Four-unit residential buildings are a rarity in Salem. They seldom hit the market, and when they do, they typically need some TLC. 50-52 Roslyn Street was a rare gem – meticulously well maintained, in a desirable location, with both short-term advantages and a solid long-term play. The property required little work out of the gate. Sprucing up of the units will help to secure much higher rents and immediately improve the cap-rate to a projected 10%. The unfinished attic presents a perfect expansion opportunity, making this an ideal purchase for a condo conversion down the road.
Working on the buy-side of this transaction, I had to overcome a few small hurdles to get this property to close. Most notably an easement had to be negotiated to legitimize access to the parking area from the street. These challenges reaffirmed the importance of having not only a knowledgeable realtor®, but a solid team of lenders and attorneys on the buyer’s side of the court. The situation delayed the closing several months, but well worth the wait.