Salem, MA 01970 108-122 Lafayette
$6,500,000
14 more
Presented By: Francesca Little with Little & Co., REALTORS®.
Home Details
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.
Presented By: Francesca Little with Little & Co., REALTORS®.
General for 108-122 Lafayette
Building Area UnitsSquare Feet
CitySalem
CountyEssex
DirectionsPlease use GPS
DisclosuresBuyer to do their own due diligence to verify information including income and expenses.
Gross Income902619
Home Owner AssocNo
Home Warranty Y/NNo
Lot Size Square Feet7762
Lot Size UnitsAcres
Net Operating Income639337
Operating Expense263282
Property TypeCommercial Sale
RoofRubber
Senior Community Y/NNo
Standard StatusActive
StatusActive
Tax Annual Amount48417
Tax Year2022
UtilitiesPublic Water, Public Sewer, Natural Gas Available
Waterfront Y/NNo
Year Built1915
ZoningB5
Zoning DescriptionLegal Conforming
Exterior for 108-122 Lafayette
Lot Size Acres0.18
Lot Size Area0.18
Total Parking6
Additional Details
Price History
Pat Correia
Realtor