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21 Palmer St, Salem MA 01970

$1,999,000

Estimated $4,823/month Calculator

Multi Family

Total Units: 6

Price Per Unit: $333,166.67

Total Rent: 170808/year

Estimated CAP Rate:

20 Bedrooms

Baths

7044

Total Parking: 6

7,052 (0.16)

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.

This home has been viewed 3 times

Last Checked: September 16th, 2026 at 7:58am (Source: MLS PIN #73575709)

Gross Income: $170,808

Gross Expenses: $39,385

Net Income Calc: $131,423

Annual Expenses for 21 Palmer St, Salem MA 01970

Total Gross Expenses (Calculated)$39,385/year

APOD AvailableYes

Heating

Electricity

Water

Gas

Insurance

Sewer

Trash Removal

Repair & Maintenance

Management

Miscellaneous

Real Estate Tax18974

Annual Income & Unit Breakdown for 21 Palmer St, Salem MA 01970

Total Gross Income (Calculated)$170,808

Unit 1

Rental Income$0

LeaseY

Bedrooms4

Bathrooms1 Full

Floor1

Levels in Unit1

Rent Includes

Unit 2

Rental Income$0

LeaseY

Bedrooms3

Bathrooms1 Full

Floor2

Levels in Unit1

Rent Includes

Unit 3

Rental Income$0

LeaseY

Bedrooms3

Bathrooms1 Full

Floor3

Levels in Unit1

Rent Includes

Unit 4

Rental Income$0

LeaseY

Bedrooms4

Bathrooms1 Full

Rent Includes

General Information for 21 Palmer St, Salem MA 01970

Listing ID73575709

Property TypeMulti Family / 5+ Family

Price1999000 ($283.79/SqFt)

Style5-9 Family

CitySalem

CountyEssex

Neighborhood(s)Ipswich

Approximate Living Area Total7044

Approximate Lot Size (Acres)0.16

Total Parking6

Garage Parking0

Year Built1915

Year Built SourcePublic Records

Year Built DetailsActual

WaterPublic

SewerPublic Sewer

Electric

Hot Water

Roof MaterialAsphalt/fiberglass Shingles

BasementFull

Construction MaterialsFrame

Lot FeaturesGentle Sloping

Foundation Description

Accessible Features

Outdoor SpaceCovered

ZoningR3

Water Views

Water Views Features

Waterfront0

Waterfront Features

Terms

Disclosures for 21 Palmer St, Salem MA 01970

Lead PaintNone

UFFI

Living Area Includes BasementNo

Living Area Disclosure

Building Area SourcePublic Records

ExclusionsWasher

Financial Data SourceEstimated

Total Gross Expenses By Broker

Total Gross Income By Broker

Total Net Income By Broker

Short Sale / Forclosure (Bank Owned)

Compensation Based On

Financial Information for 21 Palmer St, Salem MA 01970

Real Estate Taxes18974

Tax Year2026

Assessed Value$1,412,600

Financial Data SourceEstimated

Total Gross Expenses By Broker

BostonRealEstate.com Gross Expenses

Total Gross Income By Broker

BostonRealEstate.com Gross Income

Total Net Income By Broker

BostonRealEstate.com Gross NOI

CAP Rate (based on Broker info)

Location Information for 21 Palmer St, Salem MA 01970

Neighborhood(s)Ipswich

Area Amenities

Contact Information for 21 Palmer St, Salem MA 01970

Agent

Name: Elsa Liu

Office

Name: Realty ONE Group Cosmopolitan

Phone: 781-219-3200

Team Members

Payment Calculator

, Interest

Property Taxes 1581.17

Principal & Interest 12317.2

HOA Dues

Term

Interest

Home Price

Down Payment

Exclusive Listing Agent

Realty ONE Group Cosmopolitan

Elsa Liu

Agent Phone

Office Phone

(781) 219-3200

Text Agent Call Agent Call Office

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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.
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[terms] => Array
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[travel_routes] => 
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    [unparsed] => 21 Palmer St, Salem MA 01970
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EXIT

20 More Photos

Active

21 Palmer St, Salem MA 01970

$1,999,000

Annual Expenses for 21 Palmer St, Salem MA 01970

Annual Income & Unit Breakdown for 21 Palmer St, Salem MA 01970

General Information for 21 Palmer St, Salem MA 01970

Disclosures for 21 Palmer St, Salem MA 01970

Financial Information for 21 Palmer St, Salem MA 01970

Location Information for 21 Palmer St, Salem MA 01970

Contact Information for 21 Palmer St, Salem MA 01970

Agent

Office

Team Members

Payment Calculator

Exclusive Listing Agent

Realty ONE Group Cosmopolitan

Elsa Liu