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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.

More Info

Basic Information

  • Gross Income $250,476
  • Lot Features Corner Lot
  • Mls StatusNew

Tax Information

  • Tax Assessed Value $1,412,600
  • Tax Year 2026
  • Taxes$18,974

Parking

  • Parking Features Deeded
  • Parking Spaces6

Rooms

  • Bathroom6
  • Bathrooms Total Decimal 6
  • Bedrooms20
  • Full Bath6

Basic Information

  • List Price$1,999,000
  • MLS Number73575709
  • Modification Date09/10/2026
  • Property SubType5-9 Family

Location

  • Address21 Palmer Street
  • Building Number21
  • 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 Listed09/10/2026
  • Farm Land Area Units Square Feet

Map Location

Driving Directions

Listed by Elsa Liu of Realty ONE Group Cosmopolitan

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