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288-292 Washington & 5 Porter St CtSalem, MA 01970

For Sale

$4,500,000

Smart Buyer Rebate $22,500

Salem, MA multifamily portfolio: 19 units spanning three buildings at 288–292 Washington Street and 5 Porter Street Court. The package features a balanced mix of twelve (12) one-bedroom units, six (6) two-bedroom units, and one (1) three-bedroom unit. Owner provides heat and hot water to tenants. The 5 Porter St Ct property includes approximately 6–8 off-street parking spaces for added tenant convenience. In-place rents are below current market levels, presenting a clear value-add opportunity to align rents with market and further stabilize operations over time. Set near Downtown Salem, the properties offer immediate access to a thriving year-round market—walkable to restaurants, retail, the waterfront, museums, and the MBTA for easy Boston access. Strong demand drivers and in-town convenience support stable occupancy and long-term rent growth.

Listed by Francesca Little

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Little & Co., REALTORS®

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978-973-7277

Last updated November 10, 2025

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Source: MLSPin #73452143

Listing Facts

  • TypeMulti-family
  • NeighborhoodSouth Salem
  • Bedrooms27
  • Bathrooms19
  • Days on Prevu13
  • Taxes$38,616/year
  • Size24,126 sqft
  • Price per sqft$187

Amenities

  • Parking

Location

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Listing History

11/06/2025
Listed by Little & Co., REALTORS®
$4,500,000

Property Details for 288-292 Washington & 5 Porter St Ct

Association

Amenities

  • Community Features: Public Transportation, Park, T-Station

Exterior

Construction

  • Number Of Units Total: 19
  • Roof: Rubber
  • Stories: 4
  • Stories Total: 4
  • Year Built: 1915
  • Year Built Details: Approximate
  • Construction Materials: Brick

Measurements

  • Building Area Total: 24,126
  • Building Area Units: Square Feet
  • Lot Features: Other
  • Lot Size Acres: 0.26
  • Lot Size Area: 0
  • Lot Size Square Feet: 11,326
  • Lot Size Units: Acres

Financial

Residential Income

  • Gross Income: $412,800.00
  • Operating Expense: $148,921.00

Taxes

  • Tax Annual Amount: $38,616.00
  • Tax Assessed Value: $3,742,700.00
  • Tax Year: 2024

Interior

Features

  • Flooring: Wood
  • Interior Features: Living Room, Dining Room, Kitchen

Measurements

  • Living Area: 24,126
  • Living Area Source: Public Record

Rooms

  • Bathrooms Full: 19
  • Bathrooms Total Integer: 19
  • Bedrooms Total: 27
  • Rooms Total: 65

Parking

Parking

  • Parking Features: Off Street
  • Parking Total: 8

Utilities

Equipment

  • Electric: 200+ Amp Service
  • Heating: Oil
  • Has Heating: Yes
  • Sewer: Public Sewer
  • Utilities: For Gas Range, For Electric Range
  • Water Source: Public

The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors, landlords and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, non commercial use of consumers having a good faith interest in purchasing, leasing or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.

Full MLS Disclaimers

Rebate estimate is indicative only and based on listing price and estimated buyer's agent commission paid by owner, if applicable. Final rebates are subject to Terms of Use and may vary due to final negotiated transaction terms.