About 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.
Features of 21 Palmer St
| MLS® # | 73575709 |
|---|---|
| Price | $1,999,000 |
| Bedrooms | 20 |
| Bathrooms | 6.00 |
| Full Baths | 6 |
| Square Footage | 7,044 |
| Acres | 0.16 |
| Year Built | 1915 |
| Type | Residential Income |
| Sub-Type | 5-9 Family |
| Status | Active |
Community Information
| Address | 21 Palmer St |
|---|---|
| City | Salem |
| County | Essex |
| State | MA |
| Zip Code | 01970 |
Amenities
| Parking Spaces | 6 |
|---|---|
| Parking | Deeded |
| Is Waterfront | No |
| Has Pool | No |
Interior
| Fireplace | No |
|---|---|
| # of Stories | 3 |
| Stories | 3 |
Additional Information
| Zoning | R3 |
|---|
Listing Details
| Agent | Elsa Liu |
|---|---|
| Office | Realty ONE Group Cosmopolitan |