Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Downtown Gloucester Multifamily Investment Title is generated by Realmo AI

    23 Mount Vernon St, Gloucester, MA 01930

    View on Map
    Claim this Listing
    For Sale
    $1,250,000

    Five-unit multifamily property in downtown Gloucester with harbor views.

    Type:Investment
    Added:
    Apr 10, 2026
    Days on Market:
    54
    Last Refresh:
    Apr 10 at 8:57 am

    Property Features for 23 Mount Vernon St

    General Information

    Standard status
    Active
    Property subtype
    Investment

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Atlee Alman

    Listing agent Atlee Alman

    Listing office

    Listing date Apr 10, 2026

    Source Elliman

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Atlee Alman

    HighLights

    • Four of five units delivered vacant, offering immediate flexibility for owner‑occupancy or investment.
    • Prime downtown Gloucester location, close to shops, restaurants, and the waterfront.
    • Beautiful views of Our Lady of Good Voyage, Gloucester Harbor, and Ten Pound Island.
    • Strong long‑term rental potential in a desirable Cape Ann location.
    • Newer roof and siding.
    • All separate utilities.

    Overview

    This five-unit multifamily property is located in downtown Gloucester, offering proximity to shops, restaurants, and the waterfront. The building provides views of Our Lady of Good Voyage, Gloucester Harbor, and Ten Pound Island. Four of the five residential units will be delivered vacant, offering flexibility for an owner-occupant or investor. One unit will remain occupied with a lease in place until March 31, 2027. The building features coastal character and long-term rental potential in a desirable location. The property has a newer roof and siding, separate utilities for each unit, and one off-street parking space, with potential for additional parking in the rear. The location is considered bikeable with a score of 53, and a walker's paradise with a score of 91. Public transportation is available, indicated by a transit score of 46.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Gloucester
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.6571227
    Latitude
    42.6181876

    Nearby Similar for Sale

    • $325,000

      East Gloucester Commercial Condo Opportunity

      Commercial condo in East Gloucester with potential for various uses.
      197 E. Main 1, Gloucester, MA 01930
      View Details
    • $599,900
      1,920 SF

      Turnkey Two-Family Home, Gloucester

      Two-unit home near downtown, shops, waterfront, Route 128, MBTA.
      4 Alpine Ct, Gloucester, MA 01930
      View Details
    • $925,000
      1,300 SF

      Well-Maintained Commercial Building For Sale

      Single-story commercial building with flexible floor plan and full kitchen.
      76 Prospect St, Gloucester, MA 01930
      View Details
    • $925,000
      3,089 SF

      Well-Maintained Commercial Building For Sale

      Single-story commercial building with flexible floor plan and full kitchen.
      76 Prospect St, Gloucester, MA 01930
      View Details
    • $325,000

      East Gloucester Commercial Condo Opportunity

      Commercial condo in East Gloucester with high visibility and potential.
      197 E. Main #1, Gloucester, MA 01930
      View Details
    • $3,100,000

      Iconic Waterfront Restaurant with Residence

      Established restaurant and waterfront residence in historic Rocky Neck.
      73 Rocky Neck Ave. #1&2, Gloucester, MA 01930
      View Details
    • $1,500,000

      Iconic Waterfront Restaurant in Gloucester

      Established restaurant with deep-water boat slips in Rocky Neck.
      73 Rocky Neck Ave. #1, Gloucester, MA 01930
      View Details
    • $1,250,000
      6,500 SF

      Mixed-Use Building Overlooking Gloucester Harbor

      Three-story mixed-use building with period features and business rental history.
      16 Rogers St, Gloucester, MA 01930
      View Details
    • $798,000

      Three-Unit Property Near Train Station

      Three-unit property near train station with income restrictions.
      50 Warner St, Gloucester, MA 01930
      View Details
    • $2,100,000

      Landmark Property with Harbor Views

      Rare opportunity to own a Gloucester coastal legacy property.
      41 Hough Avenue, Gloucester, MA 01930
      View Details
    • $2,100,000
      1,310 SF

      Landmark Property with Harbor Views

      Rare opportunity to own a Gloucester coastal legacy property.
      41 Hough Avenue, Gloucester, MA, MA 01930
      View Details
    • $839,000

      Gloucester Three-Family Investment Opportunity

      Three-unit property near transit, beaches, and downtown Gloucester.
      9 Cleveland Pl, Gloucester, MA 01930
      View Details

    FAQs

    What type of property is this?
    Apartment building - Five-unit multifamily property in downtown Gloucester with harbor views.
    Where is this apartment building located?
    The property is located at 23 Mount Vernon St Gloucester, MA.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Four of five units delivered vacant, offering immediate flexibility for owner‑occupancy or investment.; Prime downtown Gloucester location, close to shops, restaurants, and the waterfront.; Beautiful views of Our Lady of Good Voyage, Gloucester Harbor, and Ten Pound Island.
    (978) 807-8096
    We can help!
    Listing Contact
    Atlee Alman
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    23 Mount Vernon St, Gloucester, MA 01930
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!