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Salem 01970 South Salem
40 Ocean Ave
$417,000
● House - Off Market

40 Ocean Ave

Salem, MA 01970
bedrooms
4 Beds
bathrooms
2 Baths
square feet
2,062 Ft²
$797,236
RealtyHop Estimate
90.27%
Since Aug 1, 2013
MA-Boston
Primary Model

About This Property

A grand residence 2 blocks from the harbor!  Enjoy summer nights on the mahogany wrap-around porch & garden of daffodils, irises, lilies, peonies, beach roses & lilacs The dreamy 1st floor is appointed with charming original detail, French doors, coffered ceiling & extra-large, double-hung windows.  The light-filled addition has a private entrance, bedroom, full bath, &  family room/ office.  2nd fl has 3 large bedrooms, walk-in closets & luxurious bath. 2 car garage with loft &  a flat yard.
Unit Size
2,062 Ft²
Days on Market
-
Land Size
0.17 acres
Price per sqft
$203
Property Type
House
Property Taxes
$384
HOA Dues
-
Year Built
1890

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Cap Rate Calculator

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Cap Rate 100% Occupancy
N/A (extreme outlier)

What does this mean?

Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.

How much can I actually make?

Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.

How is cap rate calculated?

Cap Rate = Net Operating Income (NOI) / Property Asset Value.

When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.

Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.

Last updated: 4 months ago (MLSPIN #71535724)

Price History

Date / Event Date Event Price
Jul 29, 2013 Sold
Premium
Sold
Jun 3, 2013 Listed by Redfin Corp. $419,000
Listed by Redfin Corp.
Mar 26, 2009 Sold
Premium
Sold
Oct 16, 2008 Listed by Redfin Corp. $359,900
Listed by Redfin Corp.

Property Highlights

Garage
Parking Available

Building Info

Overview

    General

  • Year Built: 1890
  • Effective Year Built: 1890
  • Building Count: 1
  • Total Rooms: 10
  • Bedroom Count: 4
  • Bathroom Count: 2
  • Full Bathrooms: 2
  • Partial Bathrooms: 2
  • Building Condition: 3
  • Building Quality: 0
  • Construction Type: 6
  • Building Style: 16
  • Exterior Walls Type: 19
  • Interior Walls Type: 0
  • Roof Shape Type: 1
  • Roof Cover Type: 15
  • Floor Count: 200
  • Living Units: 1
  • Floor Cover: 0
  • Basement Type: 7
  • Basement Area: 1,320
  • Garage Type: 4
  • Parking Space Count: 0
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 7,501
  • Total Building Area: 2,062
  • Gross Building Area: 3,878
  • Building Area: 2,062
  • Building Area Measurement: L

    Heating and Cooling

  • Air Conditioning: 0
  • Heating: 10
  • Heated Square Feet: 2,062
  • Heating Fuel Type: 3

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Land Acres: 0000000172
  • Standard Land Use Code: 1001
  • County Land Use Code: 101

Neighborhood

  • School District Name: Salem School District
  • School Tax School District: SALEM SD
  • Census Tract: 204101

Zoning

  • Zoning: R1

Geography

  • Parcel: SALE M:33 L:0432
  • Lot: 432
  • Municipality: SALEM
  • Latitude: 42.5086
  • Longitude: -70.8905

    Address

  • Full Address: 40 Ocean Ave
  • Address - House Number: 40
  • Address - Street Name: Ocean
  • Address - Suffix Type: Ave
  • State: MA
  • City Name: Salem
  • Carrier Code: C041
  • 4-Digit Zip Code: 5406
  • Zip Code: 01970

Valuation

    Tax

  • Tax Year: 2024
  • Tax Amount: $768,400

    Appraisal Valuation

  • Standard Deviation: 0.2148
  • Valuation Date: Mar 06, 2024
  • Confidence Score: 70
  • Final Value: 776,080
  • High Value: 942,780
  • Low Value: 609,380

    Assessments Valuation

  • Assessed Year: 2024
  • Assessed Total Value: $661,300
  • Assessed Land Value: $207,200
  • Assessed Improvements Value: $454,100

    Sales

  • Current Sale Recording Date: Jul 29, 2013
  • Current Sale Price:
    Premium
  • Current Sale Document Type: O
  • Current Sale Input Document Number: 231
  • Previous Sale Recording Date: Mar 26, 2009
  • Previous Sale Amount: $330,000
  • Previous Sale Document Type: 27
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Request mortgage information redaction

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About South Salem

Stats & Trends

Median Asking:

$619,000

Sale Price/ft²

$368

Below Asking

0.01%

Average Days on Market

56

Average Home Size

2218 ft²

Average Home Age

86.1 years

Currently For Sale

44 Listings
Based on RH Advisors, Inc. calculations of home data from MLS and/or public records.

Similar Homes for Sale

Currently no similar homes around

Nearby Rentals

Unit for rent at 160 Federal St, Salem, MA, 01970

$1,725 /mo

  • 1 Bed
  • 1 Bath
160 Federal St, Salem, MA, 01970 Listing by Rick Rivera

Rentals Near You

Click here to view more rentals in the neighborhood.
Last Updated: 4 months ago
Data Source: MLS PIN, MLS# 71535724

Frequently Asked Questions

When was property at 40 Ocean Avenue built and last sold?
The property at 40 Ocean Avenue was built in 1890 and last sold on Jan 1, 1970 for $417,000.
How much is this home worth?
The estimated value of the home located at 40 Ocean Avenue is $435,494.
What are some comparable homes to 40 Ocean Avenue?
There are currently no comparable homes to 40 Ocean Avenue.
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