NOT LISTED FOR SALE

40-42 School St Salem, MA 01970

North Salem Neighborhood
6 Beds
2 Baths
2,472 Sq Ft
3,690 Sq Ft Lot

Last Sold August 03, 2022

Last sale price $550,000 $222 Per Sq Ft

39 Days on Market

Highlights

  • 4 Fireplaces
  • Patio
  • 1-minute walk to Patten Park
  • Corner Lot
  • Laundry Room

About This Home

As of August 2022

OPEN 6/11 from 11:30 a.m. to 1:00 p.m.. VACANT two family in desirable North Salem neighborhood with great income potential. Located on a quiet neighborhood on the corner of School Street and School Street Ct., close to commuter rail and downtown Salem. Perfect to maintain as rental or Condo conversion. First floor Unit has been completely updated (except appliances, fixtures and other minor finishing touches) with kitchen tile, preserved wide plank hardwood, new cabinets and stone counters. Second floor Unit is in need of complete update. Very spacious with potential to add 400-500 sq. ft of attic to 2nd floor unit. Both Units have 3 bedrooms with potential for more. Bring your ideas or the owner is happy to provide his. Updated electric panels (3) and heating system/water tanks. Potential for 4 or more parking spaces, with patio in backyard.

Last Agent to Sell the Property

Gino Ricciardelli

Foremost Realty Listed on: 06/05/2022

Last Buyer's Agent

Gino Ricciardelli

Foremost Realty Listed on: 06/05/2022

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $5,891

Year Built

  • Built in 1880

Lot Details

  • 3,690 Sq Ft Lot
  • Corner Lot

Home Design

  • Concrete Perimeter Foundation

Interior Spaces

  • 2,472 Sq Ft Home
  • Property has 1 Level
  • 4 Fireplaces
  • Basement Fills Entire Space Under The House
  • Laundry Room

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 2 Full Bathrooms

Parking

  • 4 Car Parking Spaces
  • Off-Street Parking

Outdoor Features

  • Patio

Utilities

  • 2 Heating Zones
  • Gas Water Heater

Community Details

  • 2 Units
  • Net Operating Income $62,400

Listing and Financial Details

  • Total Actual Rent $5,200
  • Tax Lot 008
  • Assessor Parcel Number M:27 L:0008,2132943

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$5,891

Year Built

Built in 1880

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: Multi Family
  • Year Built: 1880
  • Buyer Agency Type: %
  • Transaction Broker Type: %
  • Year Built Details: Unknown/Mixed
  • SUB AGENCY OFFERED: No
  • Year Round: Yes
  • Compensation Based On: Net Sale Price
  • APOD AVAILABLE: No
  • ResoPropertyType: ResidentialIncome
  • Special Features: None
  • Stories: 3

Interior Features

  • Interior Amenities: Unit 1 Rooms(Living Room,Kitchen), Unit 2 Rooms(Living Room,Kitchen)
  • Fireplace YN: Yes
  • Fireplaces: 4
  • Appliances: Gas Water Heater,Electric Water Heater
  • Total Bedrooms: 6
  • Full Bathrooms: 2
  • Total Bathrooms: 2
  • Laundry Features: Unit 1 Laundry Room, Unit 2 Laundry Room
  • Basement: Full
  • Living Area: 2472
  • Stories Total: 3
  • MAIN LO: AN4719
  • MAIN SO: AN4719

Exterior Features

  • Foundation Details: Concrete Perimeter
  • Patio And Porch Features: Patio
  • Road Frontage Type: Public
  • Waterfront YN: No

Garage/Parking

  • Garage YN: No
  • Parking Features: Off Street
  • Total Parking Spaces: 4

Utilities

  • Sewer: Public Sewer
  • Electric: Circuit Breakers
  • Water Source: Public
  • HEAT UNITS: 2
  • HEAT ZONES: 2

Condo/Co-op/Association

  • Senior Community YN: No

Lot Info

  • Parcel Number: M:27 L:0008,2132943
  • Zoning: R2
  • Farm Land Area Units: Square Feet
  • Lot Features: Corner Lot
  • Lot Size Acres: 0.08
  • Lot Size Sq Ft: 3690
  • Lot Size Units: Acres

Tax Info

  • Tax Year: 2022
  • Tax Annual Amount: 5891
  • Tax Lot: 008

Multi Family

  • Net Operating Income: 62400
  • Number Of Units Total: 2
  • Total Actual Rent: 5200
  • LEVELS 1: 1
  • Basement Included Sq Ft: No
  • LEASE 2: N
  • LEASE 1: N

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
08/03/2022 08/03/22 Sold $550,000 -8.3% $222 / Sq Ft
07/15/2022 07/15/22 Pending -- -- --
06/21/2022 06/21/22 Price Changed $599,990 -6.2% $243 / Sq Ft
06/05/2022 06/05/22 For Sale $639,900 -- $259 / Sq Ft
Source: MLS Property Information Network (MLS PIN)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • G

    Seller's Agent in 2022

    Gino Ricciardelli

    Foremost Realty

    1 in this area

    4 Total Sales

    Gino Ricciardelli
    Section Image
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Map

Source: MLS Property Information Network (MLS PIN)

MLS Number: 72992674

MLS Property Information Network (MLS PIN)
Massachusetts Essex County Salem 01970 North Salem

40-42 School St, Salem, MA

Not Listed for Sale

MultiFamily

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