Six-Unit Multifamily
17-23 Palmer Street Salem, MA 01970
For Sale
$2,399,900
Six residential units with added laundry and storage income generating strong gross annual income.
Property Size7,044 SF
Price / SF$340.70
Days on Market138
Property Features for 17-23 Palmer Street
General Information
- Standard status
- Active
- Size
- 7,044 SF
- Property subtype
- Multi-family / 5-9 Family
Building Details
- Year Built
- 1915
Listing Agency:
Realty ONE Group Cosmopolitan
(781) 219-3200
Listed By:
Elsa Liu · License #9581218
(781) 219-3200
Source:
Compass
Added: Mar 7
Changed: Jul 23
Last Checked: Jul 23 at 3:06AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty ONE Group Cosmopolitan
Investment Insights
Based on property information with market context.
This 6-unit multifamily property offers six residential units and additional income from laundry and storage. The offering is presented as a strong cash-flowing investment, with approximately $248,724 in gross annual income and a high NOI. The pro forma results provided include an approximately 8.5% cap rate and projected Year-1 cash flow of about $64,000, supported by a DSCR of approximately 1.46 based on typical financing assumptions.
Located in Salem, Massachusetts, the property is described as convenient to the MBTA commuter rail and offers easy access to Boston as well as Salem’s downtown, waterfront, restaurants, and retail.
For investors seeking a residential income asset with in-place unit revenue and auxiliary income streams from laundry and storage, this property is positioned for long-term performance based on the underwriting details shared in the remarks.
Located in Salem, Massachusetts, the property is described as convenient to the MBTA commuter rail and offers easy access to Boston as well as Salem’s downtown, waterfront, restaurants, and retail.
For investors seeking a residential income asset with in-place unit revenue and auxiliary income streams from laundry and storage, this property is positioned for long-term performance based on the underwriting details shared in the remarks.
Key Highlights
- 6‑unit multifamily property built in 1915 with 6 total bathrooms
- Generates approximately $248,724 in gross annual income, with laundry and storage adding extra income
- Approximately 8.5% cap rate and about $64,000 projected Year‑1 cash flow (based on typical financing assumptions)
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $202.9k | $28.80 |
| − Vacancy | −$8.1k | −$1.15 |
| EGI | $194.8k | $27.65 |
| − OpEx | −$87.6k | −$12.44 |
| NOI | $107.1k | $15.21 |
7,044 SF · lease $28.80/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.53M
$1.34M – $1.79M
NOI $107,114 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.17M
$3.65M – $4.87M
NOI $291,902 @ 7.0% cap · market cap 12.16%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Six residential units with added laundry and storage income generating strong gross annual income.
Where is this apartment building located?
The property is located at 17-23 Palmer Street Salem, MA.
What is the asking price?
The asking price for this property is $2,399,900.
What are key features of this property?
This property features: 6‑unit multifamily property built in 1915 with 6 total bathrooms; Generates approximately $248,724 in gross annual income, with laundry and storage adding extra income; Approximately 8.5% cap rate and about $64,000 projected Year‑1 cash flow (based on typical financing assumptions)
