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CASH COW! Strong cash-flowing 6-unit multifamily investment opportunity in desirable Salem, MA. The property generates approximately $248,724 in gross annual income and a high NOI, offering an attractive cap rate of approximately 8.5%. Based on typical financing assumptions, projected Year-1 cash flow is approximately $64,000 with a healthy DSCR of about 1.46. The building includes six residential units plus additional income from laundry and storage. Conveniently located near MBTA commuter rail with easy access to Boston and Salem's vibrant downtown, waterfront, restaurants, and retail. Excellent opportunity for investors seeking stable income with long-term upside potential.

More Info

Basic Information

  • Gross Income $248,724
  • Lot Features Corner Lot
  • Mls StatusActive

Tax Information

  • Tax Assessed Value $1,412,600
  • Tax Year 2025
  • Taxes$16,019

Parking

  • Parking Features Deeded
  • Parking Spaces6

Rooms

  • Bathroom6
  • Bathrooms Total Decimal 6
  • Bedrooms19
  • Full Bath6

Basic Information

  • List Price$2,299,900
  • MLS Number73484686
  • Modification Date05/15/2026
  • Property SubType5-9 Family
  • Virtual TourView Tour

Location

  • Address17-23 Palmer Street
  • Building Number17-23
  • CountyEssex
  • StateMA
  • StreetPalmer Street
  • TownSalem
  • Zip01970

Building

  • BasementUnfinished
  • Building Area Units Square Feet
  • Construction Materials Frame
  • FoundationConcrete Perimeter
  • Levels 3
  • Patio And Porch Features Porch, Covered
  • Rooms28
  • Stories3
  • Units6
  • Year Built1915
  • Year Built Details Actual
  • Year Built Source Public Records

Property

  • Acreage0.16

Exterior

  • RoofShingle

Utilities

  • Sewer Public Sewer
  • Water Source Public

Property Information

  • Building Area Source Public Records
  • Living Area 7,044
  • Lot Size Square Feet 7,052
  • Lot Size Units Acres
  • Square Feet7,044

Amenities

  • Other AmenitiesBasement

Legal

  • ZoningR3

Other

  • Date Listed03/10/2026
  • Farm Land Area Units Square Feet
  • View Count5

Map Location

Driving Directions

Listed by The Liu Group of Realty ONE Group Cosmopolitan

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