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NEW
23
$1,999,000
Total Beds: 20 Total Baths: 6
Total Units: 6 SQFT: 7044
LOT size: 0.16 Acres
21 Palmer St
Salem, MA 01970
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Property Description

NEW PRICE!!! 9.81% CAP RATE | $250K+ GROSS INCOME | $196K+ NOI | 6 UNITS / 20 BEDROOMS! Exceptional opportunity to acquire a strong cash-flowing 6-unit multifamily in desirable Salem. Featuring an attractive unit mix of two spacious 4-bedroom units and four 3-bedroom units, the property generates approximately $250K in gross annual income with an estimated $196K NOI. Additional income from on-site laundry and storage, with further upside through future rent optimization and operational efficiencies. Convenient access to Boston via MBTA Commuter Rail and close to Salem’s vibrant downtown, waterfront, restaurants, shopping, and entertainment. Newly repositioned at $1.999M, offering a compelling 9.81% cap rate, strong in-place income, immediate cash flow, and long-term upside potential.

Property Details

Building Information

  • Total Units: 6
  • Total Floors: 3
  • Total Bedrooms: 20
  • Total Full Baths: 6
  • Basement Features: Unfinished Basement

Financial

  • APOD Available: Yes
  • Expenses Source: Owner Provided
  • Gross Operating Income: 250476
  • Gross Expenses: 41785
  • Water/Sewer: 5139
  • INSC: 5600
  • Miscellaneous Expense: 300
  • Net Operating Income: 208691

Utilities

  • Water: City/Town Water, Private
  • Sewer: City/Town Sewer, Private

Unit 1 Description

  • Under Lease: Yes
  • Floors: 1
  • Levels: 1

Unit 2 Description

  • Under Lease: Yes
  • Floors: 2
  • Levels: 1

Unit 3 Description

  • Under Lease: Yes
  • Floors: 3
  • Levels: 1

Unit 4 Description

  • Under Lease: Yes

Construction

  • Year Built: 1915
  • Type: 5-9 Family
  • Construction Type: Aluminum, Frame
  • Foundation Info: Poured Concrete
  • Roof Material: Aluminum, Asphalt/Fiberglass Shingles
  • Lead Paint: Unknown
  • Warranty: No

Other Information

  • MLS ID# 73575709
  • Last Updated: 09/10/26

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Map

Seller's Representative: Elsa Liu, Realty ONE Group Cosmopolitan
Sub Agent Compensation: n/a
Buyer Agent Compensation: n/a
Facilitator Compensation: n/a
Compensation Based On: n/a
Sub-Agency Relationship Offered: No

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The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information 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. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.

MLS PIN data last updated at 2026-09-10 19:59:00