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16 Franklin Street #2302 Salem — Photo 1 of 42

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.

View Standard Listing

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

Original Price$1,199,000
Annual Taxes$10,946.72
HOA Fee$724

Parking

Garage1
Off-Street2

Interior Specifications

Total Rooms6
FireplacesNone
FlooringWood, Tile
BasementN

Climate & Utilities

HeatingHeat Pump, Unit Control
CoolingHeat Pump, Unit Control
WaterPublic
SewerPublic Sewer

Building & Exterior

ConstructionFrame, Stone
RoofRubber
Foundation--
ZoningN River CC

Property & Lot

Acres--
SqFt Lot--
Lot Features--

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

Main,Third
Living RoomDining RoomKitchenPrimary BedroomBedroom 2Bathroom 1Bathroom 2
Main
Office
Living Room
Lvl Main,Third

Flooring - Wood, Deck - Exterior, High Speed Internet Hookup, Open Floorplan, Recessed Lighting, Slider, Lighting - Overhead, Decorative Molding

Dining Room
Lvl Main,Third

Flooring - Wood, Open Floorplan, Lighting - Overhead

Kitchen
Lvl Main,Third

Flooring - Wood, Dining Area, Countertops - Stone/Granite/Solid, Kitchen Island, Open Floorplan, Recessed Lighting, Stainless Steel Appliances, Lighting - Pendant, Decorative Molding

Office
Lvl Main

Flooring - Wood, Lighting - Overhead

Primary Bedroom
Lvl Main,Third

Bathroom - Full, Walk-In Closet(s), Flooring - Wood, Recessed Lighting, Crown Molding

Bedroom 2
Lvl Main,Third
Bathroom 1
Lvl Main,Third

Bathroom - 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,Third

Bathroom - Full, Bathroom - Tiled With Tub & Shower, Flooring - Stone/Ceramic Tile, Recessed Lighting

Property History

Listed
$1,199,000

Oct 3, 2026

MLS® 73586241

Terminated
$1,200,000

Aug 24, 2026

MLS® 73540184

Listed
$1,200,000

Jun 23, 2026

MLS® 73540184

Listing Provided By

Listing Agent: Mark M. Wade

Listing Office: Coldwell Banker Realty - Marblehead

MLS® Number: 73586241