Adjacent 6-Unit Multifamily
8 Porter St Court Salem, MA 01970
8 Porter St Court, Salem, MA, 01970
$4,200,000
For Sale
$4,200,000
Two adjacent 3-story, 6-unit buildings offer separately metered utilities, laundry, and parking/garage revenue potential.
Property Size13,472 SF
Price / SF$311.76
Days on Market64
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
Listing agency
North Shore Realty Advisors
(617) 548-7737
Listed by
Dan Pouladian · License #9506215
(617) 548-7737
Source
Compass
Added: May 20 Updated: Jul 10 at 1:52PM Checked: Jul 21 at 8:29AM
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, 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.
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.
Key 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
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
Property Profile
Location Intelligence
Current Use by Public Records
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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
