17-23 Palmer St, Salem, MA 01970

Salem
Local realty services provided by:Better Homes and Gardens Real Estate The Masiello Group
17-23 Palmer St,Salem, MA 01970
$2,399,900
  • 19 Beds
  • 6 Baths
  • 7,044 sq. ft.
  • Multi-family
  • Active
Listed by: elsa liu
Office: realty one group cosmopolitan
MLS#:73484686
Source:MLSPIN

Price summary

  • Price:$2,399,900
  • Price per sq. ft.:$340.7

About this home

Strong cash-flowing 6-unit multifamily investment opportunity in desirable Salem, MA. The property generates approximately $248,724 in gross annual income and a high NOI, offering an attractive cap rate of approximately 8.5%. Based on typical financing assumptions, projected Year-1 cash flow is approximately $64,000 with a healthy DSCR of about 1.46. The building includes six residential units plus additional income from laundry and storage. Conveniently located near MBTA commuter rail with easy access to Boston and Salem’s vibrant downtown, waterfront, restaurants, and retail. Excellent opportunity for investors seeking stable income with long-term upside potential.

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Home facts

  • Year built:1915
  • Listing ID #:73484686
  • Updated:March 10, 2026 at 10:04 PM

Rooms and interior

  • Bedrooms:19
  • Total bathrooms:6
  • Full bathrooms:6
  • Rooms Total:28
  • Basement Description:Unfinished
  • Living area:7,044 sq. ft.

Structure and exterior

  • Roof:Shingle
  • Year built:1915
  • Building area:7,044 sq. ft.
  • Lot area:0.16 Acres
  • Lot Features:Corner Lot
  • Construction Materials:Frame
  • Exterior Features:Covered, Porch
  • Foundation Description:Concrete Perimeter

Utilities

  • Water:Public
  • Sewer:Public Sewer

Finances and disclosures

  • Price:$2,399,900
  • Price per sq. ft.:$340.7
  • Tax amount:$16,019 (2025)
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