Michael Selbst Of Gibson Sotheby's International Realty Represents Buyer In Salem Multifamily Sale For $1.005M
6 Horton Street
$1,005,000
$293/SF
Building Size
3,420 SF
Asset Type
MultiFamily
Closing
Jul 19, 2024
AI
A three-family property located at 6 Horton Street in Salem, MA, has been sold for $1,005,000. The asset comprises 3,420 square feet and offers 8 bedrooms and 3 bathrooms. The structure was built in 1900 and includes features such as updated kitchens and baths, along with a large fenced yard, situated in a quiet neighborhood close to Salem Hospital and downtown.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,005,000
- Units: 3
- Price Per Unit: $335,000
- Square Footage: 3,420
- Price Per Square Foot: $294
- Buyer's Representative: Michael Selbst - Gibson Sotheby's International Realty
- Seller's Representative: Justin Repp - Keller Williams
Michael Selbst represented the buyer in this transaction while Justin Repp represented the seller. Each broker is affiliated with prominent real estate firms, aiding in the successful completion of this multifamily property sale.
Players
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
15.78%
Cash-on-Cash
-4.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93