Six-Unit Multifamily
For Sale
$2,099,900
19 Palmer Street, Salem, MA 01970
Six-unit residential income property with a 4/1-bedroom and 3/1-bedroom unit mix plus on-site laundry and storage.
Property Size7,044 SF
Price / SF$298.11
Days on Market51
Property Features for 19 Palmer Street
General Information
Standard status
Active
Size
7,044 SF
Property subtype
Multi-family
Building Details
Year Built
1915
Listing Agency:
Realty ONE Group Cosmopolitan
Listed By:
Elsa Liu
(774) 280-2745
Source:
Broadboutique
Added: Jun 10
Changed: Jul 27
Last Checked: Jul 30 at 5:33PM
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 six-unit multifamily property offers a strong in-place rental layout with four 4-bedroom, 1-bath units and two 3-bedroom, 1-bath units. Additional revenue is supported by on-site laundry and storage. The offering is described as generating approximately $248,724 in gross annual income and over $200,000 in NOI.
The property is located at 19 Palmer Street in Salem, MA, with proximity to the MBTA Commuter Rail and access to Boston as well as Salem’s downtown, waterfront, restaurants, shopping, and entertainment.
For investors or owner-operators seeking a cash-flowing residential income asset with a defined unit mix, this property presents an opportunity centered on existing tenancy and additional amenity income from laundry and storage.
The property is located at 19 Palmer Street in Salem, MA, with proximity to the MBTA Commuter Rail and access to Boston as well as Salem’s downtown, waterfront, restaurants, shopping, and entertainment.
For investors or owner-operators seeking a cash-flowing residential income asset with a defined unit mix, this property presents an opportunity centered on existing tenancy and additional amenity income from laundry and storage.
Key Highlights
- 6‑unit multifamily property built in 1915
- Unit mix includes four 4‑bedroom, 1‑bath units and two 3‑bedroom, 1‑bath units
- Approximately $248,724 in gross annual income
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 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.17M
$3.65M – $4.87M
NOI $291,902 @ 7.0% cap · market cap 13.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,589
Businesses Nearby
Explore this area
Business Placement
Demographics for 01970, MA
44,451
Population
20,920
Households
2.1
Avg Household Size
39
Median Age
50%
College-Educated
92%
High-School Grad
8.2 sq mi
ZIP Area
5,421
Density / Sq Mi
$85,189
Median Household Income
$52,024
Median Earnings
$1,800
Median Rent
$497,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit residential income property with a 4/1-bedroom and 3/1-bedroom unit mix plus on-site laundry and storage.
Where is this apartment building located?
The property is located at 19 Palmer Street Salem, MA.
What is the asking price?
The asking price for this property is $2,099,900.
What are key features of this property?
This property features: 6‑unit multifamily property built in 1915; Unit mix includes four 4‑bedroom, 1‑bath units and two 3‑bedroom, 1‑bath units; Approximately $248,724 in gross annual income
