Investment Analysis — 393 Essex St

In Salem’s coveted McIntire Historic District, this grand mid-18th-century residence offers a rare marriage of historic character and turnkey investment potential. Sensitively converted into five residences and renovated to the studs in 2022, the property retains remarkable period details, including a graceful three-story Federal staircase, wainscoting and glorious paneled walls. Generating approximately $160K annually, it is equally compelling as a pure investment or for an owner who wants to live beautifully while four additional units offset carrying costs. The sprawling first-floor residence feels more like a private home, with two ensuite bedrooms, gracious living and dining rooms, original interior shutters, and a serious cook’s kitchen with an 8-burner commercial range and abundant wood and quartz counters. The dining room opens private yard with an intricate bluestone patio, generous lawn and private parking. Four additional one-bedroom apartments above offer strong rental appeal. Each unit has separately metered gas and electric, its own HVAC and hot water, while the building is fully sprinklered and fire monitored. All this less than 30 seconds from fabled Chestnut Street and moments from downtown Salem’s restaurants, shops and commuter rail.