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.
Property Details
Price:
$6,500,000
MLS #:
73264543
Status:
Active Under Contract
Beds:
0
Baths:
0
Address:
108-122 Lafayette
Type:
Commercial
City:
Salem
Listed Date:
Jul 15, 2024
State:
MA
ZIP:
01970
Lot Size:
7,762 sqft / 0.18 acres (approx)
Year Built:
1915
Schools
Interior
Exterior
Parking Spots
6
Roof
Rubber
Financial
Tax Year
2022
Taxes
$48,417
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CRP: Certified Relocation Professional CRS: Certified Residential Specialist GRI: Graduate of Realtors Institute CBR: Certified Buyers Representative BSBA: Bachelor of Science in Business Administration. Babson College 1979 MBA: Master of Business Administration. Babson College 2002 James M. Joly is President and Principal-Owner of Boardwalk Real Estate Corp.,…
More About JamesCourtesy of Little & Co., REALTORS®. The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
108-122 Lafayette
Salem, MA
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