$1,999,000
 $10,731 est/mo Sourced by Back At You

21 Palmer St,Salem, MA 01970

Salem, MA 01970

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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.

Details

MLS #73575709
Listing TypeFor Sale
StyleHouse
Sub-TypeResale
StatusActive
Year1915
Days On Site8
Listing Provided ByRealty ONE Group Cosmopolitan | Elsa Liu

Features

Bed(s)20
Bath(s) 6 Total
SQ Feet7,044
BasementY
Story(s)3
Units6
ZoningR3
Acreage0.16

Interior

Rooms Total28
Fireplaces Total0
Fireplace Yes / NoNo

Exterior

RoofShingle
Construction MaterialsFrame
Foundation DetailsConcrete Perimeter
Lot FeaturesCorner Lot

Parking

Garage Yes / NoNo
Parking FeaturesDeeded

Utilities

SewerPublic Sewer

Taxes

Tax Annual Amount18974
Tax Assessed Value1412600
Tax Year2026

Location

Senior Community Yes / NoNo

Area Information

StateMA
CountyEssex
CitySalem
Zip Code01970
AreaEssex
Listing VS Median (in 01970)
Price:
$1,999,000
low | high
Med:
$495,000
100% of Average
sqft:
7,044
low | high
Med:
1,491
100% of Average
$ / sqft:
$284
low | high
Med:
$332
33.013941578435% of Average
On site:
8
low | high
Med:
23
34.782608695652% of Average
Sourced by Back At You

Market Activity 01970

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Additional Information

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Contact

Learn More About This Property

Wendy Tauber

Wendy Tauber

HK Realty

 (603) 502-7151wendy@h-krealty.com
StateMA
CountyEssex
CitySalem
Zip Code01970
AreaEssex
Listing VS Median (in 01970)
Price:
$1,999,000
low | high
Med:
$495,000
100% of Average
sqft:
7,044
low | high
Med:
1,491
100% of Average
$ / sqft:
$284
low | high
Med:
$332
33.013941578435% of Average
On site:
8
low | high
Med:
23
34.782608695652% of Average
Sourced by Back At You
Nearby Listings (Within 1/4 mile)
Price: $1.499M - $2.498M
sqft: 5,000 - 8,500
Nearby Listings Property ImageNearby Listings Details
33 Harbor Street Property Photo 1
$1,550,000
33 Harbor Street
Salem, MA 01970
Listing Updated: September 14, 2026 at 2:39:42 AM PDT