2 Essex Street

Salem, MA 01970

$1,400,000
Last Sold Price
5
Beds
5
Baths
1
1/2 Bath
5,608 Sq. Ft.
$250 / Sq. Ft.
5,608
Sq. Ft.
$250
per Sq. Ft.

Description

Here is a rare investment opportunity located in the historic Salem Commons District. 2 Essex Street (“The Property”) is a highly sought after location within walking distance to Collins Cove, Salem Commons, Pickering Wharf, and the Salem Depot. This 4-story mixed-use property consists of (1) one commercial unit and (5) five recently renovated, residential units. The Property boasts 5,608 rentable square footage and 7,844 total square footage. All the apartments are oversized 1-bedroom units with...Here is a rare investment opportunity located in the historic Salem Commons District. 2 Essex Street (“The Property”) is a highly sought after location within walking distance to Collins Cove, Salem Commons, Pickering Wharf, and the Salem Depot. This 4-story mixed-use property consists of (1) one commercial unit and (5) five recently renovated, residential units. The Property boasts 5,608 rentable square footage and 7,844 total square footage. All the apartments are oversized 1-bedroom units with updated kitchens, bathrooms, flooring, plumbing and electrical. 2 Essex Street offers investors an ideal blue-chip holding to add to their portfolio with a prime location and low vacancy rates with easy access to RT114, RT1A with access to RT128. Tenants are responsible for their own separately metered electric heat. The opportunity to increase rents to market exists with minimal capital.
  1. Listed by Dan Pouladian • North Shore Realty Advisors
  2. Listed by Sara Pouladian • North Shore Realty Advisors

Property Details for 2 Essex Street

Town
Salem
Area
MA-Salem
Garage Spaces
0
Parking Spaces
1.00
Parking Spaces Total
1

Location

Listing Courtesy of North Shore Realty Advisors, Dan Pouladian; North Shore Realty Advisors, Sara Pouladian

Sold By North Shore Realty Advisors, Dan Pouladian

Add your commute
LISTING UPDATED: 09/08/2023 07:30 PM

Property Details for 2 Essex Street

StatusSold
MLS #73124028
Days on Market8
Taxes$10,422 / year
HOA Fees-
Compass TypeMulti Family
MLS TypeMulti-family / 5-9 Family
Year Built1860
CountyEssex County

Location

Listing Courtesy of North Shore Realty Advisors, Dan Pouladian; North Shore Realty Advisors, Sara Pouladian

Sold By North Shore Realty Advisors, Dan Pouladian

Add your commute

Building Information for 2 Essex Street

Stories16Residences6Year Built1860Building Size-Lot Size0.06 AC / 2,692 SF

Payment Calculator

$8,509 per month

30 year fixed, 7.25% Interest

Principal and Interest

$7,640

Property Taxes

$869

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 2 Essex Street

General Details
Property Details
  • Building Area Units: Square Feet
  • Community Features: Public Transportation, Shopping, Park, Walk/Jog Trails, Laundromat, Bike Path, House of Worship, Marina, Public School, T-Station
  • Current Financing: Conv. Fixed
  • Living Area: 5608.0
  • Color: gray
  • SqFt with Basement: No
  • Total Units: 6
  • Waterfront: Yes
  • Water View: Yes
  • Year Built Details: Unknown/Mixed
  • Year Built Source: Public Records
Features
Interior Features
  • Basement Features: Full, Unfinished Basement
  • Num of Baths: 6.0
  • Num of Full Baths: 5
  • Num of Half Baths: 1
  • Bathrooms Total Decimal: 5.50
  • Bathrooms Total Integer: 6
  • FireplaceYN: No
  • Fireplaces: 0
  • Flooring: Hardwood, Vinyl / VCT
  • SpaYN: No
Exterior Features
  • Construction: Frame
  • Lot Description: Corner Lot
  • Roof Material: Shingle
  • Waterfront Features: Waterfront, Beach Front, Ocean, Bay, 0 to 1/10 Mile To Beach, Beach Ownership(Public)
  • Waterview Features: Bay, Ocean
Parking Features
  • Covered Spaces: .00
  • Garage: No
  • Garage Parking: Off-Street, Other
  • Parking Features: Off-Street, Other
  • Parking Features: Off-Street
Utilities
  • Electric: 220 Volts
  • 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
  • Disclosures: 2 units are on one gas meter (LL pays for Hot water for these two)
Tax Information
  • Tax ID: M:41 L:0217,2138006
  • Assessments: $833,100
  • Book: 41161
  • Tax Year: 2023
  • Zoning: 0
Building / Association Information
Living Characteristics
  • Beds Total: 5
  • Total Living Levels: 16
Other Building Characteristics
  • Foundation: Stone
  • Foundation Area: 1480.0
  • Cooling Units: 0
  • Cooling Zones: 0
  • Heat Units: 1
Income / Expenses
  • Electricity: $600.00
  • Annual Expenses Source: Owner
  • GOI: $121,200.00
  • Gross Scheduled Income: $1,200.00
  • Insurance: $6,500.00
  • GRE: $26,932
  • MGF: $3,492
  • RFS: $1,440
  • NOI: $91,932.00
  • Operating Expense: $26,932.00
  • WSE: $1,600.00
Complex & Association Information
  • Adult Community: No
Unit Information
Unit 1 Description
  • Floor U1: 2
  • Lease U1: Y
  • Levels U1: 1
Unit 2 Description
  • Floor U2: 3
  • Lease U2: Y
  • Levels U2: 1
Unit 3 Description
  • Floor U3: 3
  • Lease U3: Y
  • Levels U3: 1
Unit 4 Description
  • Floor U4: 4
  • Lease U4: Y
  • Levels U4: 1
Rental Info
Rental Info
  • Total Actual Rent: $10,100.00
Market and Agent Information
Sale Info
  • Buyer Broker Comp: 1
  • Other Agent Compensation: 1

Property History for 2 Essex Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 2 Essex Street

Taxable ValueLand$166,800Additions$827,200Total$994,000
Home Facts
Baths5.5Total Finished SqFt5,608 SqFtAbove Grade Finished SqFt5,608 SqFtUnfinished Basement SqFt1,480 SqFtStories4Lot Size2,692 SqFtStyleOffice BuildingYear Built1860CountyESSEXAPNSALE M:41 L:0217

Schools near 2 Essex 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 5
Rating
School
Distance
Bates Elementary School
PublicK to 5

Horace Mann Laboratory
PublicK 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 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 North Shore Realty Advisors, Dan Pouladian; North Shore Realty Advisors, Sara Pouladian

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.