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$625,000
Total Beds: 2 Total Baths: 2
Total Units: 2 SQFT: 1786
LOT size: 0.04 Acres
5 Herbert St
Salem, MA 01970
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Property Description

EASY TO OWN - Well-Maintained 2-Unit Apartment Building in a Prime Location. An investment opportunity in an area tenants love. This well-kept 2-unit property features two one-bedroom apartments and additional finished attic space. Just moments from the train, Derby Wharf, Salem Common, Peabody-Essex Museum, and downtown shops and restaurants, making it highly desirable for renters. Property Features: Coin-op laundry in the basement, individual FHW gas heating units (installed within the last 5 years), tandem parking for 2 cars, plus on-street permit parking, newer carpets, and replacement of some windows, skylights, and a Juliet balcony on the third floor. FOR THE SMART BUYER looking to invest in a property with strong rental appeal and long-term potential. Showings by appointment only, beginning on Saturday 1pm-3pm. Please allow 48 hours for responses to Offers. Seller reserves the right to accept an Offer at any time.

Property Details

Building Information

  • Total Units: 2
  • Total Floors: 2
  • Total Bedrooms: 2
  • Total Full Baths: 2
  • Amenities: Bike Path, Conservation Area, Laundromat, Marina, Medical Facility, Park, Public School, Public Transportation, Shopping, T-Station, University, Walk/Jog Trails
  • Basement Features: Concrete Floor, Full, Interior Access, Unfinished Basement
  • Common Rooms: Kitchen, Living Room
  • Common Interior Features: Bathroom With Tub & Shower
  • Common Appliances: Dryer, Range, Refrigerator, Washer
  • Common Heating: Extra Flue, Gas, Gas, Geothermal Heat Source, Heat Pump, Hot Air Gravity, Hot Water Baseboard, Humidifier, Individual, None, Oil, Other (See Remarks)
  • Common Cooling: None

Financial

  • APOD Available: No
  • Expenses Source: Owner Provided
  • Gross Operating Income: 39600
  • Gross Expenses: 4468
  • Electric Expenses: 423
  • Water/Sewer: 560
  • INSC: 2561
  • RFS: 924
  • Net Operating Income: 35972

Utilities

  • Heat Zones: 3
  • Electric Info: Circuit Breakers, Individually Metered, Underground
  • Water: City/Town Water, Private
  • Sewer: City/Town Sewer, Private

Unit 1 Description

  • Included in Rent: Electric, Water
  • Under Lease: No
  • Floors: 1
  • Levels: 1

Unit 2 Description

  • Included in Rent: Water
  • Under Lease: Yes
  • Floors: 2
  • Levels: 1

Construction

  • Year Built: 1864
  • Foundation Info: Fieldstone
  • Roof Material: Aluminum, Asphalt/Fiberglass Shingles
  • Flooring Type: Laminate, Vinyl, Wall to Wall Carpet
  • Lead Paint: Unknown
  • Warranty: No

Other Information

  • MLS ID# 73506256
  • Last Updated: 04/23/26

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Map

Seller's Representative: Tina McManus, J. Barrett & Company
Sub Agent Compensation: n/a
Buyer Agent Compensation: n/a
Facilitator Compensation: n/a
Compensation Based On: n/a
Sub-Agency Relationship Offered: No

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MLS PIN data last updated at 2026-04-23 09:28:00