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$ 2,590,000
Est. payment /mo
Active
222 Main St Gloucester, MA 01930
3,049 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 73533334
HOA Y/N false
Year Built 1900
Annual Tax Amount $8,328
Tax Year 2026
Lot Size 3,049 Sqft
Acres 0.07
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 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.
Location
State MA
County Essex
Zoning CB
Direction Main Street
Exterior
Utilities Available Public Water, Public Sewer
Others
Senior Community false
Listed by Aluxety
NEARBY SCHOOL & BUSINESS