Discover an exciting investment opportunity in the heart of historic Salem, MA with this twenty one (21) room rooming house. Perfectly situated in a prime location, this property offers a unique chance to own a meticulously maintained property that has been owned by the same family for over 40 years. Using 2023 numbers this is being offered at an 8% cap rate with projected rents for 2024 bringing to a 9.3% cap rate. A 5% vacancy has already been factored into the gross revenue.**THIS PROPERTY IS TO BE SOLD WITH 108-122 LAFAYETTE ST AS A PACKAGE MLS# 73264543**. Landlord is responsible for all utilities including heat/hw, electric and water/sewer. Seller is willing to explore a seller financing deal for the right buyer. Please see attached for detailed incomes and expenses. Rent roll changes weekly but can be provided upon request.
Sold for $2,000,000
$2,000,000
286 Washington St, Salem, MA 01970
--beds
4,695sqft
5+ Family - Rooming House
Built in 1900
-- sqft lot
$1,811,000 Zestimate®
$426/sqft
$4,086 Estimated rent
Home value
$1,811,000
$1.59M - $2.06M
$4,086/mo
Zestimate® history
Owner options
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$4,086/mo
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$10,089/mo
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Est. payment
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Zillow last checked:
Listing updated:
Listed by:
Francesca Little 978-973-7277,
Little & Co., REALTORS® 978-745-4447,
Francesca Little 978-973-7277
Bought with:
Francesca Little
Little & Co., REALTORS®
Source: MLS PIN,MLS#: 73264544
Facts & features
Interior
Bedrooms & bathrooms
- Bathrooms: 3
- Full bathrooms: 3
Features
- Has basement: No
- Has fireplace: No
Interior area
- Total structure area: 4,695
- Total interior livable area: 4,695 sqft
Property
Lot
- Size: 2,966 sqft
- Features: Other
Details
- Parcel number: 2135719
- Zoning: R3
Construction
Type & style
- Home type: MultiFamily
- Property subtype: 5+ Family - Rooming House
Materials
- Foundation: Stone
- Roof: Rubber
Condition
- Year built: 1900
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
Community & neighborhood
Community
- Community features: Public Transportation, Park, Laundromat
Location
- Region: Salem
HOA & financial
Other financial information
- Total actual rent: 20374
Price history
| Date | Event | Price |
|---|---|---|
| 12/6/2024 | Sold | $2,000,000$426/sqft |
Source: MLS PIN #73264544 Report a problem | ||
| 10/7/2024 | Contingent | $2,000,000$426/sqft |
Source: MLS PIN #73264544 Report a problem | ||
| 7/15/2024 | Listed for sale | $2,000,000$426/sqft |
Source: MLS PIN #73264544 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $13,323 +16.1% | $1,174,900 +19% |
| 2024 | $11,471 +5% | $987,200 +13.1% |
| 2023 | $10,924 | $873,200 |
| 2022 | $10,924 +3.9% | $873,200 +14.6% |
| 2021 | $10,516 +4.9% | $762,000 +9.9% |
| 2020 | $10,023 +8.2% | $693,600 +13% |
| 2019 | $9,267 +17.6% | $613,700 +19.8% |
| 2018 | $7,881 +4.2% | $512,400 +7.5% |
| 2017 | $7,562 +1.2% | $476,800 |
| 2016 | $7,471 -0.2% | $476,800 +4.6% |
| 2015 | $7,483 -4.7% | $456,000 -2.9% |
| 2014 | $7,856 +9.1% | $469,600 +1.9% |
| 2012 | $7,202 -1% | $460,800 -4.7% |
| 2011 | $7,274 +0.2% | $483,300 -6.7% |
| 2010 | $7,257 -0.9% | $518,000 -8.6% |
| 2009 | $7,323 +7.3% | $566,800 -3.1% |
| 2008 | $6,825 +4.9% | $584,800 -3.2% |
| 2007 | $6,504 +3.8% | $603,900 +8% |
| 2006 | $6,268 +3.4% | $559,100 +5% |
| 2005 | $6,062 +9.9% | $532,700 +13.1% |
| 2004 | $5,517 +47.6% | $471,100 +62.2% |
| 2003 | $3,739 +5.2% | $290,500 +10.6% |
| 2002 | $3,553 +14.4% | $262,600 +28.2% |
| 1999 | $3,107 +36.7% | $204,800 +14% |
| 1994 | $2,273 | $179,700 |
Find assessor info on the county website
Neighborhood: 01970
Nearby schools
GreatSchools rating
- 5/10Saltonstall SchoolGrades: K-8Distance: 0.2 mi
- NASalem Prep High SchoolGrades: 9-12Distance: 0.4 mi
- 6/10Collins Middle SchoolGrades: 6-8Distance: 0.6 mi
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Estimated market value
$1,811,000
Get a cash offer in 3 minutes
Find out how much your home could sell for in as little as 3 minutes with a no-obligation cash offer.
Estimated market value
$1,811,000
- Massachusetts
- Essex County
- Salem
- 01970
- 286 Washington St
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