SalemNews.com, Salem, MA

Homes of the Week

February 21, 2014

Commercial real estate red hot in Salem

When opportunity knocks, the ambitious entrepreneur always answers. So, it only stands to reason that this lead-compliant, six-unit/three-bedroom multifamily in Salem proved very quickly to be a hot commodity. Complete with generous city parking, newer utilities and additional rental prospects, this investment property was barely a “blip” on the market.

“I would love to tell you about this great prospect that we just listed for sale, but it has already sold,” says broker Julianna Tache, owner of Tache Real Estate. “In just eight days, we fielded multiple offers for this excellent income property and leveraged the lack of quality investments to reach an agreement right away.”

Complete with vinyl replacement windows throughout, basement storage, individual laundry hookups, a newer roof and six garage stalls, this particular offering was clearly desirable. However, Tache also credits the current economic conditions for what appears to be a resurgence in the buying of commercial real estate.

“This is a prime example of where we are in the market right now. With the stock market returns OK at best, the demand for passive income properties is high. Coupled with still favorable interest rates, even on commercial loans like this one, limited inventory keeps these assets in high demand,” she says.

When considering a real estate investment such as this, Tache stresses the importance of tactical planning and proper guidance. She believes that prospective stakeholders need to relate to their real estate professional, what it is that matters to them in order to receive the most effective assistance. According to the Realtor, the benefits of investments such as these are many. They may include monthly passive income for profit, a reduction in income tax from yearly depreciation, reduced capital gains upon eventual sale or a tax-deferred exchange into another property.

“This particular opportunity truly works on all levels: immediate, short term and long term. This is a great piece of property in a great location close to downtown, the beach, Forest River Park and Salem State University,” says Tache. “Unlike most investments, rental property is insurable, fairly liquid, and your renters pay for it for you. Imagine where the condo market will be in 10 to 15 years!”

For a confidential consultation, whether buying or selling, call Tache Real Estate, Salem’s only second-generation, family-operated real estate firm, at 978-745-2004.

AT A GLANCE

  • 6, 3-bedroom unit multifamily
  • 6,561 square feet
  • 6-bay garage
  • SOLD within 8 days

LISTED BY

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