Adjacent 3-Story Six-Unit Apartment
5 Ropes Street Salem, MA 01970
5 Ropes Street, Salem, MA, 01970
Contact for pricing
For Sale
Contact for pricing
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 Market56
Property Features for 5 Ropes Street
General Information
- Standard status
- Active
- Size
- 19,720 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1915
Listing agency
North Shore Realty Advisors
(617) 910-6646
Listed by
Dan Pouladian · License #MA 423847
Source
Crexi
Added: May 27 Updated: Jul 21 at 3:00AM Checked: Jul 21 at 3:00AM
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $567.9k | $28.80 |
| − Vacancy | −$22.7k | −$1.15 |
| EGI | $545.2k | $27.65 |
| − OpEx | −$245.3k | −$12.44 |
| NOI | $299.9k | $15.21 |
19,720 SF · lease $28.80/SF/yr · vacancy 4.00% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
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
