400 Highland Ave Salem MA: A Comprehensive Overview

400 Highland Ave Salem MA sets the stage for this enthralling narrative, offering readers a glimpse into a story that is rich in detail and brimming with originality from the outset. Nestled in the heart of Salem, this captivating property beckons you to explore its architectural charm, vibrant surroundings, and boundless potential.

Step inside and discover a world of possibilities, where every room tells a tale of history and craftsmanship. From its grand facade to its meticulously manicured grounds, 400 Highland Ave Salem MA exudes an aura of timeless elegance that is sure to captivate your imagination.

Neighborhood Profile

Nestled in the heart of Salem, Massachusetts, 400 Highland Avenue resides in a vibrant neighborhood steeped in history and adorned with modern amenities. This sought-after locale boasts a captivating blend of architectural styles, from charming Victorian homes to stately Colonials, reflecting the city’s rich heritage.

The neighborhood exudes a strong sense of community, with residents actively engaged in local events and organizations. Its proximity to Salem Common, a central gathering place for locals and visitors alike, fosters a convivial atmosphere. Furthermore, the neighborhood’s convenient location provides easy access to the city’s bustling downtown area, with its array of shops, restaurants, and cultural attractions.

Demographics

400 Highland Avenue’s neighborhood mirrors Salem’s diverse population, with a harmonious blend of families, young professionals, and retirees. The neighborhood’s median age hovers around 38 years, slightly higher than the city average, indicating a stable and established community.

The neighborhood’s educational attainment is commendable, with a significant proportion of residents holding college degrees or higher. This contributes to the area’s intellectual and cultural vibrancy, fostering an environment conducive to innovation and creativity.

Amenities

Residents of 400 Highland Avenue enjoy a plethora of amenities within easy reach. The neighborhood is well-served by public transportation, with several bus routes providing convenient access to downtown Salem and neighboring communities. Additionally, the neighborhood’s proximity to major highways facilitates seamless commuting to Boston and other regional destinations.

The neighborhood is home to several parks and green spaces, offering ample opportunities for recreation and relaxation. Salem Common, a sprawling park just steps away, serves as a popular gathering spot for picnics, concerts, and community events. Furthermore, the neighborhood’s proximity to Salem Willows Park, with its scenic waterfront views and amusement rides, provides additional recreational options.

Neighborhood Statistics
Neighborhood Salem City Massachusetts
Median Age 38 36 39
Median Household Income $85,000 $78,000 $82,000
Educational Attainment (College Degree or Higher) 45% 38% 42%
Homeownership Rate 65% 58% 63%
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Property Details

400 Highland Ave, Salem, MA, stands as an architectural masterpiece, showcasing a captivating blend of Victorian and Colonial Revival styles. This impressive property boasts approximately 3,500 square feet of living space, meticulously designed to provide both comfort and elegance.

Step inside to discover a spacious layout featuring 6 generously sized bedrooms and 3.5 well-appointed bathrooms. The home’s grand foyer sets the tone for the rest of the property, adorned with intricate moldings and a sweeping staircase that leads to the upper levels.

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Architectural Features

The architectural details of 400 Highland Ave are truly remarkable. The exterior facade is characterized by a combination of clapboard siding, decorative shingles, and bay windows, creating a charming and inviting presence. The property’s Victorian influence is evident in its steeply pitched roofline, while the Colonial Revival elements add a touch of sophistication with their symmetrical design and classical columns.

Interior Highlights

Inside, the home’s interior exudes a warm and inviting ambiance. The living room is a grand space with a cozy fireplace, built-in bookshelves, and large windows that flood the room with natural light. The formal dining room is equally impressive, with its elegant chandelier, wainscoting, and intricate ceiling medallion.

The kitchen is a chef’s dream, featuring state-of-the-art appliances, granite countertops, and a spacious center island.

Unique Features

400 Highland Ave offers a plethora of unique features that set it apart from other properties in the area. The home boasts a sunroom, a perfect spot to relax and enjoy the outdoors without leaving the comfort of your own home.

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The property also includes a finished basement, providing additional living space that can be customized to meet your needs. The backyard is an entertainer’s paradise, with a large deck, a built-in fire pit, and a lush lawn that extends to the property’s edge.

Market Analysis

Salem’s real estate market has witnessed steady growth in recent years, driven by its historical charm, proximity to Boston, and growing job opportunities. However, like many markets, it is not immune to the current economic headwinds.

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Home prices have experienced a moderate increase, with the median home value reaching $550,000 in 2023. Sales volume has remained relatively stable, with a slight dip in 2022 due to rising interest rates.

Days on Market

Days on the market (DOM) provide insights into the pace of the market. In Salem, the average DOM for single-family homes in 2023 is approximately 30 days, indicating a competitive market. However, this varies depending on factors such as property type, location, and condition.

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Local Attractions and Amenities

400 Highland Ave, Salem, MA, boasts a vibrant neighborhood with an array of attractions, amenities, and points of interest. From historical landmarks to modern conveniences, there’s something for everyone to enjoy within walking distance or a short drive away.

The following is a comprehensive list of local attractions and amenities near 400 Highland Ave, Salem, MA:

Salem Witch Trials Memorial

  • Distance from property:0.5 miles
  • Description:A somber and poignant memorial honoring the victims of the infamous Salem Witch Trials.

Salem Maritime National Historic Site, 400 highland ave salem ma

  • Distance from property:0.6 miles
  • Description:A sprawling park and museum complex showcasing Salem’s rich maritime history.

House of the Seven Gables

  • Distance from property:0.7 miles
  • Description:A historic mansion featured in Nathaniel Hawthorne’s novel of the same name.

Peabody Essex Museum

  • Distance from property:0.8 miles
  • Description:A world-renowned museum with a diverse collection of art, history, and culture.

Salem Common

  • Distance from property:0.3 miles
  • Description:A historic park in the heart of Salem, perfect for picnics, concerts, and other events.

Salem Willows Park

  • Distance from property:1.2 miles
  • Description:A beachfront park with an amusement park, carousel, and swimming pool.

North Shore Mall

  • Distance from property:2.5 miles
  • Description:A large shopping mall with over 120 stores and restaurants.

Salem State University

  • Distance from property:1.5 miles
  • Description:A public university with a beautiful campus and a variety of academic programs.

Salem Hospital

  • Distance from property:1.2 miles
  • Description:A full-service hospital providing comprehensive medical care.

Salem Public Library

  • Distance from property:0.4 miles
  • Description:A historic library with a large collection of books, DVDs, and other materials.

Investment Potential

The property at 400 Highland Ave, Salem, MA, offers a compelling investment opportunity due to its strong rental income potential, appreciation potential, and tax benefits.Rental income is a major source of potential return for this property. The median rent for similar properties in the area is currently $2,500 per month, indicating a strong demand for rental housing.

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The property’s desirable location and amenities make it an attractive option for tenants, ensuring a steady stream of rental income.Appreciation potential is another key factor to consider. The Salem real estate market has been experiencing steady growth in recent years, with home values appreciating at an average rate of 5% annually.

This trend is expected to continue in the future, driven by the city’s strong economy and desirable location. As a result, investors can expect to see a significant increase in the value of their investment over time.Tax benefits can also contribute to the investment potential of this property.

Depreciation deductions allow investors to reduce their taxable income, while mortgage interest deductions can further lower their tax liability. These tax benefits can make a significant difference in the overall profitability of the investment.Overall, the property at 400 Highland Ave, Salem, MA, offers a strong investment potential for both short-term and long-term investors.

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Its high rental income potential, appreciation potential, and tax benefits make it an attractive option for those seeking a profitable investment.

Return on Investment Analysis

The potential return on investment for this property can vary depending on the investment strategy employed. For example, investors who choose to rent out the property can expect to earn a gross rental income of approximately $30,000 per year. After deducting operating expenses such as property taxes, insurance, and maintenance, the net rental income would be approximately $20,000 per year.

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This represents a potential cash-on-cash return of approximately 6%.Alternatively, investors who choose to flip the property for a profit can expect to see a return on their investment in the form of capital appreciation. As mentioned earlier, the Salem real estate market has been experiencing steady growth in recent years, with home values appreciating at an average rate of 5% annually.

If the property is purchased for $500,000 and sold for $550,000 after one year, the investor would earn a profit of $50,000. This represents a potential return on investment of 10%.Of course, the actual return on investment will depend on a number of factors, including the condition of the property, the local real estate market, and the investor’s ability to manage the property effectively.

However, the property at 400 Highland Ave, Salem, MA, offers a strong potential for both rental income and appreciation, making it an attractive investment opportunity for both short-term and long-term investors.

Concluding Remarks: 400 Highland Ave Salem Ma

As we bid farewell to 400 Highland Ave Salem MA, its allure lingers, leaving an indelible mark on our hearts and minds. This extraordinary property stands as a testament to the enduring beauty of classic architecture, the vibrancy of its surroundings, and the boundless opportunities it holds for the future.

Whether you seek a cherished residence, a lucrative investment, or simply a glimpse into the rich tapestry of Salem’s history, 400 Highland Ave Salem MA beckons you to unlock its secrets and create memories that will last a lifetime.

FAQs

What is the architectural style of 400 Highland Ave Salem MA?

400 Highland Ave Salem MA boasts a captivating blend of Queen Anne and Colonial Revival architectural styles, showcasing the grandeur of the Victorian era with its intricate detailing and timeless elegance.

What are the key amenities located near 400 Highland Ave Salem MA?

Residents of 400 Highland Ave Salem MA enjoy close proximity to a plethora of amenities, including the Salem Common, Salem Witch Museum, Peabody Essex Museum, and Salem Maritime National Historic Site, offering an array of cultural, recreational, and educational experiences.

What is the investment potential of 400 Highland Ave Salem MA?

400 Highland Ave Salem MA presents a compelling investment opportunity, with its potential for rental income, appreciation, and tax benefits. Its prime location, architectural significance, and enduring charm make it a highly desirable property for both investors and homebuyers alike.