Unit Information
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 today’s 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.
- Additional Details
- Status: NEW
- Type: Multi-Family, Multi Family
- Zip Code: 01930
- Levels: 5
- Parking
- Parking: On Street
- Rooms and Dimensions
- Total Units: 10
- Total Floors: 5
- Total Rooms: 40
- Has Basement: Yes
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$2,590,000
- Status: New
- Listing ID: 73533333
- Bedrooms: 14
- Full Baths: 10
- Living Area: 6,700 sqft Convert
- Lot Size: 2,927 sqft Convert
- Acres: 0.07
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Luxury Residential Group
(617) 233-5800
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LRG Luxury Residential Group | 355 Boylston St, Boston MA 02116 | (617) 233-5800 | |