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TOM TOMASIAN

tom@clghomes.com +1(617) 295-7600

$ 995,000

Est. payment | -/mo

16 Beds

8 Baths

5,919 SqFt

Save

$ 995,000

Est. payment | -/mo

Save

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

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(617) 295-7600

tom@clghomes.com

90 Canal St, Boston, MA 02114, United States

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35-37 Sargent St Gloucester, MA 01930