Updated Jul 8, 2025
Shawn Shea Of Custom House LLC Acquires Mixed-Use Property In Salem For $5 Million
178 Derby Street
$5,000,000
Building Size
—
Asset Type
Mixed-use
Closing
Jul 4, 2025
About this deal
AI
The mixed-use asset located at 178 Derby Street in Salem, MA, was sold for $5,000,000. This property is noted for its historical significance, originally being the Custom House built in 1805.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $5,000,000
- Buyer: Shawn Shea - Custom House LLC
- Broker: Ted Richard - J Barrett & Company
- Sale Date: 07/04/2025
Ted Richard of J Barrett & Company represented the seller in this transaction, facilitating the sale of the historic property to Shawn Shea, who is affiliated with Custom House LLC.
On the Map
$5,000,000
Mixed-use
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Salem Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93