Adjacent 6-Unit Apartment
For Sale
$4,200,000
8-10 & 5 Porter St Ct & Ropes Portfolio, Salem, MA 01970
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 Market106
Property Features for 8-10 & 5 Porter St Ct & Ropes Portfolio
General Information
Standard status
Active
Size
13,472 SF
Total Parking Spaces
20
Property subtype
Multi-family
Additional Details
Multifamily Units
12
Building Details
Year Built
1915
Stories
3
Listing Agency:
North Shore Realty Advisors
Listed By:
Dan Pouladian
(508) 867-2800
Source:
Miketoomeyrealestate
Added: May 28
Changed: Sep 8
Last Checked: Sep 9 at 10:26AM
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
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
$204,861
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
4.88%
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%
$4,097,220
$4.1M
Cap Rate 7%
$2,926,586
$2.9M
Cap Rate 9%
$2,276,233
$2.3M
Market Conditions
NOI Build-Up for 13,472 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
$388.0K $28.80/SF
− Vacancy
−$15.5K −$1.15/SF
EGI
$372.5K $27.65/SF
− OpEx
−$167.6K −$12.44/SF
NOI
$204.9K $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%
$4,097,220
Cap Rate 7%
$2,926,586
Cap Rate 9%
$2,276,233
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 authorities.
Property Analytics
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 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
