Adjacent 6-Unit Apartment
8-10 & 5 Porter St Ct & Ropes Portfolio Salem, MA 01970
8-10 & 5 Porter St Ct & Ropes Portfolio, Salem, MA, 01970
$4,200,000
For Sale
$4,200,000
Two adjacent 3-story, six-unit buildings offer separately metered utilities, on-site coin laundry, and parking with garages.
Property Size13,472 SF
Price / SF$311.76
Days on Market53
Property Features for 8-10 & 5 Porter St Ct & Ropes Portfolio
General Information
- Standard status
- Active
- Size
- 13,472 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1915
Listing agency
North Shore Realty Advisors
Listed by
Dan Pouladian
(508) 867-2800
Source
Miketoomeyrealestate
Added: May 31 Updated: Jul 20 at 5:19PM Checked: Jul 22 at 8:13AM
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 includes two adjacent 3-story, six-unit apartment buildings totaling 12 units. The portfolio provides 19,720± total square footage with 13,472± rentable square footage. Each building is designed with separately metered utilities, and both feature on-site coin-operated laundry facilities and storage units per apartment.
The property includes more than 20 surface parking spots and 6-bay garages, which currently contribute to income. The portfolio is within walking distance of public transportation, restaurants, and other local amenities.
With unit-level storage, shared laundry on-site, and parking supported by garage space, the buildings present a straightforward residential income configuration suited to investors seeking multiple revenue streams within a single, adjacent ownership structure.
The property includes more than 20 surface parking spots and 6-bay garages, which currently contribute to income. The portfolio is within walking distance of public transportation, restaurants, and other local amenities.
With unit-level storage, shared laundry on-site, and parking supported by garage space, the buildings present a straightforward residential income configuration suited to investors seeking multiple revenue streams within a single, adjacent ownership structure.
Key Highlights
- Two adjacent 3‑story, 6‑unit buildings with 19,720± total SF and 13,472± rentable SF
- Generates income from 20+ surface parking spots and 6‑bay garages
- Separately metered utilities for each building
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 | $388.0k | $28.80 |
| − Vacancy | −$15.5k | −$1.15 |
| EGI | $372.5k | $27.65 |
| − OpEx | −$167.6k | −$12.44 |
| NOI | $204.9k | $15.21 |
13,472 SF · lease $28.80/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.93M
$2.56M – $3.41M
NOI $204,861 @ 7.0% cap · market cap 4.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.98M
$6.98M – $9.30M
NOI $558,276 @ 7.0% cap · market cap 13.29%
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 offer separately metered utilities, on-site coin laundry, and parking with garages.
Where is this apartment building located?
The property is located at 8-10 & 5 Porter St Ct & Ropes Portfolio 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 with 19,720± total SF and 13,472± rentable SF; Generates income from 20+ surface parking spots and 6‑bay garages; Separately metered utilities for each building
