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.
Sale Statistics
Sale Overview
Original List Price:$3,700,000
Final Sale Price:$3,830,000
Difference:
+$130,000 (+3.5%)
Performance Metrics
103.5%
List to Sale Ratio
Sold above asking price
10
Days on Market
Quick sale
Price per Square Foot Analysis
Original $/sq ft:$275
Sale $/sq ft:$284
This property sold for $284 per square foot
Sale Summary
This property sold for 3.5% above the original asking price, indicating strong buyer demand.
With only 10 days on market, this was a quick sale compared to typical market conditions.
Facts & Features
Property Overview
Property Type
5+ Family - 5+ Units Up/Down
Property Category
Residential Income
Year Built
1915
Bedrooms
34
Full Bathrooms
12
Living Area
13,472 sq ft
Total Rooms
54
Stories
3
Levels
3
Interior Features
Flooring
Wood, Tile, Vinyl
Has Fireplace
No
Basement Details
Full
Window Features
Insulated Windows
Door Features
Insulated Doors
Exterior & Structure
Construction Materials
Frame, Brick, Stone
Roof
Shingle, Rubber
Foundation
Stone
Foundation Area
99,999 sq ft
Patio/Porch Features
Deck - Wood, Deck - Vinyl, Deck - Composite
Has Spa
No
Waterfront Property
No
Lot & Land
Lot Size
0.40 acres
Lot Size
17,611 sq ft
Lot Size Area
0.4000
Lot Features
Level
Road Frontage Type
Public
Parking & Garage
Garage Spaces
6
Has Garage
Yes
Total Non-Garage Parking Spaces
21
Parking Features
Paved Drive, Shared Driveway, Off Street
Covered Parking Spaces
6
Utilities & Systems
Utilities Available
for Gas Range, for Electric Range, Varies per Unit
Water Source
Public
Sewer
Public Sewer
Electric
200+ Amp Service
Energy Efficient Features
Varies per Unit
Community & HOA
Community Features
Public Transportation, Shopping, Park, Walk/Jog Trails
Senior Community
No
Financial & Tax Information
Annual Tax Amount
$28,941
Tax Year
2025
Tax Assessed Value
$2,540,300
Zoning
R3
Financial Data Source
Accountant, Owner
Additional Details
Year Built Source
Public Records
Year Built Details
Approximate
Location
Loading map...
Neighborhood
5 Ropes & 8-10 Porter St Ct, Salem MA 01970
Salem, MA 01970
Walkability
Loading Walk Score...
Schools
School information not available
Monthly Payment Calculator
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Estimated Monthly Payment$0
Payment Breakdown
Principal & Interest$0
Property Tax$2,412
Homeowners Insurance$200
PMI$0
Property History
Market Insights
3.4%
Price Range
11
Total Days on Market
Property Timeline
✓
Sold
May 6, 2025
$3,830,000
Property sold
Days on Market: 11
🏠
Listed for Sale
Feb 28, 2025
$3,700,000
Original listing
Agent: Michael McCarthyOffice: North Shore Realty Advisors
