Sold for $4,200,000

$4,200,000

288-292 Washington St #&-5, Salem, MA 01970

27beds

24,126sqft

5+ Family - 5+ Units Up/Down

Built in 1915

-- sqft lot

$-- Zestimate^®

$174/sqft

$-- Estimated rent

Home value

Not available

Estimated sales range

Not available

Zestimate^® history

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$26,303/mo

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What's special

Off-street parking spaces

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.

Facts & features

Interior

Bedrooms & bathrooms

Bedrooms: 27
Bathrooms: 19
Full bathrooms: 19

Heating

Features

Living Room, Dining Room, Kitchen
Flooring: Wood
Has basement: No
Has fireplace: No

Interior area

Total structure area: 24,126
Total interior livable area: 24,126 sqft
Finished area above ground: 24,126

Property

Parking

Total spaces: 8
Parking features: Off Street
Uncovered spaces: 8

Lot

Size: 0.26 Acres
Features: Other

Details

Zoning: R3

Construction

Type & style

Home type: MultiFamily
Property subtype: 5+ Family - 5+ Units Up/Down

Materials

Brick
Foundation: Stone
Roof: Rubber

Condition

Year built: 1915

Utilities & green energy

Electric: 200+ Amp Service
Sewer: Public Sewer
Water: Public
Utilities for property: for Gas Range, for Electric Range

Community & HOA

Community

Features: Public Transportation, Park, T-Station

Location

Region: Salem

Financial & listing details

Price per square foot: $174/sqft
Tax assessed value: $3,742,700
Annual tax amount: $38,616
Date on market: 12/17/2025
Total actual rent: 32767

Price history

Date	Event	Price
2/3/2026	Sold	$4,200,000-6.7%$174/sqft
Source: MLS PIN #73452143 Report a problem
12/10/2025	Contingent	$4,500,000$187/sqft
Source: MLS PIN #73452143 Report a problem
11/6/2025	Listed for sale	$4,500,000$187/sqft
Source: MLS PIN #73452143 Report a problem