Beds22
Baths10
Sq.Ft.11,768
Year1915
Five Market Realty Group LLC
(978) 539-7335
Status:
Sold
Property Type:5-9 Family
MLS #:73164474
Sq. Feet:11,768
Date Sold:11/14/2023
Lot Size:0.14 Acres
County:Essex
Rare investment opportunity in Salem. This oversized ten (10) unit 4-story red brick building boasts an ideal unit-mix of four (4) one-bedroom, six (6) three-bedrooms with nine (9) surface parking spots and is a total of 14,872 SF. All units feature open floor plans with lots of natural light, Salem Harbor views, large rooms, and laundry facilities on site. Tenants are responsible for separately metered utilities such as heat, hot water, and electric. Located within walking distance to Derby Street and Downtown Salem, the Palmer Street location presents a great opportunity for tenants who work downtown and is only .8 miles from Salem Depot Commuter Rail Station for a 20-minute ride to Boston. 68-72 Palmer Street allows investors an opportunity to acquire a rare oversized 10-unit value-add brick building with 22 bedrooms within a supply-constrained urban dense area in one of the strongest transit-oriented North Shore communities.
Detailed Maps
Price Change History
| Date | Old Price | New Price | Percent Change |
| 11/14/2023 | $2,050,000 | $2,175,000 | 6.1% |
Community Information
Address:68-72 Palmer, Salem, MA 01970
County:Essex
City:Salem
Zip Code:01970
Architecture
Bedrooms:
22
Bathrooms:
10
Year Built:1915
Stories:6
Building Area: 11768
Foundation: Stone
Basement: Partial, Dirt Floor, Unfinished
Parking Features: Off Street
Parking Total: 9
Features / Amenities
Appliances: Utility Connections for Gas Range, Utility Connections for Electric Range
Flooring: Vinyl, Carpet
Total Rooms:42
Property Features
Lot Size:
0.14 Acres
Lot Features: Corner Lot
Water View: Harbor
Utilities: for Gas Range, for Electric Range
Sewer: Public Sewer
Water: Public
Road Frontage: Public
Zoning:R3
Directions:Lafayette Street, right on Leavitt Street, left on Perkins Street, on corner Perkins/Palmer
Tax and Financial Info
Tax Year: 2023
Tax Annual Amount: $20,798
Current Financing: Cash
Gross Income: $201,900
Gross Scheduled Income: $260
Net Operating Income: $131,780
Electric Expense: $745
Insurance Expense: $13,000
Water/Sewer Expense: $11,856
Operating Expense: $64,644
Total Actual Rent: $16,825
Disclosures: 7 of the 10 apartments include a $100/month increase in rent as of 11/1/23. 3 units are on leases. Insurance includes premium + flood. All lead compliance letters. Buyer to perform their own due diligence. NOI listed on MLS i
Listing Agent/Office
Listing provided courtesy of Dan Pouladian, North Shore Realty Advisors.
Schools
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Listing Information Last Updated 11/29/2023
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
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