Welcome to 78 Walnut Street, Salem, NJ, a versatile property offering exceptional opportunities for investors, owner-occupants, or those seeking a multigenerational living arrangement. Currently configured as a duplex, this spacious home provides flexibility to suit a variety of lifestyles and investment goals.
The first-floor unit features 2 bedrooms, 1 full bathroom, a kitchen, dining room, and living room, providing the convenience of one-level living. The second-floor unit offers 2-3 bedrooms, 1 full bathroom, and a kitchen, with one of the rooms easily converted into a living room to create a more traditional 2-bedroom layout. A separate stairwell leading to the second floor enhances privacy and functionality between the two living spaces.
For investors, this property presents an attractive income-producing opportunity. Comparable 2-3 bedroom rentals in the Salem area may generate approximately $1,300 to $1,600 per month per unit, depending on market conditions, property condition, and tenant-paid utilities. Buyers are encouraged to conduct their own due diligence regarding rental income potential, zoning, and permitted uses.
Alternatively, the property can be enjoyed as a spacious single-family residence offering up to 5 bedrooms and 2 full bathrooms, ideal for those in need of extra space. As a single-family rental, estimated market rents may range from $1,900 to $2,200 per month, subject to condition and amenities.
Additional highlights include a walk-up attic and full basement providing abundant storage space, a newer roof, and leased solar panels designed to help offset utility costs. The first floor is heated by propane forced air, while the second floor utilizes electric baseboard heat, allowing for independent comfort throughout the home.
Conveniently located in the heart of Salem City, this property is just minutes from local shops, restaurants, parks, and major commuting routes. Students residing in Salem City may also benefit from opportunities offered through the Forman S. Acton Educational Foundation, which provides scholarships, educational programming, and college support for eligible students.
Whether you're looking to expand your investment portfolio, accommodate extended family, or find a home with room to grow, 78 Walnut Street offers endless possibilities. Don't miss your chance to explore everything this unique Salem City property has to offer—schedule your private tour today!
