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3 Cleveland St Salem — Photo 1 of 42

3 Cleveland St Salem — Photo 1 of 42

$599,900

Investment Analysis — 3 Cleveland St

Salem, MA 01970

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 4.17% cap rate and $25,031/yr in estimated NOI at the $599,900 list price. Adjust every assumption in the calculator below.

View Standard Listing

Beds

4

Baths

2

SqFt

1,842

Style

Single Family

Built

1895

At $599,000 in Salem, you're probably expecting to compromise somewhere. But what if the trade-off gave you possibilities you weren't expecting?3 Cleveland Street is a 4-bedroom, 2-bath home with nearly 1,850 square feet, but the real story is how that space can work for you. The second floor has its own entrance, bedroom, full bath, kitchen area, living/dining space and sunroom. For someone thinking about multigenerational living or exploring the possibility of a future ADU, the layout is already there without giving up the space you need on the first floor.Downstairs, the kitchen is the kind of room you'll actually use, with plenty of cabinetry, stainless steel appliances and room to gather. Every bedroom has its own mini-split, the roof is newer, the gas heating system is less than 10 years old, and there's a small fenced yard out back.Then there's the location. Salem State University, Salem Hospital, Salem High School and Horace Mann School are all approximately a mile or less away, while downtown Salem and the commuter rail station are less than two miles away.This isn't a house pretending to be something it's not. It's a home for someone who sees value in space, flexibility and what could be possible here. At $599,000, that might be exactly the trade-off you've been looking for.

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 1,842 sq ft principal dwelling). Lot size: 2,631 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.

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Property Details

Financials

Original Price$599,900
Annual Taxes$5,886

Parking

Garage0
Off-Street2

Interior Specifications

Total Rooms10
FireplacesNone
FlooringFlooring - Wall to Wall Carpet
BasementFull, Concrete, Unfinished

Climate & Utilities

HeatingForced Air, Natural Gas
CoolingDuctless
WaterPublic
SewerPublic Sewer

Building & Exterior

ConstructionFrame
RoofShingle
FoundationBlock
ZoningR1

Property & Lot

Acres0.06
SqFt Lot2,631
Lot FeaturesCorner Lot

Amenities & Appliances

Gas Water Heater • ENERGY STAR Qualified Refrigerator • ENERGY STAR Qualified Dryer • ENERGY STAR Qualified Dishwasher • ENERGY STAR Qualified Washer

Neighborhood

Public Transportation • Shopping • Pool • Tennis Court(s) • Park • Walk/Jog Trails

Geography

Floorplan Breakdown

Structural Layout

Second
OfficeBedroom 3Bedroom 4Bathroom 2
First
Bathroom 1
Main,First
Living RoomDining RoomKitchenMaster BedroomBedroom 2
Living Room
Lvl Main,First

12 x 12

Ceiling Fan(s), Flooring - Vinyl, Open Floorplan

Dining Room
Lvl Main,First

8 x 11

Flooring - Vinyl, Open Floorplan

Kitchen
Lvl Main,First

15 x 14

Flooring - Stone/Ceramic Tile, Open Floorplan, Recessed Lighting

Office
Lvl Second

9 x 15

Flooring - Wall to Wall Carpet

Master Bedroom
Lvl Main,First

16 x 11

Flooring - Wall to Wall Carpet

Bedroom 2
Lvl Main,First

9 x 15

Bedroom 3
Lvl Second

9 x 16

Flooring - Wall to Wall Carpet

Bedroom 4
Lvl Second

11 x 11

Flooring - Wall to Wall Carpet

Bathroom 1
Lvl First

9 x 4

Bathroom - Full

Bathroom 2
Lvl Second

6 x 4

Bathroom - Full

Listing Provided By

Listing Agent: The Alianza Group

Listing Office: Nina-Soto Realty, LLC

MLS® Number: 73575498