21 Palmer St
$1,999,000
20
Beds
6
Baths
7,044
Sqft
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$1,999,000
20
Beds
6
Baths
7,044
Living Area
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Property Description
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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Highlights
- Levels: 3
- Property Class: Residential Income
- Stories: 3
- Year Built: 1915
- Parking Spots: 6
- Property Type: 5-9 Family
- Total Rooms: 28
- Status: Active
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Additional Details
- Basement: Unfinished
- Exclusions: Personal Properties
- Lot Features: Corner Lot
- SqFt Source: Public Record
- Year Built Details: Actual
- Zoning: R3
- Construction: Frame
- Foundation: Concrete Perimeter
- Roof: Shingle
- Total Number of Units: 6
- Year Built Source: Public Records
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Amenities
- Parking Features: Deeded
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Utilities
- Sewer: Public Sewer
- Water Source: Public
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Fees / Taxes
- Assessed Value: $1,412,600
- Taxes: $18,974
- Tax Year: 2026
- Total Rent: $20,373
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Content © 2026 MLS Property Information Network, Inc. The information in this listing was gathered from third party resources including the seller and public records.
Listing information provided courtesy of Realty ONE Group Cosmopolitan.
MLS Property Information Network, Inc. and its subscribers disclaim any and all representations or warranties as to the accuracy of this information.