
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.
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
Parking
Interior Specifications
Climate & Utilities
Building & Exterior
Property & 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
Living Room
Lvl Main,First12 x 12
Ceiling Fan(s), Flooring - Vinyl, Open Floorplan
Dining Room
Lvl Main,First8 x 11
Flooring - Vinyl, Open Floorplan
Kitchen
Lvl Main,First15 x 14
Flooring - Stone/Ceramic Tile, Open Floorplan, Recessed Lighting
Office
Lvl Second9 x 15
Flooring - Wall to Wall Carpet
Master Bedroom
Lvl Main,First16 x 11
Flooring - Wall to Wall Carpet
Bedroom 2
Lvl Main,First9 x 15
Bedroom 3
Lvl Second9 x 16
Flooring - Wall to Wall Carpet
Bedroom 4
Lvl Second11 x 11
Flooring - Wall to Wall Carpet
Bathroom 1
Lvl First9 x 4
Bathroom - Full
Bathroom 2
Lvl Second6 x 4
Bathroom - Full
Listing Agent: The Alianza Group
Listing Office: Nina-Soto Realty, LLC
MLS® Number: 73575498
