385-387 Salem St new Save Request In-Person Tour Request Virtual Tour
Malden,MA 02148
Key Details
Property Type Multi-Family
Sub Type 5+ Family - 5+ Units Up/Down
Listing Status Active
Purchase Type For Sale
Square Footage 6,055 sqft
Price per Sqft $222
MLS Listing ID 73373885
Bedrooms 6
Full Baths 4
Year Built 1900
Annual Tax Amount $14,854
Tax Year 2024
Lot Size 2,178 Sqft
Acres 0.05
Property Sub-Type 5+ Family - 5+ Units Up/Down
Property Description
Nestled in the NB (Neighborhood Business) zone and directly on high-traffic bus routes (106, 108, 411, 430), this mixed-use asset offers seamless access to Malden Center, Sullivan Square (Orange Line), Linden, Somerville, Medford, Everett, Cambridge, and Boston. Surrounded by over 300 active businesses in a thriving commercial corridor, 385-387 Salem Street features four residential units and one commercial space—presenting immediate upside through lease-up of current vacancies. Recent upgrades include 4 new gas hot water tanks for residents and an electric hot water tank for the commercial unit. With separate utilities, ample street parking, and strategic access to Route 60, I-93, Route 1, and the Fellsway (Route 28), this property offers strong income with multiple value-add opportunities. Further due diligence may uncover additional paths for reconfiguration, subject to city permits. A compelling opportunity in a high-demand market for savvy investors.
Location
State MA
County Middlesex
Area Faulkner
Zoning NB
Direction On Salem St. near Broadway, on MBTA bus lines, close to Route 1 & 60, prime high-traffic location
Rooms
Basement Walk-Out Access,Concrete,Unfinished
Interior
Interior Features Pantry,Bathroom with Shower Stall,Internet Available - Unknown,Living Room,Dining Room,Kitchen
Heating Electric
Cooling None
Flooring Tile,Concrete,Hardwood,Carpet,Wood
Appliance None,Range,Refrigerator
Exterior
Exterior Feature Balcony
Community Features Public Transportation,Shopping,Highway Access,Public School,T-Station,Sidewalks
Utilities Available for Gas Range,for Electric Range
Roof Type Tar/Gravel
Garage No
Building
Lot Description Corner Lot
Story 11
Foundation Brick/Mortar
Sewer Public Sewer
Water Public
Schools
Elementary Schools Salemwood
Middle Schools Salemwood
High Schools Malden High
Others
Senior Community false