5 Ropes & 8-10 Porter St Ct, Salem, MA 01970
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$3,700,000
12 Unit
34 Beds
12 Baths
13472 SQFT
0.40 Acre

Property Description

Investors take notice of a rare offering in downtown Salem. 5 Ropes Street and 8-10 Porter Street Court are two adjacent 3-story 6-unit buildings with a total square footage of 19,720± with a rentable square footage of 13,472±. This offering includes twenty (20+) surface parking spots and 6-bay garages for additional income. Both buildings offer investors separately metered utilities, on-site coin-operated laundry facilities, and the opportunity to increase rents to market with minimal capital. The offering is near public transportation, restaurants, and many local amenities within walking distance of the subject properties.

Property Details tap to expand

Building Information

  • Total Units: 12
  • Total Floors: 5
  • Total Bedrooms: 34
  • Total Full Baths: 12
  • Amenities: Park, Public Transportation, Shopping, Walk/Jog Trails
  • Basement Features: Full
  • Common Interior Features: Tile Floor

Financial

  • APOD Available: Yes
  • Expenses Source: Accountant Provided, Owner Provided
  • Gross Operating Income: 360912
  • Gross Expenses: 109714
  • GSE: 312
  • Electric Expenses: 1597
  • Water/Sewer: 10618
  • INSC: 19737
  • Repairs & Maintenance: 7200
  • RFS: 7068
  • Management Fee: 17341
  • Miscellaneous Expense: 14100
  • Net Operating Income: 251198

Utilities

  • Heat Zones: 12
  • Electric Info: 200 Amps
  • Energy Features: Insulated Doors, Insulated Windows
  • Utility Connections: for Electric Range, for Gas Range, Varies per Unit
  • Water: City/Town Water, Private
  • Sewer: City/Town Sewer, Private

Unit 1 Description

  • Under Lease: No
  • Floors: 2
  • Levels: 1

Unit 2 Description

  • Under Lease: No
  • Floors: 3
  • Levels: 1

Construction

  • Year Built: 1915
  • Type: 5+ Family - 5+ Units Up/Down
  • Construction Type: Aluminum, Brick, Frame, Stone/Concrete
  • Foundation Info: Fieldstone
  • Roof Material: Aluminum, Asphalt/Fiberglass Shingles, Rubber
  • Flooring Type: Tile, Vinyl, Wood
  • Lead Paint: Unknown
  • Warranty: No

Other Information

  • MLS ID# 73339638
  • Last Updated: 03/04/25

Property History tap to expand

Date Event Price Price/Sq Ft Source
03/04/2025Active$3,700,000$275MLSPIN
02/28/2025New$3,700,000$275MLSPIN

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Seller's Representative: Michael McCarthy, North Shore Realty Advisors
Sub Agent Compensation: n/a
Buyer Agent Compensation: n/a
Facilitator Compensation: n/a
Compensation Based On: n/a
Sub-Agency Relationship Offered: No

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MLS PIN data last updated at 2025-03-04 03:05:00