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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.

More Info

Basic Information

  • Gross Income $262,920
  • Listing Terms Contract
  • Lot Features Zero Lot Line
  • Mls StatusActive
  • Parcel Number M:0013 B:0017 L:0000,1893957

Tax Information

  • Tax Assessed Value $894,537
  • Tax Year 2026
  • Taxes$8,328

Parking

  • Open Parking YN Yes
  • Parking Features On Street
  • Parking Spaces

Rooms

  • Bathroom10
  • Bathrooms Total Decimal 10
  • Bedrooms14
  • Full Bath10

Basic Information

  • List Price$2,590,000
  • MLS Number73533333
  • Modification Date06/14/2026
  • Property SubType5+ Family - 5+ Units Up/Down

Location

  • Address222 Main Street
  • Building Number222
  • CountyEssex
  • StateMA
  • StreetMain Street
  • TownGloucester
  • Zip01930

Building

  • BasementPartial, Crawl Space, Sump Pump
  • Building Area Units Square Feet
  • Construction Materials Frame
  • FoundationStone, Brick/Mortar, Granite
  • Levels 5
  • Patio And Porch Features Deck
  • Rooms40
  • Stories5
  • Units10
  • Year Built1900
  • Year Built Details Approximate
  • Year Built Source Public Records

Property

  • Acreage0.07

Exterior

  • RoofShingle, Rubber

Utilities

  • Sewer Public Sewer
  • Water Source Public

Property Information

  • Building Area Source Other
  • Living Area 6,700
  • Lot Size Square Feet 2,927
  • Lot Size Units Acres
  • Square Feet6,700

Amenities

  • Amenities
    • Highway Access
    • Laundromat
    • Medical Facility
    • Public School
    • Public Transportation
    • Shopping
    • T-Station
    • Walk/Jog Trails
  • Other AmenitiesBasement

Water Body

  • Miles to Beach1
  • Waterfront Features Harbor, Ocean,1/2 to 1 Mile To Beach, Beach Ownership(Public)

Legal

  • ZoningCB

Other

  • Date Listed06/10/2026
  • Farm Land Area Units Square Feet
  • View Count2

Map Location

Driving Directions

Listed by Stephen Martin of Aluxety

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