BEDS14
BATHS10 full
SQUARE FEET6,700
MLS#73601539
STATUSActive
PROPERTY TYPEMulti Unit - Multiple
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: Multi Unit - Multiple
Basement: Yes
Basement: Partial, Crawl Space, Sump Pump
Lot Size: 0.07 Acres
Roof Type: Shingle, Rubber
Stories: 5.0
Taxes: $8,328
Year Built: 1900
Feature Descriptions
Building Area Total: 6700
Community Features: Public Transportation, Shopping, Walk/Jog Trails, Medical Facility, Laundromat, Highway Access, Public School, T-Station
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
Dwelling Type: 5+ Family - 5+ Units Up/Down
Exterior: Frame
Lot Features: Zero Lot Line
Open Parking Y/N: Yes
Parcel Number: M:0013 B:0017 L:0000,1893957
Parking Features: On Street
Parking Total: 0
Patio And Porch: Deck
Rooms Total: 40
Sewer: Public Sewer
Units: 10
Water: Public
Waterfront Features: Harbor, Ocean,1/2 to 1 Mile To Beach, Beach Ownership(Public)
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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Estimated Payment
$ 6,710.19 per month $5,319.10 Principal & Interest $694.00 Property Tax $697.08 Homeowner's Insurance
222 Main St | MLS# 73601539
This multi-family property located at 222 Main St, Gloucester, MA 01930 is currently listed for sale with an asking price of $2,390,000. Search Gloucester real estate on www.masiellogrouprealestate.com today.