Adjacent 6-Unit Apartment
8-10 & 5 Porter St Ct & Ropes Portfolio, Salem, MA 01970
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 Market187
Property Features for 8-10 & 5 Porter St Ct & Ropes Portfolio
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Additional Details
Multifamily Units
Building Details
Year Built
Stories
Listing Agency:
North Shore Realty Advisors
Listed By:
Dan Pouladian · License MA #423847
(617) 548-7737
Source:
Inrealtyinc
Added: May 8
Changed: Nov 7
Last Checked: Sep 21 at 11:13AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$204,861
Cap Rate
4.88%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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
$497,500
Median Home Value
Market
Average Price Trend$/SF for Apartment buildings in Essex County, MA
Properties on Market for Apartment buildings in Essex County
Vacancy Rate% for Multifamily in Northeast region
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
