$495,000
●
Condo -
Off Market
5 Derby Sq #1
Salem, MA 01970
2 Beds
2 Baths
1,754 Ft²
$543,501
RealtyHop Estimate
12.06%
Since Jan 1, 2022
MA-Boston
Primary Model
About This Property
Located between Essex and Front St and adjacent to the Old Town
Hall and Hotel Salem, this property screams city living. Step out
your door and you'll immediately feel the energy of this great
city. Built in 1817 and recorded in the National Register of
Historic Places, this property was once a working tavern and even
has the original bar and brass fixtures still in tact! This unit
has a super unique floorplan. The main level is home to both of the
spacious bedrooms and tastefully designed jack and jill bathroom.
Head downstairs through an elegant stairwell with ornate
woodworking and period details to find a massive open concept
kitchen/dining/living room with original brick floors that is
anchored by a fully functioning wood burning fireplace! This space
would be fantastic for entertaining! Also on this level is a 1/2
bath with laundry and a bonus room. If you are looking for a turn
key condo in a well managed building just moments from all the
action in Salem...THIS. IS. IT!
Unit Size
1,754 Ft²
Days on Market
-
Land Size
-
Price per sqft
$277
Property Type
Condo
Property Taxes
$547
HOA Dues
$490
Year Built
-
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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: 5 years ago (MLSPIN #72915061)
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Dec 17, 2021 | Sold | ||
| Sold | |||
| Nov 2, 2021 | Listed by eXp Realty | $485,000 | |
| Listed by eXp Realty | |||
| Sep 25, 2020 | No longer available | - | |
| No longer available | |||
| Aug 31, 2020 | Listed | $540,000 | |
| Listed | |||
| | |||
|
Super spacious and one of a kind Condo right in the heart of Downtown Salem! Located steps from the Old Town Hall in Derby Square, this condo was once the home of the Bancroft Tavern in 1817. Now its the Hottest NEW condo on the market!! Fully renovated, while retaining plenty of old world charm, exposed brick and original finished wood trim throughout the Bi-level condo. Modern Bathroom and Kitchen with brand new cabinets! Private building common area! 1/4 mile to the train, 1/2 mile to the beach, 1/3 mile to lovelly Pickering wharf, This really is right in the heart of Salem! And it comes with off street garage parking! If youve been looking for that one of a kind downtown condo that captures the downtown life of Salem, stop looking and move quick because this is what everyone else is looking for too and it wont last! The manager has listed the unit size as 1754 square feet.
| |||
| Mar 30, 2017 | Sold | ||
| Sold | |||
Show More
Property Highlights
Air Conditioning
Fireplace
Interior Details
Level: Basement
Features: Dining Area, Pantry, Open Floorplan, Recessed Lighting, Peninsula
Level: Basement
Features: Bathroom - Half
Level: Main
Features: Bathroom - Full, Flooring - Hardwood
Features: Open Floorplan, Recessed Lighting
Level: Basement
Features: Bathroom - Full, Bathroom - Tiled With Tub & Shower
Level: First
Features: Bathroom - Full, Flooring - Hardwood
Level: Main
Level: Basement
Features: Closet, Open Floorplan, Recessed Lighting
Half Bathrooms: 1
Full Bathrooms: 1
Interior Features: Steam / Sauna, Bonus Room, Sauna/Steam/Hot Tub
Appliances: Range, Dishwasher, Microwave, Refrigerator, Washer, Dryer, Electric Water Heater, Utility Connections for Electric Range, Utility Connections for Electric Dryer
Flooring Type: Carpet, Hardwood, Stone / Slate, Other
Laundry Features: In Basement, In Unit
Rooms: 6
Has Fireplace
Fireplace Features: Dining Room, Living Room
Fireplaces: 1
Basement: Y
Parking Details
Has Garage
Garage Spaces: 1
Exterior Details
Has Property Attached
Entry Level: 1
Year Built Source: Public Records
Year Built Details: Approximate
PropertySubType: Condominium
Structure Type: Brownstone, Attached
Stories (Total): 2
Building Area Units: Square Feet
Patio and Porch Features: Patio
Lead Paint: Unknown
Lot Size Units: Acres
Zoning: B5
Parcel Number: M:35 L:0274 S:801, 2136657
Water Source: Public
Financial Details
Tax Assessed Value: $475,400
Tax Annual Amount: $6,561
Utilities Details
Utilities: for Electric Range, for Electric Dryer
Cooling Type: Central Air
Heating Type: Forced Air
Sewer : Public Sewer
Location Details
HOA/Condo/Coop Fee Includes: Water, Sewer, Insurance, Maintenance Structure, Reserve Funds
Association Fee Frequency: Monthly
HOA Fee: $490
Pets Allowed: Yes
Management: Owner Association
Comparables
Unit
Status
Status
Type
Beds
Baths
ft²
Price/ft²
Price/ft²
Asking Price
Listed On
Listed On
Closing Price
Sold On
Sold On
HOA + Taxes
Past Sales
| Date | Unit | Beds | Baths | Sqft | Price | Closed | Listed By |
|---|---|---|---|---|---|---|---|
|
11/02/2021
|
2 Bed
|
2 Bath
|
1754 ft²
|
$485,000
2 Bed
2 Bath
1754 ft²
|
$495,000
+2.06%
12/17/2021
|
Justin Repp
Keller Williams Realty
| |
|
08/31/2020
|
2 Bed
|
2 Bath
|
1754 ft²
|
$540,000
2 Bed
2 Bath
1754 ft²
|
-
-
|
-
| |
|
04/24/2017
|
2 Bed
|
2 Bath
|
1600 ft²
|
$425,000
2 Bed
2 Bath
1600 ft²
|
$480,000
+12.94%
06/28/2017
|
Pam McKee Team
Keller Williams Realty Evolution
| |
|
11/01/2016
|
2 Bed
|
1 Bath
|
1754 ft²
|
$439,000
2 Bed
1 Bath
1754 ft²
|
$434,000
-1.14%
03/30/2017
|
Pam McKee Team
Keller Williams Realty Evolution
| |
|
08/11/2015
|
2 Bed
|
2 Bath
|
1292 ft²
|
$334,900
2 Bed
2 Bath
1292 ft²
|
$341,000
+1.82%
10/09/2015
|
Marie Farrar
Realty Executives
| |
|
04/27/2013
|
2 Bed
|
2 Bath
|
1292 ft²
|
$299,900
2 Bed
2 Bath
1292 ft²
|
$295,000
-1.63%
05/23/2013
|
Kathleen Fabrizio
J. Barrett & Company
| |
|
07/19/2011
|
2 Bed
|
2 Bath
|
1600 ft²
|
$255,000
2 Bed
2 Bath
1600 ft²
|
$235,000
-7.84%
05/01/2012
|
Gary Blattberg
RE/MAX 360
| |
|
10/14/2010
|
2 Bed
|
2 Bath
|
1600 ft²
|
$269,900
2 Bed
2 Bath
1600 ft²
|
-
-
|
Gary Blattberg
RE/MAX 360
| |
|
12/18/2006
|
2 Bed
|
1 Bath
|
1754 ft²
|
$385,000
2 Bed
1 Bath
1754 ft²
|
$375,000
-2.60%
06/28/2007
|
Pamela McKee
Keller Williams Realty Evolution
| |
|
04/26/2003
|
2 Bed
|
2 Bath
|
1292 ft²
|
$299,900
2 Bed
2 Bath
1292 ft²
|
$299,900
08/28/2003
|
Peter Albano
Albano Realty Group
| |
|
06/06/1997
|
2 Bed
|
2 Bath
|
1462 ft²
|
$115,000
2 Bed
2 Bath
1462 ft²
|
$105,000
-8.70%
11/28/1997
|
Walter Cook
Coldwell Banker Residential Brokerage - Salem
| |
|
02/28/1997
|
2 Bed
|
2 Bath
|
1754 ft²
|
$118,000
2 Bed
2 Bath
1754 ft²
|
$100,000
-15.25%
06/30/1997
|
Jody Lalonde
Dewolfe-Swampscott
|
Building Info
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