Mixed-Use 10-Unit
222 Main Street Gloucester, MA 01930
222 Main Street, Gloucester, MA, 01930
$2,590,000
For Sale
$2,590,000
Ten-unit property with seven residential units and three commercial units producing strong in-place income.
Property Size6,700 SF
Price / SF$386.57
Days on Market78
Property Features for 222 Main Street
General Information
- Standard status
- Active
- Size
- 6,700 SF
- Property subtype
- Multi-family / 5+ Family - 5+ Units Up/Down
Building Details
- Year Built
- 1900
Listing agency
Aluxety
(800) 806-3212
Listed by
Stephen Martin · License #9065273
(800) 806-3212
Source
Compass
Added: May 5 Updated: Jul 21 at 3:07AM Checked: Jul 21 at 3:07AM
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 Aluxety
Investment Insights
Based on property information with market context.
This downtown 10-unit property is comprised of seven residential units and three commercial units, with strong in-place income. The offering generates approximately $262,920 in gross annual income and has operating expenses of approximately $71,000. Lead compliant certificates are in place for the seven residential units.
The asset has been significantly improved, including a new roof, updated siding, newer windows, and a rebuilt rear deck, which can help minimize near-term capital expenditures. The property is described as highly walkable to shops, restaurants, the waterfront, and public transportation, supporting demand across both residential and commercial units.
For purchasers, it may appeal to investors seeking stable cash flow and also to 1031 exchange buyers looking to trade into a larger, higher-performing asset in a prime coastal market.
The asset has been significantly improved, including a new roof, updated siding, newer windows, and a rebuilt rear deck, which can help minimize near-term capital expenditures. The property is described as highly walkable to shops, restaurants, the waterfront, and public transportation, supporting demand across both residential and commercial units.
For purchasers, it may appeal to investors seeking stable cash flow and also to 1031 exchange buyers looking to trade into a larger, higher-performing asset in a prime coastal market.
Key Highlights
- 10‑unit downtown Gloucester property with 7 residential units and 3 commercial units
- Gross annual income approximately $262,920 with operating expenses around $71,000
- Reported 7.4% cap rate per listing remarks
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $160.8k | $24.00 |
| − Vacancy | −$3.5k | −$0.53 |
| EGI | $157.3k | $23.47 |
| − OpEx | −$47.2k | −$7.04 |
| NOI | $110.1k | $16.43 |
6,700 SF · lease $24.00/SF/yr · vacancy 2.20% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.57M
$1.38M – $1.83M
NOI $110,084 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$1.46M
$1.27M – $1.70M
NOI $101,883 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$3.97M
$3.47M – $4.63M
NOI $277,646 @ 7.0% cap · market cap 10.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Laura & Co Hair ...
Hair Salon
Northwest Atlantic Marine ...
Charitable Organization
Jessica Lynn Churchill ...
Photography Service
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Ten-unit property with seven residential units and three commercial units producing strong in-place income.
Where is this apartment building located?
The property is located at 222 Main Street Gloucester, MA.
What is the asking price?
The asking price for this property is $2,590,000.
What are key features of this property?
This property features: 10‑unit downtown Gloucester property with 7 residential units and 3 commercial units; Gross annual income approximately $262,920 with operating expenses around $71,000; Reported 7.4% cap rate per listing remarks
