$1,999,000
21 Palmer St
Salem, MA, 01970
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
Price:
$1,999,000
MLS #:
73575709
Status:
Active
Beds:
20
Baths:
6
Type:
Multi Family
Subtype:
5-9 Family
Listed Date:
Sep 10, 2026
Finished Sq Ft:
7,044
Total Sq Ft:
7,044
Lot Size:
7,052 sqft / 0.16 acres (approx)
Year Built:
1915
Units:
6
Schools
Interior
Above Grade Finished Area
7044
Bathrooms
6 Full Bathrooms
Levels
3
Exterior
Construction Materials
Frame
Lot Features
Corner Lot
Open Parking Spaces
6
Parking Features
Deeded
Parking Spots
6
Parking Total
6
Patio And Porch Features
Porch, Covered
Roof
Shingle
Stories
3
Financial
Tax Year
2026
Taxes
$18,974
Marie Andrews is an award-winning, licensed real estate broker with licenses in Massachusetts and Florida. She has been selling real estate in the greater Boston area for over 20 years. Over the past two decades, Marie has worked for Century 21 Advanced Realty, building a reputation as a multi-million dollar producer. She has developed an extensive network of investors, lenders, and attorneys. Marie has a wide knowledge base on property management, Massachusetts real estate law, and building…
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Map
Current real estate data for Multi Family in Salem as of Sep 17, 2026
22
Multi Family Listed
113
Avg DOM
322
Avg $ / SqFt
$1,431,032
Avg List Price
Community
- Address21 Palmer St Salem MA
- CitySalem
- CountyEssex
- Zip Code01970
Subdivisions in Salem
Similar Listings Nearby
Property Summary
- 21 Palmer St Salem MA is a Multi Family for sale in Salem, MA, 01970. It is listed for $1,999,000 To schedule a showing of MLS#73575709 at 21 Palmer St in Salem, MA, contact your Pegasus Realty LLC agent at 781-858-3505.
Courtesy of Realty ONE Group Cosmopolitan. 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.
21 Palmer St
Salem, MA