6 Days on Boardwalk Properties
23
21 Palmer St, Salem, MA 01970
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$1,999,000
6 Unit
20 Beds
6 Baths
7044 SQFT
0.16 Acre

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.

Property Details tap to expand

Building Information

  • Total Units: 6
  • Total Floors: 3
  • Total Bedrooms: 20
  • Total Full Baths: 6
  • Basement Features: Unfinished Basement

Financial

  • APOD Available: Yes
  • Expenses Source: Owner Provided
  • Gross Operating Income: 250476
  • Gross Expenses: 41785
  • Water/Sewer: 5139
  • INSC: 5600
  • Miscellaneous Expense: 300
  • Net Operating Income: 208691

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# 73575709
  • Last Updated: 09/14/26

Property History tap to expand

Date Event Price Price/Sq Ft Source
09/14/2026Active$1,999,000$284MLSPIN
09/10/2026New$1,999,000$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 2026-09-14 03:05:00