Nicholas Zolotas Of Herrick Lutts Realty Partners Sells Salem Multifamily For $3.5M
313 Essex Street
$3,500,000
$588/SF
Building Size
5,949 SF
Asset Type
MultiFamily
Closing
May 29, 2025
AI
This multifamily asset, located at 313 Essex Street in Salem, MA, has a sale price of $3,500,000. The property consists of 13 units, with a total square footage of 5,949. The price per unit stands at $269,230, and the price per square foot is $588.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $3,500,000
- Address: 313 Essex Street
- Market: Salem, MA
- Units: 13
- Square Footage: 5,949
- Price per Unit: $269,230
- Price per Square Foot: $588
The transaction involved Nicholas Zolotas from Herrick Lutts Realty Partners, who represented the respective parties in this deal.
Salem MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.53%
Cash-on-Cash
-1.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93