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Salem 01970 North Salem
8 Lee St
$472,500
● House - Off Market

8 Lee St

Salem, MA 01970
bedrooms
3 Beds
bathrooms
1 Bath
square feet
1,288 Ft²
$567,253
RealtyHop Estimate
28.92%
Since Nov 1, 2020
MA-Boston
Primary Model

About This Property

See the Potential in this Colonial Revival in a lovely, established neighborhood. Needs updating, but it's full of promise. 3 bedrooms, 1 bath, hardwood floors, 3-season sun porch, fire-placed living room, nice-sized yard. Near the F. Carrol Sargeant Arboretum at Greenlawn Cemetery. This will be a delightful home, with some loving attention. 15-minute appointments will be scheduled from 11:00 am-2:00 pm. on Saturday, 9/26. 11 am-2:00 pm on Sunday, 9/27. 3:00 pm-6:00pm on Monday 9/28.Must schedule an appointment. All Offers to be submitted by Tuesday 9/29 at 5:00 pm. Showing Instructions: Attendees must sign COVID Disclosure prior to showing (attached). Masks must be worn on premises.
Unit Size
1,288 Ft²
Days on Market
-
Land Size
0.14 acres
Price per sqft
$342
Property Type
House
Property Taxes
$480
HOA Dues
-
Year Built
1925

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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 years ago (MLSPIN #72732612)

Price History

Date / Event Date Event Price
Oct 13, 2020 Sold
Premium
Sold
Sep 25, 2020 Listed by Fruh Realty, LLC $440,000
Listed by Fruh Realty, LLC

Property Highlights

Parking Available
Fireplace

Building Info

Overview

    General

  • Year Built: 1925
  • Effective Year Built: 1925
  • Building Count: 1
  • Total Rooms: 6
  • Bedroom Count: 3
  • Bathroom Count: 2
  • Full Bathrooms: 1
  • Partial Bathrooms: 2
  • Building Condition: 6
  • Building Quality: 0
  • Construction Type: 6
  • Building Style: 5
  • Exterior Walls Type: 18
  • 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: 644
  • Garage Type: 0
  • Parking Space Count: 0
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 6,247
  • Total Building Area: 1,288
  • Gross Building Area: 2,846
  • Building Area: 1,288
  • Building Area Measurement: L

    Heating and Cooling

  • Fireplace Count: 1
  • Air Conditioning: 0
  • Heating: 16
  • Heated Square Feet: 1,288
  • Heating Fuel Type: 6

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Land Acres: 0000000143
  • 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: 204600

Zoning

  • Zoning: R1

Geography

  • Parcel: SALE M:27 L:0537
  • Lot: 537
  • Municipality: SALEM
  • Latitude: 42.5314
  • Longitude: -70.8994

    Address

  • Full Address: 8 Lee St
  • Address - House Number: 8
  • Address - Street Name: Lee
  • Address - Suffix Type: St
  • State: MA
  • City Name: Salem
  • Carrier Code: C027
  • 4-Digit Zip Code: 2422
  • Zip Code: 01970

Valuation

    Tax

  • Tax Year: 2024
  • Tax Amount: $649,800

    Appraisal Valuation

  • Standard Deviation: 0.1736
  • Valuation Date: Mar 06, 2024
  • Confidence Score: 77
  • Final Value: 610,619
  • High Value: 716,605
  • Low Value: 504,633

    Assessments Valuation

  • Assessed Year: 2024
  • Assessed Total Value: $559,200
  • Assessed Land Value: $207,300
  • Assessed Improvements Value: $351,900

    Sales

  • Current Sale Contract Date: Oct 09, 2020
  • Current Sale Recording Date: Oct 13, 2020
  • Current Sale Price:
    Premium
  • Current Sale Document Type: O
  • Current Sale Input Document Number: 20201013007560
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 North Salem

Stats & Trends

Median Asking:

$659,000

Sale Price/ft²

$422

Below Asking

0.01%

Average Days on Market

51

Average Home Size

1638 ft²

Average Home Age

99.7 years

Currently For Sale

22 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 years ago
Data Source: MLS PIN, MLS# 72732612

Frequently Asked Questions

When was property at 8 Lee Street built and last sold?
The property at 8 Lee Street was built in 1925 and last sold on Oct 9, 2020 for $472,500.
How much is this home worth?
The estimated value of the home located at 8 Lee Street is $0.
What are some comparable homes to 8 Lee Street?
There are currently no comparable homes to 8 Lee Street.
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