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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.
Current real estate data for Multi Family in Salem as of Nov 07, 2025
14
Multi Family Listed
172
Avg DOM
308
Avg $ / SqFt
$1,630,421
Avg List Price

Property Details

Price:
$4,500,000
MLS #:
73452143
Status:
Active
Beds:
27
Baths:
19
Type:
Multi Family
Subtype:
5+ Family – 5+ Units Up/Down
Listed Date:
Nov 6, 2025
Finished Sq Ft:
24,126
Total Sq Ft:
24,126
Lot Size:
11,326 sqft / 0.26 acres (approx)
Year Built:
1915
Units:
19

Schools

Interior

Bathrooms
19 Full Bathrooms
Flooring
Wood
Heating
Oil

Exterior

Community Features
Public Transportation, Park, T-Station
Construction Materials
Brick
Parking Features
Off Street
Parking Spots
8
Roof
Rubber

Financial

Net Operating Income
$243,239
Tax Year
2024
Taxes
$38,616

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Property Summary

    288-292 Washington & 5 Porter St Ct Salem MA is a Multi Family for sale in Salem, MA, 01970. It is listed for $4,500,000 To schedule a showing of MLS#73452143 at 288-292 Washington & 5 Porter St Ct in Salem, MA, contact your Boardwalk Real Estate Corp. agent at 781-944-7820.

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CRP: Certified Relocation Professional
CRS: Certified Residential Specialist
GRI: Graduate of Realtors Institute
CBR: Certified Buyers Representative
BSBA: Bachelor of Science in Business Administration. Babson College 1979
MBA: Master of Business Administration. Babson College 2002

James M. Joly is President and Principal-Owner of Boardwalk Real Estate Corp.,…

More About James
288-292 Washington & 5 Porter St Ct
Salem, MA