222 Main St, Gloucester, MA 01930
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222 Main St, Gloucester, MA 01930
222 Main St, Gloucester, MA 01930
222 Main St, Gloucester, MA 01930
222 Main St, Gloucester, MA 01930
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Don Minchello

Don Minchello

+1(508) 446-0006
$ 2,590,000
Est. payment /mo
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222 Main St Gloucester, MA 01930

14 Beds

10 Baths

6,700 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type 5+ Family - 5+ Units Up/Down

Listing Status Active

Purchase Type For Sale

Square Footage 6,700 sqft

Price per Sqft $386

MLS Listing ID 73533333

Bedrooms 14

Full Baths 10

Year Built 1900

Annual Tax Amount $8,328

Tax Year 2026

Lot Size 3,049 Sqft

Acres 0.07

Property Sub-Type 5+ Family - 5+ Units Up/Down

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

Rooms

Basement Partial, Crawl Space, Sump Pump

Exterior

Community Features Public Transportation, Shopping, Walk/Jog Trails, Medical Facility, Laundromat, Highway Access, Public School, T-Station

Waterfront Description Harbor,Ocean,1/2 to 1 Mile To Beach,Beach Ownership(Public)

Roof Type Shingle,Rubber

Garage No

Building

Lot Description Zero Lot Line

Story 5

Foundation Stone, Brick/Mortar, Granite

Sewer Public Sewer

Water Public

Others

Senior Community false

Acceptable Financing Contract

Listing Terms Contract

Listed by Aluxety

NEARBY SCHOOLS & PROPERTIES

Don Minchello

Don Minchello

+1(508) 446-0006

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222 Main St