Two-Bedroom
New
For Sale
$799,000
20 Shepherd St, Gloucester, MA 01930
Each residence offers two bedrooms, one full bath, and access to driveway parking for multiple vehicles.
Property Size2,904 SF
Days on Market2
Property Features for 20 Shepherd St
General Information
Standard status
Active
Size
2,904 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,197
Building Details
Building Size
2,904 SF
Year Built
1900
Stories
6
Units
3
Listing Agency:
(978) 304-6983
Listed By:
Salvatore DiMercurio
(978) 304-6983
Source:
Elliman
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 13 at 5:28AM
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 Salvatore DiMercurio
Investment Insights
Based on property information with market context.
This three-unit multifamily property contains three residences, each arranged with two bedrooms and one full bath. The building dates to 1900, and a shared driveway provides off-street parking for multiple vehicles. The consistent unit layouts support straightforward residential occupancy across the property.
Located in Gloucester near downtown, the property is close to shopping, restaurants, beaches, and the waterfront. Route 128 and the MBTA commuter rail are also nearby, providing access to regional destinations. Walk Score is 92, Bike Score is 47, and Transit Score is 46.
Located in Gloucester near downtown, the property is close to shopping, restaurants, beaches, and the waterfront. Route 128 and the MBTA commuter rail are also nearby, providing access to regional destinations. Walk Score is 92, Bike Score is 47, and Transit Score is 46.
Key Highlights
- Three residential units, each with two bedrooms and one full bath
- Built in 1900
- Driveway provides off‑street parking for multiple vehicles
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
$48,921
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
6.12%
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%
$978,420
$978.4K
Cap Rate 7%
$698,871
$698.9K
Cap Rate 9%
$543,567
$543.6K
Market Conditions
NOI Build-Up for 2,904 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
$73.2K $25.20/SF
− Vacancy
−$3.3K −$1.13/SF
EGI
$69.9K $24.07/SF
− OpEx
−$21.0K −$7.22/SF
NOI
$48.9K $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%
$978,420
Cap Rate 7%
$698,871
Cap Rate 9%
$543,567
Alternative Uses
Best Use
Multifamily LT 5
$698.9K
$611.5K – $815.4K
NOI $48,921 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$630.8K
$552.0K – $736.0K
NOI $44,159 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$1.72M
$1.50M – $2.01M
NOI $120,341 @ 7.0% cap · market cap 15.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
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?
Triplex - Each residence offers two bedrooms, one full bath, and access to driveway parking for multiple vehicles.
Where is this triplex located?
The property is located at 20 Shepherd St Gloucester, MA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three residential units, each with two bedrooms and one full bath; Built in 1900; Driveway provides off‑street parking for multiple vehicles
