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.
Central Gloucester, located between Gloucester Harbor and the Annisquam River, is a historic and walkable Gloucester neighborhood with a working waterfront and a compact downtown grid. The neighborhood’s character concentrates around Main Street at Duncan Street, where galleries, independent shops, and old-school seafood counters line the sidewalks. Cape Ann Museum anchors local art and maritime history, while Gloucester Stage Company adds a steady calendar of performances. Brick commercial blocks and clapboard houses sit beside wharves, fish piers, and pocket parks. The harborfront paths and bridges keep the salt-air geography close at hand.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Interior features
40 total rooms
Partial basement with crawl space and sump pump
Bathrooms
10 full bathrooms
Exterior features
Deck
Harbor and ocean waterfront
Harbor views
Public beach ownership; beach ½ to 1 mile away
Home design
Five stories
Parking
On-street parking
Construction
Frame construction
Stone, brick-and-mortar, and granite foundation
Shingle and rubber roof
Utilities
Public water
Public sewer
HOA & community
Near public transportation, shopping, walking and jogging trails, medical facilities, laundromat, highway access, public schools, and a T station
Electricity and solar
View estimated energy costs and solar savings for this home