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    Adjacent 6-Unit Multifamily Buildings Title is generated by Realmo AI

    8 Porter St Court, Salem, MA 01970

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    New
    For Sale
    $4,200,000

    Two adjacent 3-story, 6-unit buildings offer separately metered utilities, laundry, and parking/garage revenue potential.

    Type:Multi-family / 5+ Family - 5+ Units Up/Down
    Property size:
    13,472 SF
    Price / SF:
    $311/SF
    Added:
    Jun 1, 2026
    Days on Market:
    6
    Last Refresh:
    Jun 6 at 4:33 am

    Property Features for 8 Porter St Court

    General Information

    Standard status
    Active
    Size
    13,472 SF
    Property subtype
    Multi-family / 5+ Family - 5+ Units Up/Down

    Building Details

    Year Built
    1915

    We can help!

    Listing Contact
    Dan Pouladian

    Listing agent Dan Pouladian License #9506215

    Listing office North Shore Realty Advisors

    Listing date Jun 1, 2026

    Source Compass

    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

    HighLights

    • Two adjacent 3‑story, 6‑unit buildings (5 Ropes St and 8–10 Porter St Court) with 19,720± total SF and 13,472± rentable SF
    • 20+ surface parking spots plus 6‑bay garages generating parking/garage income
    • Utilities are separately metered per building
    • On‑site coin‑operated laundry facilities
    • Storage units provided per apartment for additional income
    • Construction includes brick and stone; roof materials are shingle and rubber; lots described as level

    Overview

    This offering includes two adjacent 3-story, 6-unit multifamily buildings at 5 Ropes Street and 8-10 Porter Street Court, totaling 12 apartments. The combined rentable area is 13,472± square feet across the two buildings. Each building provides separately metered utilities, coin-operated laundry facilities on-site, and storage units per apartment.

    The property includes 20+ surface parking spots and 6-bay garages that are currently generating income. The buildings are within walking distance of public transportation, restaurants, and other local amenities.

    For buyers seeking a multi-unit residential income asset, the unit-by-unit utility setup, in-building laundry, and additional storage help create multiple revenue components within one purchase. The on-site parking and garage improvements also support tenant convenience, particularly in a market where vehicle access is often a practical consideration.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.8940198
    Latitude
    42.5165802

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    FAQs

    What type of property is this?
    Apartment building - Two adjacent 3-story, 6-unit buildings offer separately metered utilities, laundry, and parking/garage revenue potential.
    Where is this apartment building located?
    The property is located at 8 Porter St Court 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 St and 8–10 Porter St Court) with 19,720± total SF and 13,472± rentable SF; 20+ surface parking spots plus 6‑bay garages generating parking/garage income; Utilities are separately metered per building
    (617) 548-7737
    We can help!
    Listing Contact
    Dan Pouladian
    Real Estate License ID: 9506215
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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