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313 Essex Street

Nicholas Zolotas Of Herrick Lutts Realty Partners Sells Salem Multifamily For $3.5M
SOLDMultiFamily

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.

Players

Nicholas Zolotas

Herrick Lutts Realty Partners

Broker

$93.1M

vol

33 deals

Broker

Salem MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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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