47 Federal Street Salem — Photo 1 of 5
Recent Drop: $20,000
$579,900
Investment Analysis — 47 Federal Street
Salem, MA 01970 — Downtown
Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 4-bedroom in 01970 carries an estimated $3,390/mo in gross rent — about a 3.36% cap rate and $19,495/yr in estimated NOI at the $579,900 list price. Adjust every assumption in the calculator below.
Beds
4
Baths
1
SqFt
2,433
Style
Single Family
Built
1787
Well located 1787 Gambrel office building directly across from courthouse , 1 block to train and parking garage. Currently used as Attorney At Law Office. Huge plus is the off street parking allowing for 2 car tandem parking. The building also has central air and is within moments to banks, restaurants. Very high "in and out" index. BUyers and buyers agent should determine of a change of usage is possible.
ADU Potential
Massachusetts allows one accessory dwelling unit by right in single-family zoning districts statewide (M.G.L. c. 40A §3; 760 CMR 71.00, effective Feb 2025). Estimated maximum ADU size for this property: 900 sq ft (the lesser of 900 sq ft or half the 2,433 sq ft principal dwelling). Lot size: 1,960 sq ft.
Based on listing data, which indicates the property type — not the zoning district. Local dimensional, septic (Title 5), and historic-district requirements still apply. Not legal advice — verify with the municipality.
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 MLS and other third-party data may be inaccurate or out of date.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
Neighborhood
Public Transportation • Shopping • Tennis Court(s) • Park • Walk/Jog Trails • Golf
Geography
Property History
$579,900
Was $599,900
Sep 9, 2026
MLS® 73548035
$599,900
Jul 10, 2026
MLS® 73548035
$599,900
Jul 10, 2026
MLS® 73548036
$669,000
Jan 30, 2026
MLS® 73464715
$669,000
Jan 15, 2026
MLS® 73453127
$669,000
Jan 2, 2026
MLS® 73464715
$669,000
Dec 31, 2025
MLS® 73457035
$669,000
Nov 21, 2025
MLS® 73457035
$669,000
Nov 10, 2025
MLS® 73453127
$376,000
Feb 28, 2007
MLS® 70494035
$376,000
Nov 28, 2006
MLS® 70494035
Listing Agent: George Fallon
Listing Office: Tache Real Estate, Inc.
MLS® Number: 73548035