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$ 1,350,000
Est. payment /mo
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385-387 Salem St Malden, MA 02148
6,055 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 6,055 sqft
Price per Sqft $222
MLS Listing ID 73374216
HOA Y/N false
Year Built 1900
Annual Tax Amount $14,854
Tax Year 2024
Lot Size 2,613 Sqft
Acres 0.06
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.
Exterior
Utilities Available Public Water, Public Sewer, Natural Gas Available
Roof Type Tar/Gravel
Others
Senior Community false
Listed by Leading Edge Real Estate