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$ 995,000
Est. payment | /mo
16 Beds
8 Baths
5,919 SqFt
$ 995,000
Est. payment | /mo
16 Beds
8 Baths
5,919 SqFt
Key Details
Property Type Multi-Family
Sub Type 5-9 Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,919 sqft
Price per Sqft $168
MLS Listing ID 73595656
Bedrooms 16
Full Baths 6
Half Baths 4
Year Built 1900
Annual Tax Amount $4,110
Tax Year 2026
Lot Size 7,405 Sqft
Acres 0.17
Property Sub-Type 5-9 Family
Property Description
Great investment opportunity in downtown Gloucester. This existing two-family property is currently occupied by two long-term tenants, providing immediate rental income while you move forward with an approved expansion project. All city approvals are in place for approximately 4,200 square feet of additional building area, comprising four townhouse-style units, each with three bedrooms and 1.5 baths. As an added benefit, the seller has already obtained a quote from a modular construction company for the four proposed units. The level and mostly cleared lot is ready for the next stage of development. Continue collecting rent from the existing units while completing the construction process. Centrally located near downtown amenities and the MBTA Commuter Rail, this property offers a compelling combination of current income and future growth potential.
Location
State MA
County Essex
Zoning R-5
Direction Prospect St to Warner St to Burnham St to Sargent St
Exterior
Community Features Public Transportation, Highway Access
Waterfront Description 1 to 2 Mile To Beach
Roof Type Shingle
Total Parking Spaces 6
Garage No
Building
Lot Description Corner Lot, Level
Story 9
Foundation Concrete Perimeter, Granite
Sewer Public Sewer
Water Public
Others
Senior Community false
Listed by Vadala Real Estate
Nearby Locations
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