108-122 Lafayette Pending Save Request In-Person Tour Request Virtual Tour
Salem,MA 01970
Key Details
Property Type Commercial
Listing Status Pending
Purchase Type For Sale
MLS Listing ID 73264543
Year Built 1915
Annual Tax Amount $48,417
Tax Year 2022
Lot Size 7,840 Sqft
Property Description
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.
Location
State MA
County Essex
Zoning B5
Exterior
Utilities Available Public Water,Public Sewer,Natural Gas Available
Waterfront false
Roof Type Rubber