266 Canal St

    Salem, MA 01970
    • $4,950,000
    • STATUS: Under Agreement
    • MLS #: 72476553
    Pending
    UPDATED: 70 min ago
    $4,950,000
    • 0
      BEDS
    • 12.75
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 30,928
      SQFT
    • $160
      $/SQFT
    Neighborhood:
    Type:
    Commercial-Lease
    Built:
    1930
    County:
    Area:

    School Ratings & Info

    Listing courtesy of David Hark of The Drumlin Group Inc..

    Description

    This is an assemblage of three parcels of land on Canal Street, opposite Salem State University, in Salem, Ma. Two of the parcels have buildings with tenants who are "tenants-at will". There is considerable extra acreage here but we have included just 3.6 acres as being developable. The lots include 266, 288 and 282R Canal Street as shown on the assessors' plans. The combined site is ideal for a mixed use multi tenant retail and apartment development on the rail trail and near the proposed new South Salem MBTA rail stop. In addition to being for sale, the properties are for lease as a package. This will be an un-subordinated ground lease up to 99 years. Property owners will negotiate a "due diligence" period and "permitting period" with the potential developer. The asking ground rent is $275,000/year.

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    The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein. Data last updated 2019-10-21T20:06:33.93.
    www.trustrealtyone.com/homes/93354807

    266 Canal St Salem, MA 01970

    • Price: $4,950,000
    • Status: Under Agreement
    • Updated: 70 min ago
    • MLS #: 72476553
    0
    Beds
    0
    Baths
    0
    ½ Baths
    12.75
    Acres
    30,928
    SQFT
    $160
    $/SQFT
    1930
    Built
    Neighborhood:
    Other
    County:
    Essex
    Area:
    Other
    Property Description
    This is an assemblage of three parcels of land on Canal Street, opposite Salem State University, in Salem, Ma. Two of the parcels have buildings with tenants who are "tenants-at will". There is considerable extra acreage here but we have included just 3.6 acres as being developable. The lots include 266, 288 and 282R Canal Street as shown on the assessors' plans. The combined site is ideal for a mixed use multi tenant retail and apartment development on the rail trail and near the proposed new South Salem MBTA rail stop. In addition to being for sale, the properties are for lease as a package. This will be an un-subordinated ground lease up to 99 years. Property owners will negotiate a "due diligence" period and "permitting period" with the potential developer. The asking ground rent is $275,000/year.
    Exterior Features

    Parking Spaces 100 Stories 1

    Interior Features

    Maf Building Sq Ft 0.00 Ref Building Sq Ft 6720.00 Rsf Building Sq Ft 0.00 Total Building Sq Ft 30928.00 Waf Building Sq Ft 24208.00

    Property Features

    Assessed Value Building 537800.00 Assessed Value Land 1076500.00 Assessed Value Total 1614300.00 Commercial Industrial Type Land Disclosure No Exchange No Lease Yes Lease Type Ground Lease Lender Owned No Mau Units 0 Ofu Units 0 On File21 E No Reu Units 1 Rsu Units 0 Short Sale Lender App Required No Space Available For Sale/Lease Sublet No Tax Year 2019 Taxes 47702.00 Total Units 2 Wau Units 1 Year Built Source Pr Zone Description Other (See Remarks) Zoning B2

    Listing information © 2019 MLS Property Information Network. All information is deemed reliable but should be independently verified.
    Listing provided courtesy of David Hark of The Drumlin Group Inc..


    The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein. Data last updated 2019-10-21T20:06:33.93.
     
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    Listing courtesy of David Hark of The Drumlin Group Inc..