5 Ropes Street & 8-10 Porter St Ct, Downtown Salem
7% CAP | 12 Units | 20+ Parking | Downtown Salem MA
Marketing description
North Shore Realty Advisors Inc., as the exclusive agent, is pleased to present an exciting value-add investment opportunity in the heart of 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± and a rentable square footage of 13,472±. This offering includes twenty (20+) surface parking spots and 6-bay garages currently generating substantial income. Both buildings offer investors separately metered utilities, on-site coin-operated laundry facilities, and storage units per apartment for additional income. Investors will hedge any risk with multiple revenue streams within one investment opportunity. The offering is within walking distance of public transportation, restaurants, and many local amenities.
This rare offering is available for immediate acquisition and is offered at a 7.1% Cap Rate on current income, which equates to $4,200,000. Qualified prospective buyers will be provided with the offering memorandum (containing financials and information about the subject property). Once the investors have had an opportunity to review the materials and a physical tour of the property, we will schedule a "Call for Offers".
Investment highlights
- 5 Porter Street and 8-10 Porter Street Court present investors a rare opportunity to acquire two 6-unit buildings adjacent to each other, both of which are 3-story with oversized units and large bedroom count, 20+ surface parking, and 6-bay garages for additional income, located in the heart of Downtown Salem.
- The property offers investors multiple income streams, with 20+ surface parking spaces, 6 private garage bays, and additional storage units in an area where parking is extremely limited. Due to the property's proximity to downtown, neighboring buildings and residents have a strong demand for off-street parking, resulting in consistent, reliable cash flow. The private garage bays alone command approximately $250–$300 per month per bay, while the surplus parking provides additional upside potential. This is a rare opportunity to own a high-demand asset with built-in recurring revenue beyond traditional rental income.
- The two properties present an attractive unit mix of ten (10) three-bedroom and two (2) two-bedroom units totaling 12 units.
- This offering is situated on numerous major thoroughfares for easy access to RT114, RT128, and 1A. There are also multiple bus routes in Downtown Salem and walking distance to Salem Depot for a 20-minute ride into North Station in Boston.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
