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    288-292 Porter Street Ct Salem, MA 01970

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    For Sale
    $4,500,000

    19 units in three buildings near Downtown Salem.

    Lot size:
    0.26 Acres

    Property Features for 288-292 Porter Street Ct

    General Information

    Lot size
    0.26 Acres

    Building Details

    Year built
    1915

    Source: Little & Co., REALTORS Agent Francesca Little

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Salem Multifamily Portfolio: 19 Units

    This Salem, MA multifamily portfolio includes 19 units across three buildings located at 288-292 Washington Street and 5 Porter Street Court. The unit mix consists of twelve one-bedroom units, six two-bedroom units, and one three-bedroom unit. The owner provides heat and hot water to the tenants. The property at 5 Porter St Ct features approximately 68 off-street parking spaces. Existing rents are below current market rates, offering a value-add opportunity to adjust rents to market levels and further stabilize operations. Situated near Downtown Salem, the properties provide convenient access to restaurants, retail, the waterfront, museums, and the MBTA for access to Boston. The location benefits from strong demand drivers and in-town convenience, supporting stable occupancy and long-term rent growth.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.8940198
    Latitude
    42.5165802

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    FAQs

    What type of property is this?
    Apartment building - 19 units in three buildings near Downtown Salem.
    Where is this apartment building located?
    The property is located at 288-292 Porter Street Ct Salem, MA.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: - Multifamily portfolio with 19 units in a desirable Salem, MA location.; - Attractive mix of unit types: twelve (12) one-bedroom, six (6) two-bedroom, and one (1) three-bedroom units.; - Significant value-add opportunity through rent increases to market levels.
    (978) 973-7277
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    288-292 Porter Street Ct Salem, MA 01970
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    Salem, MA 01970
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    288-292 Porter Street Ct Salem, MA 01970
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