Brought to you by: Pam Cote & Associates - RE/MAX 360
100 Cummings Center
Beverly, MA 01915

(978) 808-9345   (978) 882-4491
Website: http://www.pamcote.com
Email: pam@pamcote.com


 
Contact Agent Request Showing
Prepared for : Jun-23-2021 12:37:21 am

8 - 8 1/2 Herbert Street
Salem, MA. 01970
MLS # 72840948
Multi-Family 5-9 Family Cream/red  
Status Under Agreement
County Essex
Directions Derby St To Herbert St Which Is One Way Off Of Derby St
List Price $1,650,000 Days on Market  
List Date   # Units 9
Sale Price   # Floors  
Sold Date   Rooms 13
Assessed Value $917,000 Bedrooms 10
Gross Living Area 5,265SF Full Baths  
Lot Size 2,657SF Half Baths  
Taxes $12,767.00 Fireplaces  
Tax Year 2021 Basement Yes
Zoning R2 Waterfront No
Est. Street Front   Beach Nearby Yes
Year Built 1900 Parking Spaces 0
    Garage Spaces 0
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Rare, 9 unit investment property for sale at a very attractive 7.1% Cap Rate. Located in the historic Derby Street area, minutes from Salem Common, Hawthorne Hotel, numerous shops and restaurants, Peabody Essex Museum, Salem Harbor, Salem Train Station and nearby beaches at Salem Willows Park, Collins Cove, Winter Island and Dead Horse Beach. The 9 units (8 one-bed and one lead compliant two-bed unit) are distributed across a 2 family and a 7 unit building. All leases are TAWs and many tenants have been there for several years. Pro-forma analysis and rent roll are available to qualified buyers. All offers must include pre-approval from lender and proof of funds. First showings to qualified buyers will be by appointment between 1 pm - 3 pm on Saturday June 5 and Sunday June 6. Face masks required.


Amenities : Public Transportation, Shopping, Park, Medical Facility, Laundromat, Highway Access, House of Worship, Marina, Private School, Public School, T-Station
Basement : Full, Interior Access
Beach : 1 to 2 Mile mi., Ocean (Public)
Construction : Frame, Brick
Electricity : Circuit Breakers, Common, Individually Metered
Energy : Insulated Windows
Exterior : Shingles, Brick
Exterior Feat. : Patio, Screens, Fenced Yard, Garden Area
Flooring : Wood, Tile
Foundation : Fieldstone, Granite
Hot Water : Natural Gas, Tank
Lead Paint : Certified Treated, Unknown
Lot : Fenced/Enclosed, Level
Parking : On Street Permit
Road : Public, Paved, Publicly Maint., Sidewalk
Roof : Asphalt/Fiberglass Shingles
Sewer / Water : City/Town Sewer, City/Town Water
Utility Connections : for Gas Range, for Electric Dryer, Washer Hookup
Warranty : No

Unit 1 : Bedrooms: 1; Cooling: None; Floor: 1; Full Baths: 1; Heating: Central Heat, Steam, Gas; Lease: No; Levels: 1; Rent: 1260; Rent Includes: Heat, Water, Hot Water; Rooms: 2
Unit 2 : Bedrooms: 1; Cooling: None; Floor: 1; Full Baths: 1; Heating: Central Heat, Steam, Gas; Lease: No; Levels: 1; Rent: 1200; Rent Includes: Heat, Water, Hot Water; Rooms: 2
Unit 3 : Bedrooms: 1; Cooling: None; Floor: 2; Full Baths: 1; Heating: Central Heat, Steam, Gas; Lease: No; Levels: 1; Rent: 1700; Rent Includes: Heat, Water, Hot Water; Rooms: 3; Rooms Desc.: Kitchen, Living RM/Dining RM Combo
Unit 4 : Bedrooms: 1; Cooling: None; Floor: 3; Full Baths: 1; Heating: Steam, Gas; Lease: No; Levels: 1; Rent: 1700; Rent Includes: Heat, Water, Hot Water; Rooms: 3; Rooms Desc.: Kitchen, Living RM/Dining RM Combo

Expenses Source : Owner Provided, Pro. Forma Available
Expenses Year End : 12/20
Gross Expenses : $33,277
Gross Oper. Income : $150,720
Net Oper. Income : $117,443

APOD Available? : Yes
Adult Community : No
Anticipated Sale Date : 08/05/2021
Deed : Book: 8976, Page: 367
Disclosures : 8 1/2 Herbert St Unit 2 certified lead compliant.
Foreclosure : No
GLA Source : Public Record
Off Market Date : 6/22/21
Seller Disclosure Doc : No
Short Sale : No
Year Built Desc. : Approximate, Renovated Since
Year Built Source : Public Record


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