
16 Franklin Street #2302 Salem — Photo 1 of 42
$1,199,000
Investment Analysis — 16 Franklin Street #2302
Salem, MA 01970
Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 2-bedroom in 01970 carries an estimated $2,560/mo in gross rent — about a 0.31% cap rate and $3,712/yr in estimated NOI at the $1,199,000 list price. Adjust every assumption in the calculator below.
Beds
2
Baths
2
SqFt
1,455
Style
Condominium
Built
2025
This exceptional residence (Unit 2302) just became available, offering the very best direct water views on the market at RIVERWALK. Situated closest to the waterfront, Unit 2302 offers superior views from every room, while a private balcony captures sweeping river and city vistas. The bright open-concept layout, soaring ceilings, and south-facing oversized windows are sure to impress the most discerning buyers. This newer-construction (2025) residence offers two primary suites, two full baths, and a separate home office. The chef’s kitchen features a beautiful center island clad in stone, Bosch stainless steel appliances, including a state-of-the-art induction range, custom cabinetry, stone countertops, and a matching stone backsplash. The primary suite features a walk-in closet and spa-like bath with heated floors, heated towel rack, double vanity, seamless glass shower, and smart bidet. Unit 2302 also comes with two deeded parking spaces, including one heated garage space, plus a private storage room—valuable upgrades purchased separately by the current owner. Elevator service adds convenience, while common amenities include a clubroom lounge and fitness center, both currently under construction, plus a riverside outdoor kitchen and patio area. Leave your car at home—downtown Salem’s restaurants, shops, museums, and commuter rail to Boston are all just minutes away. This is a must-see residence at Salem’s premier waterfront condominium community. Easy to show!
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.
Property Details
Financials
Parking
Interior Specifications
Climate & Utilities
Building & Exterior
Property & Lot
Amenities & Appliances
Range • Dishwasher • Disposal • Microwave • Refrigerator • Freezer • Washer • Dryer
Neighborhood
Public Transportation • Tennis Court(s) • Park • Walk/Jog Trails • Golf • Medical Facility
Geography
Floorplan Breakdown
Structural Layout
Living Room
Lvl Main,ThirdFlooring - Wood, Deck - Exterior, High Speed Internet Hookup, Open Floorplan, Recessed Lighting, Slider, Lighting - Overhead, Decorative Molding
Dining Room
Lvl Main,ThirdFlooring - Wood, Open Floorplan, Lighting - Overhead
Kitchen
Lvl Main,ThirdFlooring - Wood, Dining Area, Countertops - Stone/Granite/Solid, Kitchen Island, Open Floorplan, Recessed Lighting, Stainless Steel Appliances, Lighting - Pendant, Decorative Molding
Office
Lvl MainFlooring - Wood, Lighting - Overhead
Primary Bedroom
Lvl Main,ThirdBathroom - Full, Walk-In Closet(s), Flooring - Wood, Recessed Lighting, Crown Molding
Bedroom 2
Lvl Main,ThirdBathroom 1
Lvl Main,ThirdBathroom - Full, Bathroom - Double Vanity/Sink, Bathroom - Tiled With Shower Stall, Closet - Linen, Closet/Cabinets - Custom Built, Flooring - Stone/Ceramic Tile, Countertops - Stone/Granite/Solid, Double Vanity, Recessed Lighting
Bathroom 2
Lvl Main,ThirdBathroom - Full, Bathroom - Tiled With Tub & Shower, Flooring - Stone/Ceramic Tile, Recessed Lighting
Property History
$1,199,000
Oct 3, 2026
MLS® 73586241
$1,200,000
Aug 24, 2026
MLS® 73540184
$1,200,000
Jun 23, 2026
MLS® 73540184
Listing Agent: Mark M. Wade
Listing Office: Coldwell Banker Realty - Marblehead
MLS® Number: 73586241








