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20 Beds
6 Baths
7,044 sqft

$1,999,000

21 Palmer St, Salem MA, 01970

Price per sqft$283.79
Built in1915
Property size7,044 sqft
Property typeMulti-family

Overview

Active

Listed Sep 10, 2026

Updated 5h ago

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.

$13,299/mo

Est. mortgage payment based on a $1,999,000 home price.

All estimates are provided by Luxury Presence for informational purposes only. Actual amounts may vary.

Additional information

MLS® ID
73575709

Interior Features

Bedrooms
20
Bathrooms
6
Basement
Yes

Exterior Features

Lot Size
0.16 Acres

Other Property Details

Taxes
$18,974
Tax Frequency
Annually
55+/Senior Community
No

This listing is provided by Elsa Liu with

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Data last updated 1:38 PM UTC, 9/14/2026

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