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3D

21 Palmer St, 
Salem, MA 01970

$1,999,000

20

Beds

6

Baths

7,044

Sq Ft

Multi-Family

Active

Listed by

Elsa Liu

, 

Elsa Liu

Realty One Group Cosmopolitan

781-219-3200

Last updated:

September 12, 2026, 11:16 AM

MLS#

73575709

Source:

MLSPIN

About This Home

21 Palmer St

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.

Home Facts

Multi-Family

6 Baths

20 Bedrooms

Built in 1915

Price Summary

1,999,000

$283 per Sq. Ft.

MLS #:

73575709

Last Updated:

September 12, 2026, 11:16 AM

Rooms & Interior

Bedrooms

Total Bedrooms:

20

Bathrooms

Total Bathrooms:

6

Full Bathrooms:

6

Interior

Living Area:

7,044 Sq. Ft.

Structure

Structure

Building Area:

7,044 Sq. Ft.

Year Built:

1915

Lot

Lot Size (Sq. Ft):

7,052

Finances & Disclosures

Finances

Price:

$1,999,000

Price per Sq. Ft:

$283 per Sq. Ft.

Source:MLSPIN
The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.

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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.