Brought to you by: Beth & Mark Stakem - RE/MAX Leading Edge
248 Main Street
Reading, MA 01867

Phone: (781) 517-4211
Website: www.bethstakem.com
Email: bethstakem@gmail.com
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24 Park St
Salem, MA. 01970


MLS # 72314380 - Sold
Multi-Family 3 Family - 3 Units Up/Down    

List Price $549,000 Days on Market  
List Date   # Units 3
Sale Price $545,000 # Floors  
Sold Date 6/4/18 Rooms 12
Assessed Value $346,400 Bedrooms 5
Gross Living Area 2,580SF Full Baths 3
Lot Size 1,160SF Half Baths 1
Taxes $5,327.63 Fireplaces  
Tax Year 2018 Basement Yes
Zoning RES Waterfront No
Est. Street Front   Beach Nearby Yes
Year Built 1915 Parking Spaces 0
    Garage Spaces 0
Remarks:
Investors take note! Cash cow BRICK 3 unit building within walking distance to downtown and nearby Salem State! Current rents below market but still generating over $45k in gross rents and ~7% cap rate w/ minimal expenses and separately metered utilities! 1st floor is on lease at $1,250/mo; Room to raise rents instantly on 2nd ($1300) and 3rd floor ($1250) which are both TAW. Lots of potential to raise rents and generate 8%+ cap, LT potential of double digit cap rate in rapidly maturing location w/ stability of built-in market of Salem State! Major items have been taken care of- Brand new main sewer pipe, new furnace for second floor, newer bathrooms in all units, and durable rubber roof! Units are very well laid out two bedrooms with large eat in kitchens. 2nd and 3rd floor can easily be rented as 3 beds offering great potential to raise rents to $1800+. Do not miss this one of a kind value proposition. Significant opportunity to generate strong income and build wealth in real estate!
Features
Basement   Full, Interior
   Access
Construction   Brick
Exterior   Brick
Exterior Feat.   Porch
Foundation   Concrete
   Block
Hot Water   Natural Gas
Lead Paint   Unknown
Lot   Corner
Roof   Rubber
Sewer / Water   City/Town
   Sewer, City/Town Water
Units
Unit 1 Bedrooms: 2; Floor: 1; Full Baths: 1; Lease: Yes; Levels: 1; Rent: 1250; Rooms: 4
Unit 2 Bedrooms: 2; Floor: 2; Full Baths: 1; Lease: No; Levels: 1; Rent: 1300; Rooms: 4
Unit 3 Bedrooms: 2; Floor: 1; Full Baths: 1; Levels: 1; Rent: 1250; Rooms: 4
Financial Info
Gross Expenses   $3,068
Gross Oper. Income  
   $45,600
Insurance   $2,108
Net Oper. Income   $42,532 Water   $960
Additional Information
APOD Available?   Yes
Anticipated Sale Date  
   06/04/2018
Deed   Book: 33765, Page:
   421
Exclusions   Tenant
   belongings
Foreclosure   No
GLA Source   Public Record
Off Market Date   5/14/18
Seller Disclosure Doc   No
Short Sale   No
Year Built Desc.  
   Approximate
Year Built Source   Public
   Record

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Property Last Updated by Listing Office: 6/6/18 2:00am

Courtesy: MLSPIN

Contact agent for more information about this listing
Listing Office: Prime Property Group Listing Agent: Daniel Groob


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