17-23 Palmer St, Salem, MA 01970
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$2,399,900
6 Unit
19 Beds
6 Baths
7044 SQFT
0.16 Acre

Property Description

CASH COW! Strong cash-flowing 6-unit multifamily investment opportunity in desirable Salem, MA. The property generates approximately $248,724 in gross annual income and a high NOI, offering an attractive cap rate of approximately 8.5%. Based on typical financing assumptions, projected Year-1 cash flow is approximately $64,000 with a healthy DSCR of about 1.46. The building includes six residential units plus additional income from laundry and storage. Conveniently located near MBTA commuter rail with easy access to Boston and Salem’s vibrant downtown, waterfront, restaurants, and retail. Excellent opportunity for investors seeking stable income with long-term upside potential.

Property Details tap to expand

Building Information

  • Total Units: 6
  • Total Floors: 3
  • Total Bedrooms: 19
  • Total Full Baths: 6
  • Basement Features: Unfinished Basement

Financial

  • APOD Available: Yes
  • Expenses Source: Owner Provided
  • Gross Operating Income: 248724
  • Gross Expenses: 31887
  • Water/Sewer: 5139
  • INSC: 5600
  • Miscellaneous Expense: 300
  • Net Operating Income: 204401

Utilities

  • Water: City/Town Water, Private
  • Sewer: City/Town Sewer, Private

Unit 1 Description

  • Under Lease: Yes
  • Floors: 1
  • Levels: 1

Unit 2 Description

  • Under Lease: Yes
  • Floors: 2
  • Levels: 1

Unit 3 Description

  • Under Lease: Yes
  • Floors: 3
  • Levels: 1

Unit 4 Description

  • Under Lease: Yes

Construction

  • Year Built: 1915
  • Type: 5-9 Family
  • Construction Type: Aluminum, Frame
  • Foundation Info: Poured Concrete
  • Roof Material: Aluminum, Asphalt/Fiberglass Shingles
  • Lead Paint: Unknown
  • Warranty: No

Other Information

  • MLS ID# 73484686
  • Last Updated: 03/18/26

Property History tap to expand

Date Event Price Price/Sq Ft Source
03/14/2026Active$2,399,900$341MLSPIN
03/10/2026New$2,399,900$341MLSPIN
05/17/2024Sold$1,900,000$270MLSPIN
04/22/2024Under Agreement$2,000,000$284MLSPIN
04/08/2024Contingent$2,000,000$284MLSPIN
03/25/2024Active$2,000,000$284MLSPIN
03/21/2024New$2,000,000$284MLSPIN

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Seller's Representative: Elsa Liu, Realty ONE Group Cosmopolitan
Sub Agent Compensation: n/a
Buyer Agent Compensation: n/a
Facilitator Compensation: n/a
Compensation Based On: n/a
Sub-Agency Relationship Offered: No

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MLS PIN data last updated at 2026-03-18 09:22:00