Renovated
For Sale
$607,900
141 Prospect St, Gloucester, MA 01930
Updated condominium residences offer open layouts, modern kitchens, and energy-efficient mini-split systems in downtown Gloucester.
Property Size1,035 SF
Price / SF$587.34
Days on Market89
Property Features for 141 Prospect St
General Information
Standard status
Active
Size
1,035 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,725
Listing Agency:
Churchill Properties
(978) 314-9131
Listed By:
Kathleen McHugh
(978) 314-9131
Source:
Exprealty
Added: May 13
Changed: Aug 3
Last Checked: Aug 8 at 8:02AM
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 Churchill Properties
Investment Insights
Based on property information with market context.
This renovated duplex comprises two condominium residences, each with 1 bedroom, 1 bath, and an open-concept arrangement connecting the living, dining, and kitchen areas. Both units feature refreshed cabinetry, countertops, appliances, and bathrooms, along with energy-efficient mini-split systems for heating and cooling. The second-floor residence adds a private deck, while the property’s two units are also available as separate condominiums.
The property is located at 141 Prospect St in Gloucester, within moments of restaurants, shopping, entertainment, beaches, the waterfront, and the train station. The setting supports convenient access to downtown amenities and coastal destinations without relying on a car.
The property is located at 141 Prospect St in Gloucester, within moments of restaurants, shopping, entertainment, beaches, the waterfront, and the train station. The setting supports convenient access to downtown amenities and coastal destinations without relying on a car.
Key Highlights
- Two renovated condominium units in one duplex property
- Each residence includes 1 bedroom and 1 bath
- Open‑concept living, dining, and kitchen areas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,436
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.87%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$348,720
$348.7K
Cap Rate 7%
$249,086
$249.1K
Cap Rate 9%
$193,733
$193.7K
Market Conditions
NOI Build-Up for 1,035 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$26.1K $25.20/SF
− Vacancy
−$1.2K −$1.13/SF
EGI
$24.9K $24.07/SF
− OpEx
−$7.5K −$7.22/SF
NOI
$17.4K $16.85/SF
Area
Essex County, MA
Vacancy
4.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$348,720
Cap Rate 7%
$249,086
Cap Rate 9%
$193,733
Alternative Uses
Best Use
Multifamily LT 5
$249.1K
$218.0K – $290.6K
NOI $17,436 @ 7.0% cap · market cap 2.87%
Second Best
Apartment 5plus
$224.8K
$196.7K – $262.3K
NOI $15,739 @ 7.0% cap · market cap 2.59%
Theoretical Best
Office A
$612.7K
$536.1K – $714.8K
NOI $42,890 @ 7.0% cap · market cap 7.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,414
Businesses Nearby
Explore this area
Business Placement
Demographics for 01930, MA
29,729
Population
14,630
Households
2
Avg Household Size
50
Median Age
39%
College-Educated
94%
High-School Grad
26.2 sq mi
ZIP Area
1,135
Density / Sq Mi
$87,898
Median Household Income
$49,580
Median Earnings
$1,395
Median Rent
$587,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Updated condominium residences offer open layouts, modern kitchens, and energy-efficient mini-split systems in downtown Gloucester.
Where is this duplex located?
The property is located at 141 Prospect St Gloucester, MA.
What is the asking price?
The asking price for this property is $607,900.
What are key features of this property?
This property features: Two renovated condominium units in one duplex property; Each residence includes 1 bedroom and 1 bath; Open‑concept living, dining, and kitchen areas
