58 Bridge St

4,501 Sq. Ft.
$214 / Sq. Ft.
4,501
Sq. Ft.
$214
per Sq. Ft.

Description

Investors: Rare opportunity to buy a Salem MA 6 Family located in the desirable Salem Neck neighborhood with easy access to public transportation, boating, public beaches, and downtown Salem and Beverly MA. Current Cap Rate is 7% at a $950,000 valuation. Heat, hot water and electric are separate for each of the units. Property is sold AS IS with tenants. All Tenants are TAW. Property is in need of updating. Projected Cap Rate after updating is 8.2% based on a valuation of $1,250,000. Reasonable projected...Investors: Rare opportunity to buy a Salem MA 6 Family located in the desirable Salem Neck neighborhood with easy access to public transportation, boating, public beaches, and downtown Salem and Beverly MA. Current Cap Rate is 7% at a $950,000 valuation. Heat, hot water and electric are separate for each of the units. Property is sold AS IS with tenants. All Tenants are TAW. Property is in need of updating. Projected Cap Rate after updating is 8.2% based on a valuation of $1,250,000. Reasonable projected rents were used. Note: There are 7 gas hot water boilers and 7 gas hot water tanks as the townhouse unit has two heating systems and 2 hot water tanks, one for each floor. This property is a Potential Condominium Conversion. Request our Investment Analysis of this Property. Offer Instructions: for Financed Offers, include a commercial loan pre-approval; for Cash Offers include proof of funds.
  1. Listed by Kathleen Sullivan • RE/MAX 360
  2. Listed by Terrence Sullivan • RE/MAX 360

Property Details for 58 Bridge Street

Town
Salem
MLS Area
Salem Neck
Area
MA-Salem-Salem Neck, MA-Salem
Garage Spaces
0
Open Parking Spaces
5.00
Parking Spaces Total
5
LISTING UPDATED: 08/04/2022 12:19 PM

Property Details for 58 Bridge Street

StatusSold
MLS #73001343
Days on Market21
Taxes$8,397 / year
HOA Fees-
Property TypeMulti Family
MLS TypeMulti-family / 5-9 Family
Year Built1870
CountyEssex County

Location

Listing Courtesy of RE/MAX 360, Kathleen Sullivan; RE/MAX 360, Terrence Sullivan

Sold By J. Barrett & Company, Maria Salzillo

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Building Information for 58 Bridge Street

Stories7Residences6Year Built1870Building Size-Lot Size0.12 AC / 5,114 SF

Payment Calculator

$5,559 per month

30 year fixed, 6.46% Interest

Principal and Interest

$4,859

Property Taxes

$700

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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Property Information for 58 Bridge Street

General Details
Property Details
  • Building Area Units: Square Feet
  • Community Features: Public Transportation, Shopping, Park, Golf Course, Medical Facility, Laundromat, Highway Access, House of Worship, Marina, Public School, T-Station, University
  • Current Financing: Cash
  • Living Area: 4501.0
  • Color: Blue
  • SqFt with Basement: No
  • Total Units: 6
  • Waterfront: No
  • Water View: No
  • Year Built Details: Actual
  • Year Built Source: Public Records
Features
Interior Features
  • Appliances: Unit 2(Range, Refrigerator), Unit 4(Range, Gas Water Heater, Utility Connections for Gas Range
  • Basement Features: Full
  • Num of Baths: 10.0
  • Num of Full Baths: 10
  • Num of Half Baths: 0
  • Bathrooms Total Decimal: 10.00
  • Bathrooms Total Integer: 10
  • FireplaceYN: No
  • Fireplaces: 0
  • Flooring: Wood, Vinyl
  • Interior Features: Unit 4 Rooms(Living Room, Kitchen)
  • Window Features: Insulated Windows
Exterior Features
  • Construction: Frame
  • Exterior Features: Porch
  • Lot Description: Corner Lot, Level
  • Patio And Porch Features: Porch
  • Roof Material: Shingle, Rubber
  • Waterfront Features: Beach Front, Harbor, 1/10 to 3/10 To Beach, Beach Ownership(Public)
Parking Features
  • Covered Spaces: .00
  • Garage: No
  • Garage Parking: Off-Street
  • Parking Features: Off-Street
  • Parking Features: Off-Street
Utilities
  • Electric: Circuit Breakers
  • Heating: Unit 1(Hot Water Baseboard, Gas), Unit 2(Hot Water Baseboard, Unit 3(Hot Water Baseboard, Unit 4(Hot Water Baseboard, Gas, Individual)
  • Heating: Yes
  • Sewer: City/Town Sewer
  • Utility Connections: for Gas Range
  • Water: Public
Property Information
Property Info
  • UFFI: Unknown
  • Year Round: Yes
  • Farm Land Area Units: Square Feet
  • Lot Size Units: Acres
  • Road Frontage Type: Public
  • Road Responsibility: Public Maintained Road
  • Road Surface Type: Paved
  • Disclosures: Legal 6 unit residential building per Salem MA Building Commissioner. Not in a Flood Zone per FEMA map. Third Floor electric is connected to the house meter and needs to be moved to the Townhouse electric panel. Insulation has been blown into exterior walls.
Tax Information
  • Tax ID: 2137296
  • Assessments: $633,700
  • Book: 9024
  • Tax Year: 2022
  • Zoning: R2
Building / Association Information
Living Characteristics
  • Beds Total: 9
  • Total Living Levels: 7
Other Building Characteristics
  • Foundation: Stone, Brick/Mortar
  • Cooling Units: 0
  • Cooling Zones: 0
  • Heat Units: 7
  • Heat Zones: 7
Income / Expenses
  • Annual Expenses Source: Owner
  • GOI: $96,600.00
  • GRE: $30,029
  • NOI: $66,571.00
  • Operating Expense: $30,029.00
Complex & Association Information
  • Adult Community: No
Unit Information
Unit 1 Description
  • Floor U1: 1
  • Lease U1: N
  • Levels U1: 1
Unit 2 Description
  • Floor U2: 1
  • Lease U2: N
  • Levels U2: 1
Unit 3 Description
  • Floor U3: 1
  • Lease U3: N
  • Levels U3: 1
Unit 4 Description
  • Floor U4: 2
  • Lease U4: N
  • Levels U4: 1
Rental Info
Rental Info
  • Total Actual Rent: $8,050.00
Market and Agent Information
Sale Info
  • Buyer Broker Comp: 2
  • Other Agent Compensation: 1

Property History for 58 Bridge Street

DateEvent & SourcePriceAppreciation
Aug 3, 2022

Sold

MLS PIN #73001343

$965,000—
Jun 30, 2022

Under Agreement

MLS PIN #73001343

—
Jun 30, 2022

Contingent

MLS PIN #73001343

—
Jun 21, 2022

Listed (Active)

MLS PIN #73001343

$950,000—
DateEvent & SourcePrice
08/03/2022

Sold

MLS PIN #73001343

$965,000
06/30/2022

Under Agreement

MLS PIN #73001343

—
06/30/2022

Contingent

MLS PIN #73001343

—
06/21/2022

Listed (Active)

MLS PIN #73001343

$950,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 58 Bridge Street

Taxable ValueLand$153,400Additions$709,100Total$862,500
Tax Record2025$9,781 ($815 / month)
Home Facts
Baths7Total Finished SqFt4,497 SqFtAbove Grade Finished SqFt4,497 SqFtUnfinished Basement SqFt1,917 SqFtStories3Lot Size5,114 SqFtStyleMulti-Family Res (5+ Units)Year Built1870ZoningR2CountyESSEXAPNSALE M:36 L:0169

Schools near 58 Bridge Street

This home is within Salem School District.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - PK to 5
Public - K to 5
Public - K to 5
Rating
School
Distance
Bates Elementary School
PublicPK to 5

Horace Mann Laboratory School
PublicPK to 5

Witchcraft Heights Elementary School
PublicK to 5

Carlton Elementary School
PublicK to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity. Subject to change at any time. Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties make no guarantee, warranty or representation regarding the accuracy of any waterfront feature, water view or waterfront view.

Listing Courtesy of RE/MAX 360, Kathleen Sullivan; RE/MAX 360, Terrence Sullivan

The property listing data and information, or the images, set forth herein were provided to MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS. The property listing data and information, and the images, 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., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the images, set forth herein.