Harbor-View 2-Unit
New
For Sale
$680,000
320 Main Street, Gloucester, MA 01930
NB-zoned residence faces Gloucester Harbor and includes two apartments with shared utilities.
Property Size2,208 SF
Lot Size0.08 Acres
Price / SF$307.97
Days on Market6
Property Features for 320 Main Street
General Information
Standard status
Active
Size
2,208 SF
Total Parking Spaces
1
Lot size
0.08 Acres
Property subtype
Multi-family
Units
Unit Mix
1 x 1BR/1BA (881 sf), 1 x 2BR/1BA (1327 sf)
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
central AC
laundry
fireplace
storage
terraced backyard
Building Details
Year Built
1930
Buildings
1
Stories
2
Listing Agency:
RE/MAX Beacon
Listed By:
Kathleen Sullivan
(781) 771-9949
Source:
Demakis
Added: Oct 27
Changed: Oct 30
Last Checked: Oct 30 at 1:26PM
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 RE/MAX Beacon
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Investment Insights
Based on property information with market context.
This 2,208-square-foot duplex contains two apartments: an 881-square-foot, one-bedroom unit and a 1,327-square-foot, two-bedroom unit. Both have kitchens and living areas; the larger apartment also includes laundry, storage, a fireplace in the main bedroom, and access to a terraced backyard. Electric, heat, central AC, and hot water are shared. The property has an attached one-car garage and a 3,600-square-foot lot. A separate, single-story concrete structure at the rear has electricity and can serve as storage or a workshop.
The building faces Gloucester Harbor, across the street from Cruiseport and Seaport Grille. The property is zoned NB and is near coastal dining, shopping, maritime attractions, and downtown Gloucester.
The building faces Gloucester Harbor, across the street from Cruiseport and Seaport Grille. The property is zoned NB and is near coastal dining, shopping, maritime attractions, and downtown Gloucester.
Key Highlights
- Two apartments total 2,208 square feet: 881 square feet and 1,327 square feet
- Unit layouts include one bedroom and two bedrooms, respectively
- 3,600‑square‑foot lot with terraced backyard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,196
Cap Rate
5.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$743,920
$743.9K
Cap Rate 7%
$531,371
$531.4K
Cap Rate 9%
$413,289
$413.3K
Market Conditions
NOI Build-Up for 2,208 SF
Gross rent
$55.6K $25.20/SF
− Vacancy
−$2.5K −$1.13/SF
EGI
$53.1K $24.07/SF
− OpEx
−$15.9K −$7.22/SF
NOI
$37.2K $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 Rate 5%
$743,920
Cap Rate 7%
$531,371
Cap Rate 9%
$413,289
Alternative Uses
Best Use
Multifamily LT 5
$531.4K
$465.0K – $619.9K
NOI $37,196 @ 7.0% cap · market cap 5.47%
Second Best
Apartment 5plus
$479.7K
$419.7K – $559.6K
NOI $33,576 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,499 @ 7.0% cap · market cap 13.46%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,346
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - NB-zoned residence faces Gloucester Harbor and includes two apartments with shared utilities.
Where is this duplex located?
The property is located at 320 Main Street Gloucester, MA.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Two apartments total 2,208 square feet: 881 square feet and 1,327 square feet; Unit layouts include one bedroom and two bedrooms, respectively; 3,600‑square‑foot lot with terraced backyard
