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INVESTMENT SNAPSHOT
About this property
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
| Units | 6 |
| Living area | 7,044 sqft |
| Lot size | 7,052 sqft |
| Year built | 1915 |
| Price / sqft | $284 |
| County | Essex |
| MLS # | 73575709 |
Listing status
| Days on market | 0 days |
| Listed on | September 10, 2026 |
Taxes & financials
| Annual property tax | $18,974 |
| Tax year | 2026 |
| Assessed value | $1,412,600 |
| Zoning | R3 |
| Gross income (actual) | $250,476/yr |
| Net operating income (actual) | $208,691/yr |
| Total actual rent | $20,373/mo |
| Insurance expense | $5,600/yr |
Building & lot
| Stories | 3 |
| Total rooms | 28 |
| Lot size | 0.16 acres |
| Garage spaces | 0 |
| Parking spaces | 6 |
| Parking | Deeded |
| Basement | Unfinished |
| Foundation | Concrete Perimeter |
| Roof | Shingle |
| Construction | Frame |
Utilities & systems
| Sewer | Public Sewer |
| Water | Public |
Location
More about investing in Salem →
Listing courtesy of a MLS PIN member office. Listing data © MLS PIN.
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Questions & answers
Auto-generated from the listing data — richer AI answers coming with the live site.
How many units does 21 Palmer St, Salem MA 01970 have?
It is a 6-unit multi-family property with 7,044 sqft of living area, built in 1915.
How long has 21 Palmer St, Salem MA 01970 been on the market?
21 Palmer St, Salem MA 01970 has been listed for 0 days (since September 10, 2026).
What is the price per unit?
At a list price of $1,999,000 across 6 units, that works out to roughly $333,167 per unit.
What are the property taxes on 21 Palmer St, Salem MA 01970?
Annual property taxes are $18,974 (2026), on an assessed value of $1,412,600.
What is the price per square foot?
At $1,999,000 for 7,044 sqft, that's about $284 per square foot.
Is there parking?
6 total parking spaces (deeded).
Where is this property located?
21 Palmer St, Salem MA 01970 is in Salem, Essex County, MA 01970.
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