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.
- Basement:
- Partial, Sump Pump, Crawl Space
- Parking:
- On Street
- Construction:
- Frame
- Sewer:
- Public Sewer
- Water:
- Public
- Disclosure
- Garage Parking
- Lead Paint:
- Unknown
- Waterview Features:
- Harbor
- Market Time:
- 4
- Tax Year:
- 2026
- Status:
- Active
- Price Per Sqft:
- $387
- Zoning:
- CB
- No Units:
- 10
- Orig Price:
- $2,590,000
- LEASE:
- Yes
- Waterfront:
- No
- MlsStatus:
- Active
- City:
- Gloucester
- State:
- MA
- County:
- Essex
- Postal Code:
- 01930
- Longitude:
- W71° 20' 24.9''
- Latitude:
- N42° 36' 50.1''
Residential Income
222 Main St, Gloucester, Massachusetts
- Property Type :
- Residential Income
- Listing Type :
- For Sale
- Price :
- $2,590,000
- Bedrooms :
- 14
- Rooms :
- 40
- Total Bathrooms :
- 10
- Full Bathrooms :
- 10
- Square Footage :
- 6,700 Sqft
- Year Built :
- 1900
- Lot Area :
- 0.07 Acre
- Listing ID :
- 73533333
- Stephen E. Robb
- View website
- 617-212-0251
-
srobb@robbenterprises.com
