Sold

108-122 Lafayette

Salem MA, 01970

$6,000,000


Sold

Commercial

Built in 1915

Looking for cash flow? This mixed-use property is a rare gem, boasting not only six (6) commercial spaces but also a thriving fifty seven (57) room rooming house. The rooming house consists of thirty three (33) rooms with private baths and twenty four (24) with shared baths. Using 2023 income this property is being offered at a 9.7% cap rate with projected rents for 2024 bringing to a 10.8% cap rate. A 5% vacancy has already been factored into the gross revenue. The first floor office and laundromat are currently being run by the owners and are included in the sale. The Landlord is responsible for all utilities for the rooming house and heat/hw and water/sewer for the commercial spaces. **THIS PROPERTY IS TO BE SOLD WITH 286 WASHINGTON ST MLS# 73264544**. Seller is open to exploring a seller financing deal for the right buyer. See attached for income/expenses and a rent roll of the commercial space. Rooming house rent rolls change weekly but can be provided upon request.

73264543

MLS ID

July 15, 2024

Listed

December 9, 2024

Updated

Map

108-122 Lafayette
Salem MA, 01970

Interior Features

Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.18 Acres


Roof

Rubber

Other Property Details

Taxes

$48,417


Tax Frequency

Annually


Garage

No


Parking Total

6


View

No


County

Essex


Pool

No


Zoning

B5

Listing History

Date

Event

Price

12/9/2024

Sold

$6,000,000

10/21/2024

Pending

10/7/2024

Under contract

 

Courtesy of Francesca Little, Little & Co., REALTORS®

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Data last updated 3:48 PM UTC, 12/9/2024

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