MLS #73484686 image #0
CASH COW! 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.
Current real estate data for Multi Family in Salem as of Mar 20, 2026
13
Multi Family Listed
206
Avg DOM
345
Avg $ / SqFt
$1,217,892
Avg List Price

Property Details

Price:
$2,399,900
MLS #:
73484686
Status:
Active
Beds:
19
Baths:
6
Type:
Multi Family
Subtype:
5-9 Family
Listed Date:
Mar 10, 2026
Finished Sq Ft:
7,044
Total Sq Ft:
7,044
Lot Size:
7,052 sqft / 0.16 acres (approx)
Year Built:
1915
Units:
6

Schools

Interior

Bathrooms
6 Full Bathrooms

Exterior

Construction Materials
Frame
Parking Features
Deeded
Parking Spots
6
Roof
Shingle

Financial

Net Operating Income
$204,401
Tax Year
2025
Taxes
$16,019

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Property Summary

    17-23 Palmer St Salem MA is a Multi Family for sale in Salem, MA, 01970. It is listed for $2,399,900 To schedule a showing of MLS#73484686 at 17-23 Palmer St in Salem, MA, contact your Boardwalk Real Estate Corp. agent at 781-944-7820.

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CRP: Certified Relocation Professional
CRS: Certified Residential Specialist
GRI: Graduate of Realtors Institute
CBR: Certified Buyers Representative
BSBA: Bachelor of Science in Business Administration. Babson College 1979
MBA: Master of Business Administration. Babson College 2002

James M. Joly is President and Principal-Owner of Boardwalk Real Estate Corp.,…

More About James
17-23 Palmer St
Salem, MA