385-387 Salem St
$1,350,000
6
Beds
4
Baths
6,055
Sqft
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$1,350,000
6
Beds
4
Baths
6,055
Living Area
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Property Description
Nestled in the NB (Neighborhood Business) zone and directly on high-traffic bus routes (106, 108, 411, 430), this mixed-use asset offers seamless access to Malden Center, Sullivan Square (Orange Line), Linden, Somerville, Medford, Everett, Cambridge, and Boston. Surrounded by over 300 active businesses in a thriving commercial corridor, 385-387 Salem Street features four residential units and one commercial space—presenting immediate upside through lease-up of current vacancies. Recent upgrades include 4 new gas hot water tanks for residents and an electric hot water tank for the commercial unit. With separate utilities, ample street parking, and strategic access to Route 60, I-93, Route 1, and the Fellsway (Route 28), this property offers strong income with multiple value-add opportunities. Further due diligence may uncover additional paths for reconfiguration, subject to city permits. A compelling opportunity in a high-demand market for savvy investors. 2 Res & Comm Units vacant.
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Highlights
- Area: Faulkner
- Levels: 11
- Property Type: 5+ Family - 5+ Units Up/Down
- Total Rooms: 20
- Status: Active
- Heating: Electric
- Property Class: Residential Income
- Stories: 11
- Year Built: 1900
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Additional Details
- Appliances: None, Range, Refrigerator
- Construction: Stone
- Flooring: Tile, Concrete, Hardwood, Carpet, Wood
- Interior Features: Pantry, Bathroom with Shower Stall, Internet Available - Unknown, Living Room, Dining Room, Kitchen
- Road Frontage Type: Public
- SqFt Source: Public Record
- Year Built Details: Approximate
- Zoning: Nb
- Basement: Walk-Out Access, Concrete, Unfinished
- Exterior Features: Balcony
- Foundation: Brick/Mortar
- Lot Features: Corner Lot
- Roof: Tar/Gravel
- Total Number of Units: 5
- Year Built Source: Public Records
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Amenities
- Community Features: Public Transportation, Shopping, Highway Access, Public School, T-Station, Sidewalks
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Utilities
- Electric: 100 Amp Service
- Water Source: Public
- Sewer: Public Sewer
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Fees / Taxes
- Assessed Value: $1,054,000
- Tax Year: 2024
- Total Rent: $3,600
- Rental Fee Includes: Unit 1(Water), Unit 2(Water), Unit 3(Water), Unit 4(Water)
- Taxes: $14,854
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