288-292 Washington St

$4,500,000
Price
27
Beds
24,126 Sq. Ft.
$187 / Sq. Ft.
24,126
Sq. Ft.
$187
per Sq. Ft.

Description

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...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.
  1. Listed by Francesca Little • Little & Co., REALTORS®

Property Details for 288-292 Washington Street

Town
Salem
Area
MA-Salem
Garage Spaces
0
Parking Spaces
8.00
Parking Spaces Total
8
LISTING UPDATED: 11/10/2025 03:07 AM

Property Details for 288-292 Washington Street

StatusActive
MLS #73452143
Days on Market28
Taxes$38,616 / year
HOA Fees-
Compass TypeMulti Family
MLS TypeMulti-family / 5+ Family - 5+ Units Up/Down
Year Built1915
CountyEssex County

Location

Listing Courtesy of Little & Co., REALTORS®, Francesca Little
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Building Information for 288-292 Washington Street

Stories4Residences19Year Built1915Building Size-Lot Size0.26 AC / 11,326 SF

Payment Calculator

$25,454 per month

30 year fixed, 6.28% Interest

Principal and Interest

$22,236

Property Taxes

$3,218

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 288-292 Washington Street

General Details
Property Details
  • Building Area Units: Square Feet
  • Community Features: Public Transportation, Park, T-Station
  • Living Area: 24126.0
  • SqFt with Basement: No
  • Total Units: 19
  • Waterfront: No
  • Year Built Details: Approximate
  • Year Built Source: Public Records
Features
Interior Features
  • Num of Baths: 19.0
  • Num of Full Baths: 19
  • Num of Half Baths: 0
  • Bathrooms Total Decimal: 19.00
  • Bathrooms Total Integer: 19
  • FireplaceYN: No
  • Fireplaces: 0
  • Flooring: Wood
  • Interior Features: Living Room, Dining Room, Kitchen
  • SpaYN: No
Exterior Features
  • Construction: Brick
  • Lot Description: Other
  • Roof Material: Rubber
Parking Features
  • Covered Spaces: .00
  • Garage: No
  • Garage Parking: Off-Street
  • Parking Features: Off-Street
  • Parking Features: Off-Street
Utilities
  • Electric: 200+ Amp Service
  • Heating: Oil
  • Heating: Yes
  • Sewer: City/Town Sewer
  • Utility Connections: for Gas Range, for Electric Range
  • Water: Public
Property Information
Property Info
  • Farm Land Area Units: Square Feet
  • WARRANTY: No
  • Lot Size Units: Acres
  • Disclosures: Total Monthly rent is $34,400. Max for MLS is $32,767.
Tax Information
  • Assessments: $3,742,700
  • Book: 14299
  • Tax Year: 2024
  • Zoning: R3
Building / Association Information
Living Characteristics
  • Beds Total: 27
  • Total Living Levels: 4
Other Building Characteristics
  • Foundation: Stone
  • Levels: 4
Income / Expenses
  • Electricity: $1,721.00
  • Annual Expenses Source: Owner
  • GOI: $412,800.00
  • Insurance: $21,045.00
  • GRE: $148,921
  • HTE: $21,934
  • MGF: $20,640
  • RFS: $11,676
  • RME: $20,640
  • NOI: $243,239.00
  • Operating Expense: $148,921.00
  • WSE: $9,649.00
Complex & Association Information
  • Adult Community: No
Unit Information
Unit 1 Description
  • Floor U1: 1
  • Lease U1: N
  • Levels U1: 1
Unit 2 Description
  • Floor U2: 1
  • Lease U2: N
  • Levels U2: 1
Rental Info
Rental Info
  • Total Actual Rent: $32,767.00

Property History for 288-292 Washington Street

DateEvent & SourcePriceAppreciation
Nov 6, 2025

Listed (Active)

MLS PIN #73452143

$4,500,000
DateEvent & SourcePrice
11/06/2025

Listed (Active)

MLS PIN #73452143

$4,500,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 288-292 Washington Street

This home is within Salem School District.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - PK to 5
Public - K to 5
Public - K to 8
Rating
School
Distance
Horace Mann Laboratory School
PublicPK to 5

Bates Elementary School
PublicPK to 5

Carlton Elementary School
PublicK to 5

Saltonstall School
PublicK to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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288-292 Washington Street is a multi-family home for sale in Salem, MA 01970. This property was listed for sale on November 6, 2025 by Little & Co., REALTORS®, it's currently listed at $4,500,000. This listing's school district is Salem School District. Nearby schools include Horace Mann Laboratory School, Bates Elementary School and Carlton Elementary School. 288-292 Washington Street is a 27-bed, 19-bath, 24,126 sqft multi-family home built in 1915.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Little & Co., REALTORS®, Francesca Little

The property listing data and information, or the images, set forth herein were provided to MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS. 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 or leasing 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 or leasing. MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS 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.