246-254 Salem St, Lawrence MA 01843
Lawrence, MA 01843 • South Lawrence
$1,795,000
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Sale Statistics
Sale Overview
Original List Price:
$1,699,900
Final Sale Price:
$1,795,000
Difference:
+$95,100 (+5.6%)
Performance Metrics
105.6%
List to Sale Ratio
Sold above asking price
20
Days on Market
Quick sale
Price per Square Foot Analysis
Original $/sq ft:
$196
Sale $/sq ft:
$207
This property sold for $207 per square foot
Sale Summary
This property sold for 5.6% above the original asking price, indicating strong buyer demand.
With only 20 days on market, this was a quick sale compared to typical market conditions.
About this home
Exceptional opportunity to own a well maintained, 9-unit investment property in the desirable South Lawrence area. 3 separate buildings on one lot, a 6-family, single family and 2-family. Eight 2-bedrooms and one 3-bedroom unit, all large with many cosmetic updates throughout. With updated heating systems and a well maintained basement, there is little to do here. Most tenants are TAW and many of the rents are well below fair market. Located within walking distance of public transportation and downtown, it also offers convenience for tenants. Don’t miss this opportunity to secure a well-maintained asset in an appreciating neighborhood!
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Property History
Market Insights
5.3%
Price Range
22
Total Days on Market
Property Timeline
Sold
Dec 13, 2024
$1,795,000
Property sold
Days on Market: 22
Listed for Sale
Oct 21, 2024
$1,699,900
Original listing
Agent: Patrick Hermans
Office: J. Borstell Real Estate, Inc.
| Date | Event | Price | Change | $/sqft | Details |
|---|---|---|---|---|---|
| 12/13/2024 | ✓ Sold | $1,795,000 | - | - | Property sold |
| 10/21/2024 | 🏠 Listed for Sale | $1,699,900 | - | - | Original listing |
Tax History
| Year | Taxes | Assessment |
|---|---|---|
| 2024 | $9,540 | $1,031,400 |
Financial Details
Annual Property Tax
$9,540
Tax Year 2024
Assessed Value
$1,031,400
Facts & Features
Home Facts
Type
Residential Income
Style
5-9 Family
Year Built
1918
Living Area
8,686 sq ft
Lot Size
0.11 acres
Bedrooms
19
Full Baths
9
Total Rooms
37
Investment Metrics
Units
9
Unit 1 Rent
$2,150/mo · N
Unit 2 Rent
$1,800/mo · N
Unit 3 Rent
$2,300/mo · N
Unit 4 Rent
$1,179/mo · N
Total Monthly Rent
$7,429/mo
Gross Income
$182,748
Net Operating Income
$182,748
Cap Rate
10.75%
Interior
Heating
Baseboard, Natural Gas
Cooling
None
Flooring
Tile, Vinyl
Appliances
None
Fireplace
None
Basement
Full, Interior Entry, Concrete
Laundry
None
Features
Living Room, Kitchen
Exterior
Construction
Frame
Architecture
None
Roof
Shingle, Rubber
Features
Garden
Pool
None
Spa
None
Fencing
None
Patio/Porch
Deck
Parking
Features
None
Utilities
Electric
None
Water
Public
Sewer
Public Sewer
Gas
None
Other
None
Financial
Annual Tax
$9,540
Assessed Value
$1,031,400
HOA & Community
Fee Includes
None
Amenities
None
Optional Fee Includes
None
MA Disclosures
Seller Disclosures
None
Additional Details
Possession
None
Accepted Financing
None
Structure Type
[]
Sq Ft Source
Public Record
Documents
None
County
Essex
Total market time (incl. prior listings)
22 days
Property Overview
Property Type
5-9 Family
Listing Type
Sold
Year Built
1918
Bedrooms
19
Full Bathrooms
9
Living Area
8,686 sq ft
Total Rooms
37
Stories
5
Levels
5
Floor Layout
Interactive room guide
Floor Layout
Display Options
Outdoor Areas
Patio & porchDeck
Room Markers
BABathroom (4)
BRBedroom (5)
DDining (1)
KKitchen (1)
LLiving (2)
OOffice (1)
Conceptual diagram based on MLS room data. It is not to scale and is not a substitute for architectural plans or on-site measurements.
Interior Features
Flooring:
Tile, Vinyl
Appliances:
Interior Features:
Living Room, Kitchen
Windows:
Basement:
Full, Interior Entry, Concrete
Laundry:
Security:
Construction & Materials
Year Built:
1918
Structure Type:
Exterior Materials:
Frame
Roof:
Shingle, Rubber
Foundation:
Stone
Stories:
5
Heating, Cooling & Utilities
Heating:
Baseboard, Natural Gas
Cooling:
Hot Water:
Natural Gas
Water Source:
Public
Sewer:
Public Sewer
Energy Features:
Exterior & Lot
Exterior Features:
Garden
Patio & Porch:
Deck
Fencing:
Other Structures:
Lot Features:
Other
Road Surface:
Parking & Garage
Parking Features:
Nearby Schools
School District
Lawrence School District local
D
Where Graduates Go
Class of 2021
36%
attend college
14%
4-Year
23%
2-Year
3%
Out of State
2%
Working
School Safety
2024-25
2.2%
Average
2.2%
Suspensions
1.1%
In-School
3.3% below state avg
Elementary Schools
3 schools
C+
Emily G Wetherbee School
0.2 mi
|
#235 of 352
|
Score: 37.5
Improved 1 spots from last year
-20.7 below state avg
480 students
Less Diverse
Rising School
Grades K-08
Lawrence Catholic Academy
0.3 mi
Grades PK-08
CLASS, Inc.
0.3 mi
Grades K-12
Middle Schools
3 schools
C-
Guilmette Middle School
0.7 mi
|
#294 of 352
|
Score: 31.8
Improved 4 spots from last year
-26.4 below state avg
457 students
Less Diverse
Grades 05-08
Blessed Stephen Bellesini O.S.A. Academy
0.8 mi
Grades 05-08
C-
Frost Middle School
0.9 mi
|
#297 of 352
|
Score: 31.7
Improved 21 spots from last year
-26.5 below state avg
508 students
Less Diverse
Rising School
Grades 05-08
High Schools
3 schools
B
High School Learning Center
0.3 mi
|
#172 of 346
|
Score: 71.1
Dropped 128 spots from last year
198 students
Less Diverse
Career Tech Programs
College Ready Curriculum
Grades 09-12
C
Lawrence High School
0.9 mi
|
#270 of 346
|
Score: 44.4
Improved 39 spots from last year
-13.8 below state avg
3,453 students
Less Diverse
13 sports
• 1,440 athletes
Early College Program
Rising School
Career Tech Programs
College Ready Curriculum
Grades 09-12
B
Phoenix Academy Public Charter High School, Lawrence
1.0 mi
|
#182 of 346
|
Score: 69.9
Dropped 160 spots from last year
140 students
Moderate
Career Tech Programs
College Ready Curriculum
Grades 09-12
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Location
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Neighborhood
South Lawrence
246-254 Salem St, Lawrence MA 01843
Lawrence, MA 01843
Listing Information
Listing Agent
Patrick Hermans
Listing Office
J. Borstell Real Estate, Inc.
Office Phone
978-502-8045
Agent MLS ID
CN225762
Office MLS ID
G80038
Listing Data Updated
Jan 28, 2025 1:38 PM EST
Listing information is deemed reliable but not guaranteed. Data provided by MLS Property Information Network, Inc. All information should be independently verified.
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