Salem Multi-Family Homes

Salem, which is known most for the infamous Salem witch trials of 1692, is a large coastal city in Essex County. With a home value of $368,000, purchasing a multi-unit home in the area is going to be a great investment to make, especially with the eight percent growth that the city experienced in the past year. What makes the city even more unique than other areas of the state is that there are often tourists around, which means that you can rent out a property to a long-term tenant, or you can opt for shorter vacation rentals from families exploring the history of this North Shore city.

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Purchasing a Multi-Family Home

Purchasing a multiple unit home in this area of Massachusetts can be a great idea. The median price per square foot is about $264, which is nearly $10 less per unit than it is in the Boston Metro area. Whether you are looking for a coastal neighborhood or a historic home in the heart of Salem, there are plenty of properties in the area worth considering.

• Apartments – These are typically renovated single-family, Victorian homes that were converted into small apartment buildings. There are multiple units on each floor, and in some neighborhoods, there are even high-rise apartment options.
• Condos – These are similar to apartments in design, but instead of renting out the units, each one will be owned by the individuals who live there.
• Townhouses – These are two-story homes that are positioned side-by-side with connecting walls. They are typically found in the downtown area of many small towns in the area. One of the perks of a townhouse is that the entrances are not shared.
• Duplexes, Triplexes, and Quadplexes – These are buildings where each floor is considered a separate unit. One of the biggest perks of this type of unit is that as the owner, you can make one of the units your home so that you can always be on-premise.

Having difficulties finding your dream home in this area? Boston City Properties can help you find a property in the neighborhood that you want to invest in with ease.

Selling a Multi-Family Home

Right now in this historic town, it is a seller's market, which means that if you invested in a piece of property in the area already, it is a prime time to cash in on that investment. In the past year alone, the median value of the homes in the area has risen about 8.3 percent, and it is expected to continue to rise another four percent this year. With that being said, that is quite a profit to add on to your initial investment, especially if you were able to get the multi-unit home at a great price.

If you currently have tenants residing in the units of the building, you are going to need to inform them of your intent before listing the property. In Massachusetts, you cannot make a tenant leave the property because you plan on selling it, but you must keep them informed. This allows them the opportunity to move out of the unit if they desire, or to help you maintain the property so that prospective buyers can see it clutter free.

Need help listing a multi-unit home in this area? Boston City Properties knows the market and can help you find a buyer who will not try to undervalue the property.

Neighborhoods in the Area

There are nine neighborhoods in this city, and they are:

• Bridge Street / Boston Street – This is one of the more expensive neighborhoods in this town, with a median price of $420,000 for real estate, you will find that the property here is in high demand.
• Salem Neck - This is a coastal neighborhood that has quite a few small apartment buildings that were converted from single-family homes that were built before 1939. There are also quite a few duplexes in this area, which typically have a Victorian design.
• City Center – This is considered to be one of the most walkable neighborhoods in the country. Most of these homes have a Victorian or colonial-style home, so the neighborhood has a unique feel that many people love.
• Northern Part of the City – In this area, you can find duplexes, triplexes, and apartments that were built out of single-family Victorian homes. 76.2 percent of all of the homes in this neighborhood were built before the year 1939.
• Loring Avenue – This neighborhood has a lot of conservation areas, so there is a lot of wildlife to see here. Most of the homes here were built between 1970 and 1999.
• Highland Avenue / Swampscott Street – The southernmost region of the city is where the high school is located. The vacancy rate is about nine percent, so you should be able to find property here with a little due diligence.
• Congress Street / Derby Street – As a nautical neighborhood, the median real estate price is about $379,000. Most of the homes in the area were built before 1939.
• Canal Street – The city's state university is located in this neighborhood, so there are a lot of college students in the area. There are a lot of small apartment buildings in this area that were converted from single-family homes built before 1939.
• Bridge Street / Gifford Court – This neighborhood is made up apartment complexes and small apartment buildings that were built before 1939.

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