10 Howard St
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10 Howard St
15 Unit Apartment Building $1,399,000 ($93,267/Unit) 10.64% Cap Rate Salem, MA 01970
Investment Highlights
- Perfect location - Walk to commuter train and downtown Salem
- Possibly convert to regular apartments(many rooms have connecting doorways) or condos, or short term rentals (city approval may be required).
- Recently painted interior & Newer replacement windows, roof, boiler
Executive Summary
Fantastic investment opportunity! This licensed lodging house offers 15 units with a total of 24 rooms, boasting 4 private baths and 3 common baths. Possibility to turn into apartments or use as an AirBnB/VRBO (with city approval). Conveniently situated near the commuter train station and downtown Salem, tenants enjoy easy access to transportation and amenities. With 2 parking spaces, convenience meets practicality. Recently painted and featuring updated cabinetry, this property is turnkey and ready for new ownership. . New heating boiler was put in 2019. Roof reshingled late spring 2021. Floors just completely refinished. Most windows are newer. Don't miss out on this lucrative venture! Floor plans available. SELLER MAY PROVIDE PARTIAL FINANCING. Gross income is projected and not actual. Buyers to perform due diligence. Buyer agent to include any commission in the offer.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$200,000
|
$27.28
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$10,000
|
$1.36
|
| Effective Gross Income |
$190,000
|
$25.92
|
| Taxes |
$11,088
|
$1.51
|
| Operating Expenses |
$30,080
|
$4.10
|
| Total Expenses |
$41,168
|
$5.62
|
| Net Operating Income |
$148,832
|
$20.30
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $200,000 |
| Annual Per SF | $27.28 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $10,000 |
| Annual Per SF | $1.36 |
| Effective Gross Income | |
|---|---|
| Annual | $190,000 |
| Annual Per SF | $25.92 |
| Taxes | |
|---|---|
| Annual | $11,088 |
| Annual Per SF | $1.51 |
| Operating Expenses | |
|---|---|
| Annual | $30,080 |
| Annual Per SF | $4.10 |
| Total Expenses | |
|---|---|
| Annual | $41,168 |
| Annual Per SF | $5.62 |
| Net Operating Income | |
|---|---|
| Annual | $148,832 |
| Annual Per SF | $20.30 |
Property Facts Under Contract
Unit Amenities
- Heating
- Hardwood Floors
1 of 1
Walk Score ®
Walker's Paradise (97)
Bike Score ®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | SALE-000035-000000-000151 | Total Assessment | $954,200 |
| Land Assessment | $178,800 | Annual Taxes | $11,088 ($1.51/SF) |
| Improvements Assessment | $775,400 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
SALE-000035-000000-000151
Land Assessment
$178,800
Improvements Assessment
$775,400
Total Assessment
$954,200
Annual Taxes
$11,088 ($1.51/SF)
Tax Year
2024
zoning
| Zoning Code | R2 (Residential 2 family.) |
| R2 (Residential 2 family.) |
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10 Howard St
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