296-298 E Broadway · Salem, NJ 08079

$130,000

5 bd · 2.0 ba · — sqft · MultiFamily · 68 Days on market

Built 1940 6,599 sqft lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +4.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Commercial building located just outside of downtown Salem, building contains 1 storefront, 1 2 bedroom 2nd floor apartment. and 1 3 bedroom 2 story unit. The commercial storefront operated for many years as a hair salon. Great potential here, live in one unit, put your business in the storefront unit and rent out the out apartment, let someone else pay your mortgage for you!! There is a 4 car garage out back that needs lots of repairs. The property is being sold in total "as Is" condition. All reasonable offers considered.

Key facts

• 6,599 sq ft lot
• Built 1940
• Listed 68 days

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Fee simple ownership
• Construction: Mixed construction materials; Above- and below-grade structures
• Exterior features: Lot dimensions approximately 40 x 165

Interior

• Bedrooms: Five bedrooms on the main level
• Bathrooms: Two full bathrooms (both full baths on main level)
• Heating & cooling: Natural gas heating; Hot water system (other type)
• Interior features: Two or more access exits

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.1% vs local median 8.4% in Salem — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 61/100 on livability (#462 in NJ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime B; Watch: schools D, amenities F, commute F.
• Salem City School District (town): math 6% / reading 24% proficiency, ranked #464 of 472 in NJ (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 100 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).
• At $2,614/mo this rent would consume 57% of the median local household income ($55k/yr) (locally 663% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $405 of equity ($899 loan paydown + $-494 appreciation (-0.4% local appreciation)).
• Salem County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.4% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $15k; list at $130k implies a 767% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.01% ✓
• Cap rate: 17.06%
• Cash-on-cash: 38.46%
• DSCR: 2.71
• GRM: 4.1

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
162 Seventh St	0.25mi	5/2.0	2,061	6mo	$140,000	$68	71
385-387 E Broadway	0.30mi	5/—	3,126	4mo	$238,000	$76	70
208-210 Church St	0.16mi	6/— (+1)	2,921	11mo	$195,000	$67	66
217-219 Church St	0.15mi	6/2.0 (+1)	2,256	12mo	$177,500	$79	66
91 8th St	0.38mi	5/2.5	—	4mo	$89,250	—	65
297 Pearl St	0.39mi	5/—	2,444	8mo	$205,000	$84	62
127 Seventh St	0.33mi	5/2.0	2,482	13mo	$170,000	$68	61
204-206 Wesley St	0.17mi	4/1.0 (-1)	2,572	11mo	$180,000	$70	61
32 Olive St and 4 Oak St Salem	0.45mi	6/— (+1)	3,140	4mo	$99,900	$32	58
293 Pearl St	0.39mi	4/2.0 (-1)	1,792	12mo	$210,000	$117	54
77 W Broadway	0.68mi	5/—	2,841	8mo	$165,000	$58	49
37-39 Market St	0.52mi	6/— (+1)	5,028	11mo	$207,000	$41	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.38% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.8%
• Equity multiple: 2.87×
• Total profit: $68,232
• Equity at exit: $35,295

10-year hold

• IRR: 42.4%
• Equity multiple: 5.66×
• Total profit: $169,744
• Equity at exit: $40,516

Cash invested: $36,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 08079

• Home prices YoY: -0.1%
• Active inventory: 100
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $2,614 medium
• Mortgage (P&I): −$682
• Tax est. 1.5%: −$162 /mo · $1,950/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$549
• Net cashflow: $1,167

Break-even live

Break-even rent $1,137

Max offer price $130,000

Occupancy floor 50%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
270-272 Grant St Salem, NJ	4.0	1.0	1644	$2,100	$1.28	5d	1	0.25mi
167 Cook Ave Salem, NJ	4.0	2.0	—	$2,500	—	44d	1	0.65mi

Listing history 20 events

1. 2026-06-18
   days on market $130,000 Active 68 DOM
2. 2026-06-17
   days on market $130,000 Active 67 DOM
3. 2026-06-16
   days on market $130,000 Active 66 DOM
4. 2026-06-15
   days on market $130,000 Active 65 DOM
5. 2026-06-13
   days on market $130,000 Active 63 DOM
6. 2026-06-13
   days on market $130,000 Active 62 DOM
7. 2026-06-09
   days on market $130,000 Active 59 DOM
8. 2026-06-08
   days on market $130,000 Active 58 DOM
9. 2026-06-07
   days on market $130,000 Active 57 DOM
10. 2026-06-04
    days on market $130,000 Active 54 DOM
11. 2026-06-03
    days on market $130,000 Active 53 DOM
12. 2026-06-02
    days on market $130,000 Active 52 DOM
13. 2026-06-01
    days on market $130,000 Active 51 DOM
14. 2026-05-31
    days on market $130,000 Active 50 DOM
15. 2026-04-11
    listed $130,000 Active
16. 2017-11-30
    soldstatus $15,000 Sold 543-char remark

    Show marketing remark (543 chars)

    Commercial building located just outside of downtown Salem, building contains 1 storefront, 1 2 bedroom 2nd floor apartment. and 1 3 bedroom 2 story unit. The commercial storefront operated for many years as a hair salon. Great potential here, live in one unit, put your business in the storefront unit and rent out the out apartment, let someone else pay your mortgage for you!! There is a 4 car garage out back that needs lots of repairs. The property is being sold in total "as Is" condition. All reasonable offers considered.

17. 2017-11-14
    status Under Contract 543-char remark

    Show marketing remark (543 chars)

    Commercial building located just outside of downtown Salem, building contains 1 storefront, 1 2 bedroom 2nd floor apartment. and 1 3 bedroom 2 story unit. The commercial storefront operated for many years as a hair salon. Great potential here, live in one unit, put your business in the storefront unit and rent out the out apartment, let someone else pay your mortgage for you!! There is a 4 car garage out back that needs lots of repairs. The property is being sold in total "as Is" condition. All reasonable offers considered.

18. 2017-08-16
    price $25,000 543-char remark

    Show marketing remark (543 chars)

    Commercial building located just outside of downtown Salem, building contains 1 storefront, 1 2 bedroom 2nd floor apartment. and 1 3 bedroom 2 story unit. The commercial storefront operated for many years as a hair salon. Great potential here, live in one unit, put your business in the storefront unit and rent out the out apartment, let someone else pay your mortgage for you!! There is a 4 car garage out back that needs lots of repairs. The property is being sold in total "as Is" condition. All reasonable offers considered.

19. 2017-08-07
    price $45,000 543-char remark

    Show marketing remark (543 chars)

    Commercial building located just outside of downtown Salem, building contains 1 storefront, 1 2 bedroom 2nd floor apartment. and 1 3 bedroom 2 story unit. The commercial storefront operated for many years as a hair salon. Great potential here, live in one unit, put your business in the storefront unit and rent out the out apartment, let someone else pay your mortgage for you!! There is a 4 car garage out back that needs lots of repairs. The property is being sold in total "as Is" condition. All reasonable offers considered.

20. 2017-03-17
    listed $50,000 Active 543-char remark

    Show marketing remark (543 chars)

    Commercial building located just outside of downtown Salem, building contains 1 storefront, 1 2 bedroom 2nd floor apartment. and 1 3 bedroom 2 story unit. The commercial storefront operated for many years as a hair salon. Great potential here, live in one unit, put your business in the storefront unit and rent out the out apartment, let someone else pay your mortgage for you!! There is a 4 car garage out back that needs lots of repairs. The property is being sold in total "as Is" condition. All reasonable offers considered.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $31,367
• − Mortgage interest: −$7,282
• − Property taxes: −$1,950
• − Insurance: −$650
• − Repairs & maintenance: −$2,509
• − Management: −$2,509
• − Depreciation: −$3,782
• Taxable income: $12,684
• Est. tax owed @ 24.0%: −$3,044
• After-tax cash flow: $10,955/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Salem City School District
• NCES district ID: 3414550
• Math proficiency: 6% ▼ -1.00%
• Reading proficiency: 24% ▲ 2.00%
• Median HH income: $27,118
• Composite: 11.51/100
• National rank: #9702
• State rank: #464 of 472 in NJ

Livability — Salem

• Score: 61/100
• State rank: #462
• US rank: #17533

Category grades

Amenities F Commute F Cost of living A+ Crime B Employment F Housing F Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, NJ
• County: Salem County · 24,175 people
• City population: 10,762
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 10,762
• Household income: $54,641
• Rent vs Own: 42.5% rent · 57.5% own
• Severe rent burden: 663.0

Population outlook (Salem County) Hauer SSP2

• Today (2025): 59,905 people
• By 2030: 57,351 · -4.3%
• By 2040: 51,837 · -13.5%
• By 2050: 46,356 · -22.6%
• By 2075: 36,452 · -39.2%
• By 2100: 28,907 · -51.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 59% Black 31% Hispanic / Latino 6% Two or more races 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 4% Tagalog/Filipino 1%

Political lean MEDSL · Salem

• 2024 margin: R (+19.2) · D 39.6% · R 58.8% · Other 1.6%
• 2008→2024 swing: -23.1pp toward R · 2008: 3.9pp · 2024: -19.2pp
• All cycles: 2024: R+19.2 2020: R+12.8 2016: R+15.4 2012: D+0.8 2008: D+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.38%
• Current HPI: 258.0047
• Rent YoY: —
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

+160.0% since first listed

6 events — show timeline

• 2026-04-11 Listed $130,000 BRIGHT MLS
• 2017-11-30 Sold (MLS) $15,000 TREND
• 2017-11-14 Pending — TREND
• 2017-08-16 Price Changed $25,000 TREND
• 2017-08-07 Price Changed $45,000 TREND
• 2017-03-17 Listed $50,000 TREND