NOT LISTED FOR SALE

58 Bridge St Salem, MA 01970

Bridge Street Neighborhood
9 Beds
10 Baths
4,501 Sq Ft
5,114 Sq Ft Lot

Last Sold August 03, 2022

Last sale price $965,000 $214 Per Sq Ft

8 Days on Market

Highlights

  • Marina
  • Medical Services
  • Wood Flooring
  • Golf Course Community
  • Property is near public transit
  • 2-minute walk to Charles R. Curtis Memorial Park

About This Home

As of August 2022

Investors: Rare opportunity to buy a Salem MA 6 Family located in the desirable Salem Neck neighborhood with easy access to public transportation, boating, public beaches, and downtown Salem and Beverly MA. Current Cap Rate is 7% at a $950,000 valuation. Heat, hot water and electric are separate for each of the units. Property is sold AS IS with tenants. All Tenants are TAW. Property is in need of updating. Projected Cap Rate after updating is 8.2% based on a valuation of $1,250,000. Reasonable projected rents were used. Note: There are 7 gas hot water boilers and 7 gas hot water tanks as the townhouse unit has two heating systems and 2 hot water tanks, one for each floor. This property is a Potential Condominium Conversion. Request our Investment Analysis of this Property. Offer Instructions: for Financed Offers, include a commercial loan pre-approval; for Cash Offers include proof of funds.

Last Agent to Sell the Property

Kathy Sullivan

RE/MAX Beacon Listed on: 06/21/2022

RE/MAX Beacon

Co-Listed By

Terry Sullivan

RE/MAX Beacon

Last Buyer's Agent

Maria Salzillo

J. Barrett & Company

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $8,397

Year Built

  • Built in 1870

Lot Details

  • 5,114 Sq Ft Lot
  • Corner Lot
  • Level Lot

Home Design

  • Brick Foundation
  • Stone Foundation
  • Frame Construction
  • Shingle Roof
  • Rubber Roof

Interior Spaces

  • 4,501 Sq Ft Home
  • Insulated Windows
  • Basement Fills Entire Space Under The House

Flooring

  • Wood
  • Vinyl

Bedrooms and Bathrooms

  • 9 Bedrooms
  • 10 Full Bathrooms

Parking

  • 5 Car Parking Spaces
  • Off-Street Parking

Outdoor Features

  • Porch

Location

  • Property is near public transit
  • Property is near schools

Utilities

  • 7 Heating Zones
  • Heating Available
  • Natural Gas Connected
  • Gas Water Heater

Listing and Financial Details

  • Total Actual Rent $8,050
  • Rent includes unit 1(heat electric water hot water), unit 2(heat electric gas water hot water), unit 3(heat electric water hot water), unit 4(water)
  • Assessor Parcel Number 2137296

Community Details

Overview

  • 6 Units
  • Property has 1 Level

Amenities

  • Medical Services
  • Shops
  • Coin Laundry

Recreation

  • Marina
  • Golf Course Community
  • Park

Building Details

  • Operating Expense $30,029
  • Net Operating Income $66,571

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$8,397

Year Built

Built in 1870

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: 5-9 Family
  • Year Built: 1870
  • Buyer Agency: 2
  • Buyer Agency Type: %
  • Transaction Broker: 1
  • Transaction Broker Type: %
  • Year Built Details: Actual
  • SUB AGENCY OFFERED: No
  • Year Round: Yes
  • Compensation Based On: Net Sale Price
  • APOD AVAILABLE: Yes
  • ResoPropertyType: ResidentialIncome
  • Special Features: None
  • Stories: 7

Interior Features

  • Flooring: Wood,Vinyl
  • Interior Amenities: Unit 4 Rooms(Living Room,Kitchen)
  • Fireplace YN: No
  • Appliances: Unit 2(Range,Refrigerator), Unit 4(Range,Refrigerator), Gas Water Heater, Utility Connections for Gas Range
  • Total Bedrooms: 9
  • Full Bathrooms: 10
  • Total Bathrooms: 10
  • Total Bathrooms: 10
  • Basement: Full
  • Living Area: 4501
  • Stories Total: 7
  • Window Features: Insulated Windows
  • MAIN LO: AN4305
  • LIST PRICE PER Sq Ft: 211.06
  • PRICE PER Sq Ft: 214.4
  • MAIN SO: C95243

Exterior Features

  • Construction Materials: Frame
  • Foundation Details: Stone, Brick/Mortar
  • Patio And Porch Features: Porch
  • Road Frontage Type: Public
  • Road Surface Type: Paved
  • Roof: Shingle, Rubber
  • Waterfront Features: Beach Front, Harbor, 1/10 to 3/10 To Beach, Beach Ownership(Public)
  • Waterfront YN: No

Garage/Parking

  • Garage YN: No
  • Parking Features: Off Street
  • Total Parking Spaces: 5

Utilities

  • Sewer: Public Sewer
  • Utilities: for Gas Range
  • Heating: Unit 1(Hot Water Baseboard,Gas), Unit 2(Hot Water Baseboard,Gas), Unit 3(Hot Water Baseboard,Gas), Unit 4(Hot Water Baseboard,Gas,Individual)
  • Electric: Circuit Breakers
  • Heating YN: Yes
  • Water Source: Public
  • HEAT UNITS: 7
  • HEAT ZONES: 7
  • COOLING ZONES: 0

Condo/Co-op/Association

  • Community Features: Public Transportation, Shopping, Park, Golf, Medical Facility, Laundromat, Highway Access, House of Worship, Marina, Public School, T-Station, University
  • Rent Includes: Unit 1(Heat,Electric,Water,Hot Water), Unit 2(Heat,Electric,Gas,Water,Hot Water), Unit 3(Heat,Electric,Water,Hot Water), Unit 4(Water)
  • Senior Community YN: No

Lot Info

  • Parcel Number: 2137296
  • Zoning: R2
  • Farm Land Area Units: Square Feet
  • Lot Features: Corner Lot, Level
  • Lot Size Acres: 0.12
  • Lot Size Area: 0.12
  • Lot Size Sq Ft: 5114
  • Lot Size Units: Acres
  • PAGE: 574

Tax Info

  • Tax Year: 2022
  • Tax Annual Amount: 8397
  • Tax Book Number: 9024

Multi Family

  • Gross Income: 96600
  • Net Operating Income: 66571
  • Number Of Units Total: 6
  • Operating Expense: 30029
  • Total Actual Rent: 8050
  • LEVELS 1: 1
  • Basement Included Sq Ft: No
  • LEVELS 4: 1
  • LEVELS 2: 1
  • LEVELS 3: 1
  • LEASE 4: N
  • LEASE 3: N
  • LEASE 2: N
  • LEASE 1: N
  • FLRS 1: 1
  • FLRS 4: 2
  • FLRS 3: 1
  • FLRS 2: 1

Range of Values:

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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 Change Sq Ft Price
08/03/2022 08/03/22 Sold $965,000 +1.6% $214 / Sq Ft
06/30/2022 06/30/22 Pending -- -- --
06/21/2022 06/21/22 For Sale $950,000 -- $211 / Sq Ft
Source: MLS Property Information Network (MLS PIN)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Kathy Sullivan

    Seller's Agent in 2022

    Kathy Sullivan

    RE/MAX

    (781) 771-9949

    1 in this area

    62 Total Sales

    Kathy Sullivan
    Section Image
  • Terry Sullivan

    Seller Co-Listing Agent in 2022

    Terry Sullivan

    RE/MAX

    (781) 771-9929

    1 in this area

    36 Total Sales

    Terry Sullivan
    Section Image
  • Maria Salzillo

    Buyer's Agent in 2022

    Maria Salzillo

    J. Barrett & Company

    (508) 527-6910

    1 in this area

    127 Total Sales

    Maria Salzillo
    Section Image
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Map

Source: MLS Property Information Network (MLS PIN)

MLS Number: 73001343

MLS Property Information Network (MLS PIN)

Massachusetts Essex County Salem 01970 Bridge Street

58 Bridge St, Salem, MA

This home is located at 58 Bridge St, Salem, MA 01970 since 21 June 2022. This property was built in 1870. 58 Bridge St is a home located in Essex County with nearby schools including Carlton Elementary School, Saltonstall School, and Bates Elementary School.

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MLS Property Information Network (MLS PIN) The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. 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. 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.

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