3435

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.