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21 Palmer St, Salem, MA 01970

Salem
Local realty services provided by:CENTURY 21 North East
21 Palmer St,Salem, MA 01970
$1,999,000
  • 20 Beds
  • 6 Baths
  • 7,044 sq. ft.
  • Multi-family
  • Active
Listed by: elsa liu, elsa liu
Office: realty one group cosmopolitan
MLS#:73575709
Source:MLSPIN

Price summary

  • Price:$1,999,000
  • Price per sq. ft.:$283.79

About this home

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.

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Home facts

  • Year built:1915
  • Listing ID #:73575709
  • Updated:September 11, 2026 at 04:06 AM

Rooms and interior

  • Bedrooms:20
  • Total bathrooms:6
  • Full bathrooms:6
  • Rooms Total:28
  • Basement Description:Unfinished
  • Living area:7,044 sq. ft.

Structure and exterior

  • Roof:Shingle
  • Year built:1915
  • Building area:7,044 sq. ft.
  • Lot area:0.16 Acres
  • Lot Features:Corner Lot
  • Construction Materials:Frame
  • Exterior Features:Covered, Porch
  • Foundation Description:Concrete Perimeter

Utilities

  • Water:Public
  • Sewer:Public Sewer

Finances and disclosures

  • Price:$1,999,000
  • Price per sq. ft.:$283.79
  • Tax amount:$18,974 (2026)

Parking

  • Total parking spaces:6
  • Parking description:Deeded
The property listing data and information, or the Images, 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, 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. 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. MLSPIN Member Broker: Jim D’Amico

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