Adjacent 3-Story Six-Unit Apartment
For Sale
Contact for pricing
5 Ropes Street, Salem, MA 01970
Two adjacent 3-story six-unit buildings with surface parking, 6-bay garages, coin laundry, and separately metered utilities.
Property Size19,720 SF
Price / SF$212.98
Days on Market102
Property Features for 5 Ropes Street
General Information
Standard status
Active
Size
19,720 SF
Class
B
Property subtype
Multifamily
Zoning
R3 (Residential)
Investment Type
Value Add
Net Operating Income
$303,136
Additional Details
Cap Rate
7.1%
Multifamily Units
12
Building Details
Year Built
1915
Year Renovated
2019
Buildings
2
Stories
3
Units
26
Tenancy
Multi
Listing Agency:
North Shore Realty Advisors
Listed By:
Dan Pouladian · License #MA 423847
(617) 548-7737
Source:
Crexi
Added: May 27
Changed: Aug 16
Last Checked: Aug 31 at 1:15AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of North Shore Realty Advisors
Investment Insights
Based on property information with market context.
This offering features two adjacent, 3-story, 6-unit apartment buildings totaling 12 units. The combined property totals 19,720± square feet with 13,472± rentable square feet, and each building is equipped with separately metered utilities. On-site coin-operated laundry facilities and in-unit storage units are provided to each apartment, supporting multiple sources of resident-related revenue.
The property includes 20+ surface parking spots and a 6-bay garage configuration. The buildings are positioned in the heart of Downtown Salem and are described as within walking distance of public transportation and local dining and amenities. North Shore Realty Advisors Inc., as exclusive agent, is marketing the opportunity as a value-add investment and will provide an offering memorandum with financial information and property details following buyer qualification and a physical tour.
The property includes 20+ surface parking spots and a 6-bay garage configuration. The buildings are positioned in the heart of Downtown Salem and are described as within walking distance of public transportation and local dining and amenities. North Shore Realty Advisors Inc., as exclusive agent, is marketing the opportunity as a value-add investment and will provide an offering memorandum with financial information and property details following buyer qualification and a physical tour.
Key Highlights
- Two adjacent 3‑story, 6‑unit buildings (5 Ropes Street and 8‑10 Porter Street Court) built in 1915
- Total size 19,720± SF with 13,472± rentable SF across 12 units
- Includes 20+ surface parking spots plus 6‑bay garages generating income
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$299,870
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.14%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,997,400
$6.0M
Cap Rate 7%
$4,283,857
$4.3M
Cap Rate 9%
$3,331,889
$3.3M
Market Conditions
NOI Build-Up for 19,720 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$567.9K $28.80/SF
− Vacancy
−$22.7K −$1.15/SF
EGI
$545.2K $27.65/SF
− OpEx
−$245.3K −$12.44/SF
NOI
$299.9K $15.21/SF
Area
Essex County, MA
Vacancy
4.00%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,997,400
Cap Rate 7%
$4,283,857
Cap Rate 9%
$3,331,889
Alternative Uses
Best Use
Apartment 5plus
$4.28M
$3.75M – $5.00M
NOI $299,870 @ 7.0% cap · market cap 7.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.67M
$10.21M – $13.62M
NOI $817,192 @ 7.0% cap · market cap 19.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
3,063
Businesses Nearby
Explore this area
Business Placement
Demographics for 01970, MA
44,451
Population
20,920
Households
2.1
Avg Household Size
39
Median Age
50%
College-Educated
92%
High-School Grad
8.2 sq mi
ZIP Area
5,421
Density / Sq Mi
$85,189
Median Household Income
$52,024
Median Earnings
$1,800
Median Rent
$497,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent 3-story six-unit buildings with surface parking, 6-bay garages, coin laundry, and separately metered utilities.
Where is this apartment building located?
The property is located at 5 Ropes Street Salem, MA.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: Two adjacent 3‑story, 6‑unit buildings (5 Ropes Street and 8‑10 Porter Street Court) built in 1915; Total size 19,720± SF with 13,472± rentable SF across 12 units; Includes 20+ surface parking spots plus 6‑bay garages generating income
