MLS#73533334
STATUSActive
PROPERTY TYPECommercial - Business
Property Description
10-unit downtown Gloucester, consisting of 7 residential units & 3 commercial units w/ strong in-place income and long-term upside. The property generates approximately $262,920 in gross annual income w/ operating expenses of ~$71,000, delivering an attractive 7.4% cap rate; increasingly difficult to find in todays market. Lead compliant certificates for 7 residential units. This asset has been significantly improved, featuring a new roof, updated siding, newer windows, and a rebuilt rear deck, minimizing near-term capital expenditures. Highly walk-able downtown location, tenants benefit from proximity to shops, restaurants, the waterfront, and public transportation supporting strong rental demand across both residential and commercial units. Ideal for an investor seeking stable cash flow with upside, or a 1031 exchange buyer looking to trade into a larger, higher-performing asset in a prime coastal market.
Property Features
Property Type: Commercial - Business
Lot Size: 0.07 Acres
Taxes: $8,328
Year Built: 1900
Feature Descriptions
Compensation Based On: N/A
Compensation Broker Transaction: N/A
Compensation Buyer Agency: N/A
Compensation Sub Agency: N/A
Compensation Sub Agency Offered: N/A
Parcel Number: M:0013 B:0017 L:0000,1893957
Rental Term: Monthly
Utilities: Public Water, Public Sewer
Listed By / Shown By
Listed By
Agency Name: Aluxety
Agent Name: Stephen Martin
Agency Phone: 800-806-3212
Shown By
Agency Title: Better Homes and Gardens Real Estate The Masiello Group
Agency Phone: 800-741-1540
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222 Main St | MLS# 73533334
This commercial property located at 222 Main St, Gloucester, MA 01930 is currently listed for sale with an asking price of $2,590,000. Search Gloucester real estate on www.masiellogrouprealestate.com today.