Renovated Two-Family
For Sale
$619,900
15 Shepherd St, Gloucester, MA 01930
Turnkey, fully updated two-family with separate systems, recently installed fire alarm, and both units vacant for immediate occupancy plans.
Property Size1,405 SF
Price / SF$441.21
Days on Market68
Property Features for 15 Shepherd St
General Information
Standard status
Active
Size
1,405 SF
Property subtype
Multi Family
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
MP Realty Group
(978) 559-1107
Listed By:
Stephen Curcuru
(978) 559-1107
Source:
Lockandkeyre
Added: Jun 6
Changed: Aug 11
Last Checked: Aug 11 at 5:43AM
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 MP Realty Group
Investment Insights
Based on property information with market context.
This renovated two-family duplex offers two independently serviced units with separate heating systems, hot water, and updated electrical utilities for each unit. The property has been improved with a new roof, replacement windows, and upgraded heating systems. Unit 1 features a complete renovation including a brand-new kitchen and bathroom, and Unit 2 has also been tastefully updated.
The home is located just moments from downtown Gloucester, within walking distance of local restaurants, shops, the harbor, and the train station, providing convenient access to everyday amenities.
With both units currently vacant, the property can suit investors looking for a straightforward path to lease-up or owner-occupants seeking a live-in arrangement with an additional unit available for rental. The recent updates and installation of a fire alarm system add to its readiness for immediate plans, while the separate utilities and systems support practical long-term operation.
The home is located just moments from downtown Gloucester, within walking distance of local restaurants, shops, the harbor, and the train station, providing convenient access to everyday amenities.
With both units currently vacant, the property can suit investors looking for a straightforward path to lease-up or owner-occupants seeking a live-in arrangement with an additional unit available for rental. The recent updates and installation of a fire alarm system add to its readiness for immediate plans, while the separate utilities and systems support practical long-term operation.
Key Highlights
- Renovated two‑family home built in 1900, located moments from downtown Gloucester
- Recent upgrades include a new roof, replacement windows, and upgraded heating systems
- Unit 1 completely renovated with a brand‑new kitchen and bathroom
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
$23,669
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
3.82%
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%
$473,380
$473.4K
Cap Rate 7%
$338,129
$338.1K
Cap Rate 9%
$262,989
$263.0K
Market Conditions
NOI Build-Up for 1,405 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
$35.4K $25.20/SF
− Vacancy
−$1.6K −$1.13/SF
EGI
$33.8K $24.07/SF
− OpEx
−$10.1K −$7.22/SF
NOI
$23.7K $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%
$473,380
Cap Rate 7%
$338,129
Cap Rate 9%
$262,989
Alternative Uses
Best Use
Multifamily LT 5
$338.1K
$295.9K – $394.5K
NOI $23,669 @ 7.0% cap · market cap 3.82%
Second Best
Apartment 5plus
$305.2K
$267.1K – $356.1K
NOI $21,365 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$831.8K
$727.8K – $970.4K
NOI $58,223 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,396
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
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Frequently Asked Questions
What type of property is this?
Duplex - Turnkey, fully updated two-family with separate systems, recently installed fire alarm, and both units vacant for immediate occupancy plans.
Where is this duplex located?
The property is located at 15 Shepherd St Gloucester, MA.
What is the asking price?
The asking price for this property is $619,900.
What are key features of this property?
This property features: Renovated two‑family home built in 1900, located moments from downtown Gloucester; Recent upgrades include a new roof, replacement windows, and upgraded heating systems; Unit 1 completely renovated with a brand‑new kitchen and bathroom
