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.
Listed by Elsa Liu
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Realty ONE Group Cosmopolitan
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508-276-6723
Last updated March 14, 2026
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Source: MLSPin #73484686
Listing Facts
TypeMulti-family
NeighborhoodSouth Salem
Bedrooms19
Bathrooms6
Days on Prevu5
Taxes$16,019/year
Size7,044 sqft
Price per sqft$341
Amenities
Private Outdoor Space
Parking
Location
Mortgage Calculator
Listing History
03/10/2026
Listed by Realty ONE Group Cosmopolitan
$2,399,900
Property Details for 17-23 Palmer St
Exterior
Construction
Number Of Units Total: 6
Roof: Shingle
Stories: 3
Stories Total: 3
Year Built: 1915
Year Built Details: Actual
Construction Materials: Frame
Features
Patio And Porch Features: Porch, Covered
Measurements
Building Area Total: 7,044
Building Area Units: Square Feet
Lot Features: Corner Lot
Lot Size Acres: 0.16
Lot Size Area: 0
Lot Size Square Feet: 7,052
Lot Size Units: Acres
Financial
Residential Income
Gross Income: $248,724.00
Operating Expense: $31,887.00
Taxes
Tax Annual Amount: $16,019.00
Tax Assessed Value: $1,412,600.00
Tax Year: 2025
Interior
Measurements
Living Area: 7,044
Living Area Source: Public Record
Rooms
Basement: Unfinished
Bathrooms Full: 6
Bathrooms Total Integer: 6
Bedrooms Total: 19
Rooms Total: 28
Other
General
Exclusions: Personal Properties
Parking
Parking
Open Parking Spaces: 6
Parking Features: Deeded
Parking Total: 6
Utilities
Equipment
Sewer: Public Sewer
Water Source: Public
Frequently Asked Questions
How many bedrooms and bathrooms does this multi-family home have?
There are 19 bedrooms and 6 bathrooms in this multi-family home at 17-23 Palmer St.
Does this multi-family home have parking?
Yes, there are 6 parking spaces available for 17-23 Palmer St.
What are the annual taxes for 17-23 Palmer St?
Annual taxes for this multi-family home are estimated at $16,019.
How does 17-23 Palmer St compare to other multi-family homes in South Salem?
This multi-family home is listed 23% above the average price for multi-family homes in South Salem and has been on the market for 14 less days than the typical home in this area.
What is the square footage on this multi-family home?
According to the MLS, this listing is 7,044 sqft.
17-23 Palmer St is a 19-bedroom, 6-bath multi-family home for sale in Salem MA 01970. Listed on Prevu for 5 days at $2,399,900. This residence features 7,044 square feet of living space, located in South Salem. The median listing price for multi-family homes in this area is $594,950. The home offers private outdoor space and parking. Explore more multi-family home listings in Salem.
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