1-7 Prince Street

Salem, MA 01970

$1,700,000
Price
16
Beds
8
Baths
6,656 Sq. Ft.
$255 / Sq. Ft.
6,656
Sq. Ft.
$255
per Sq. Ft.

Description

Investor's dream! Unlock immense potential with a total of eight 2-bedroom, 1-bath apartments in two separate 4 unit buildings situated on one parcel with 10 parking spaces in a paved lot. Separate electric. Rent includes heat/hot water. Currently, tenants are TAW, offering the chance to maximize returns as rents are currently well below market rates. Constructed in 1960, one building features an updated circuit breaker panel, recent roof replacement (2018) and updated kitchens, while the other one...Investor's dream! Unlock immense potential with a total of eight 2-bedroom, 1-bath apartments in two separate 4 unit buildings situated on one parcel with 10 parking spaces in a paved lot. Separate electric. Rent includes heat/hot water. Currently, tenants are TAW, offering the chance to maximize returns as rents are currently well below market rates. Constructed in 1960, one building features an updated circuit breaker panel, recent roof replacement (2018) and updated kitchens, while the other one has newer vinyl siding (2020) but needs fuse panel and roof replacement . Insulated replacement windows in both structures, enhancing energy efficiency. Don't miss out on this potentially lucrative investment opportunity! Group Showings to well-qualified buyers on Saturday, April 27th at 11AM BY APPOINTMENT ONLY!
  1. Listed by The Green Team • Armstrong Field Real Estate
  2. Listed by Jim Armstrong • Armstrong Field Real Estate

Property Details for 1-7 Prince Street

Town
Salem
Area
MA-Salem
Garage Spaces
0
Parking Spaces
10.00
Parking Spaces Total
10

Location

Listing Courtesy of Armstrong Field Real Estate, The Green Team; Armstrong Field Real Estate, Jim Armstrong
Add your commute
LISTING UPDATED: 04/29/2024 05:04 PM

Property Details for 1-7 Prince Street

StatusUnder Agreement
MLS #73228864
Days on Market4
Taxes$12,804 / year
HOA Fees-
Compass TypeMulti Family
MLS TypeMulti-family / 5-9 Family
Year Built1960
CountyEssex County

Location

Listing Courtesy of Armstrong Field Real Estate, The Green Team; Armstrong Field Real Estate, Jim Armstrong
Add your commute

Building Information for 1-7 Prince Street

Stories7Residences8Year Built1960Building Size-Lot Size0.22 AC / 9,740 SF

Payment Calculator

$10,345 per month

30 year fixed, 7.25% Interest

Principal and Interest

$9,278

Property Taxes

$1,067

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1-7 Prince Street

General Details
Property Details
  • Building Area Units: Square Feet
  • Community Features: Public Transportation, Shopping, Park
  • Living Area: 6656.0
  • SqFt with Basement: No
  • Total Units: 8
  • Waterfront: No
  • Year Built Details: Approximate
  • Year Built Source: Public Records
Features
Interior Features
  • Appliances: Range, Refrigerator
  • Basement Features: Full, Interior Access, Concrete Floor
  • Num of Baths: 8.0
  • Num of Full Baths: 8
  • Num of Half Baths: 0
  • Bathrooms Total Decimal: 8.00
  • Bathrooms Total Integer: 8
  • FireplaceYN: No
  • Fireplaces: 0
  • Flooring: Wood, Vinyl
  • Interior Features: Living Room, Kitchen
  • SpaYN: No
  • Window Features: Insulated Windows
Exterior Features
  • Construction: Frame
  • Lot Description: Corner Lot
  • Roof Material: Shingle
  • Waterfront Features: Beach Front, 1/2 to 1 Mile To Beach
Parking Features
  • Covered Spaces: .00
  • Garage: No
  • Garage Parking: Paved Drive, Off-Street, Assigned, Paved Driveway
  • Open Parking: Yes
  • Parking Features: Paved Drive, Off-Street, Assigned, Paved Driveway
  • Parking Features: Off-Street, Assigned, Paved Driveway
Utilities
  • Electric: Fuses, Circuit Breakers, Individually Metered
  • Heating: Baseboard, Oil
  • Heating: Yes
  • Sewer: City/Town Sewer
  • Water: Public
Property Information
Property Info
  • Farm Land Area Units: Square Feet
  • WARRANTY: No
  • Lot Size Units: Acres
  • Road Frontage Type: Public
Tax Information
  • Tax ID: M:34 L:0341,4078867
  • Assessments: $1,101,900
  • Book: 13651
  • Tax Year: 2024
  • Zoning: R3
Building / Association Information
Living Characteristics
  • Beds Total: 16
  • Total Living Levels: 7
Other Building Characteristics
  • Foundation: Concrete Perimeter
Income / Expenses
  • Electricity: $669.00
  • Annual Expenses Source: Estimated, Owner, Limited Information, Other (See Remarks)
  • GOI: $52,680.00
  • Insurance: $6,570.00
  • GRE: $56,111
  • HTE: $20,631
  • RFS: $998
  • RME: $6,358
  • NOI: $9,513.00
  • Operating Expense: $56,111.00
  • WSE: $7,941.00
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: 2
  • Lease U2: N
  • Levels U2: 1
Unit 3 Description
  • Floor U3: 1
  • Levels U3: 1
Unit 4 Description
  • Floor U4: 2
  • Levels U4: 1
Rental Info
Rental Info
  • Total Actual Rent: $3,770.00
Market and Agent Information
Sale Info
  • Buyer Broker Comp: 2.0
  • Other Agent Compensation: 2.0

Property History for 1-7 Prince Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Schools near 1-7 Prince Street

This home is within Salem School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - K to 5
Public - K to 5
Public - K to 8
Rating
School
Distance
Horace Mann Laboratory
PublicK to 5

Carlton Elementary School
PublicK to 5

Bates Elementary School
PublicK to 5

Saltonstall School
PublicK to 8

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 expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity. Subject to change at any time. Compass makes no guarantee, warranty or representation regarding the accuracy of any waterfront feature, water view or waterfront view.

Listing Courtesy of Armstrong Field Real Estate, The Green Team; Armstrong Field Real Estate, Jim Armstrong

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.