42 School St #2 Salem — Photo 1 of 31
$575,000
Investment Analysis — 42 School St #2
Salem, MA 01970
Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 2-bedroom in 01970 carries an estimated $2,560/mo in gross rent — about a 2.63% cap rate and $15,131/yr in estimated NOI at the $575,000 list price. Adjust every assumption in the calculator below.
Beds
2
Baths
2
SqFt
1,644
Style
Condominium
Built
1880
Nestled in Salem, this multi-level Unit at 40-42 School St offers the perfect balance of modern amenities and enduring character. This sun-filled home features an open-concept kitchen with quartz countertops, custom cabinetry, stainless steel appliances, and a spacious island ideal for entertaining. The layout flows seamlessly into a dedicated dining area and inviting living space with hardwood floors throughout. The home offers generously sized bedrooms, a stylishly updated bathroom with tiled shower, and a versatile top-floor bonus space perfect for a home office or flex use. Additional highlights include in-unit laundry, flexible floorplan, and thoughtful design throughout along with storage area in basement. Conveniently located near downtown, shops, restaurants, and major routes. Salem commuter rail station with direct access to Boston—perfect for commuters or anyone looking for convenience.—this is a turnkey opportunity you don’t want to miss.
Estimates — not financial advice
These figures are illustrative estimates for informational purposes only — not an appraisal, valuation, or guarantee of rent, income, or returns, and not financial, tax, or investment advice. Rent is either the figure reported on the MLS listing — in-place rent that may differ from market and is not verified against the actual leases — or, where the listing reports none, an estimate from HUD Small Area Fair Market Rents, a government benchmark that may differ from actual market rent. Each figure is labelled with its source. Cap rate, NOI, and returns depend on the assumptions shown, which you can change. MLS and other third-party data may be inaccurate or out of date. Verify all figures independently and consult your own financial, tax, and legal advisors before making any investment decision.
Property Details
Financials
Parking
Interior Specifications
Climate & Utilities
Building & Exterior
Property & Lot
Amenities & Appliances
Range • Dishwasher • Disposal • Microwave • Refrigerator • Washer • Dryer
Neighborhood
Public Transportation • Shopping • Tennis Court(s) • Park • Walk/Jog Trails • Stable(s)
Geography
Property History
$575,000
Sep 2, 2026
MLS® 73570926
$575,000
Sep 1, 2026
MLS® 73528008
$575,000
Jun 2, 2026
MLS® 73528008
$630,000
Oct 31, 2025
MLS® 73375723
$3,650
Sep 30, 2025
MLS® 73404160
$3,650
Jul 14, 2025
MLS® 73404160
$630,000
May 15, 2025
MLS® 73375723
Listing Agent: The Movement Group
Listing Office: Compass
MLS® Number: 73570926