222 Main St
Gloucester, MA 01930

$2,590,000

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Listing Details

$2,590,000
MLS# 73533334
Type Commercial - Business
Status Active

0.067 acres
Lot Size
1900
Year Built

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Listed By

Agency Name: Aluxety
Agent Name: Stephen Martin
Agency Phone: 800-806-3212

Shown By

Agent Name: Erin Blume
Agent Phone: (781) 690-4893
Agency Title: Donahue Real Estate Co.

Home Value Estimate

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,...read more

Features

$8,328 Taxes
Built in 1900

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