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INVESTMENT SNAPSHOT
About this property
Turnkey 8-unit investment opportunity in Salem. The Property consists of two four-family buildings deeded together, totaling eight (8) 2-bedroom units, along with 10 off-street parking spaces. Heat and hot water are included in rent. The property has been extensively updated, featuring renovated kitchens and baths with granite countertops and stainless steel appliances, updated electrical, a new roof on the Harbor Street building, and new insulation in both attics and walls. Additional highlights include basement storage and a clean, well-maintained condition, making this an ideal opportunity for investors seeking a low-maintenance, stabilized asset with upside through future rent optimization. See attached for the OM with detailed financials.
Property details
| Units | 8 |
| Living area | 6,656 sqft |
| Lot size | 9,740 sqft |
| Year built | 1960 |
| Price / sqft | $383 |
| County | Essex |
| MLS # | 73490150 |
Listing status
| Days on market | 74 days |
| Listed on | March 23, 2026 |
Taxes & financials
| Annual property tax | $16,240 |
| Tax year | 2025 |
| Assessed value | $1,432,100 |
| Zoning | R3 |
| Gross income (actual) | $226,800/yr |
| Net operating income (actual) | $151,364/yr |
| Total actual rent | $18,900/mo |
Building & lot
| Stories | 2 |
| Total rooms | 32 |
| Lot size | 0.22 acres |
| Garage spaces | 0 |
| Parking spaces | 10 |
| Parking | Off Street |
| Basement | Full, Interior Entry |
| Foundation | Concrete Perimeter |
| Roof | Shingle |
| Construction | Frame |
| Flooring | Wood |
Utilities & systems
| Heating | Oil |
| Sewer | Public Sewer |
| Water | Public |
Location
More about investing in Salem →
Listing courtesy of Little & Co., REALTORS® — Francesca Little. Listing data © MLS PIN.
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Questions & answers
Auto-generated from the listing data — richer AI answers coming with the live site.
How many units does 1-7 Prince St & 48-54 Harbor St, Salem MA 01970 have?
It is a 8-unit multi-family property with 6,656 sqft of living area, built in 1960.
How long has 1-7 Prince St & 48-54 Harbor St, Salem MA 01970 been on the market?
1-7 Prince St & 48-54 Harbor St, Salem MA 01970 has been listed for 74 days (since March 23, 2026).
What is the estimated cap rate on this 8-family in Salem?
Based on area median rents, the estimated cap rate is about 5.4%, with a Signal Score of 90/100. These are directional estimates, not an appraisal.
What is the price per unit?
At a list price of $2,550,000 across 8 units, that works out to roughly $318,750 per unit.
What are the property taxes on 1-7 Prince St & 48-54 Harbor St, Salem MA 01970?
Annual property taxes are $16,240 (2025), on an assessed value of $1,432,100.
What is the price per square foot?
At $2,550,000 for 6,656 sqft, that's about $383 per square foot.
Is there parking?
10 total parking spaces (off street).
Where is this property located?
1-7 Prince St & 48-54 Harbor St, Salem MA 01970 is in Salem, Essex County, MA 01970.
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