Three-Family Home with Extra
368 Essex Avenue Gloucester, MA 01930
368 Essex Avenue, Gloucester, MA, 01930
$1,399,000
For Sale
$1,399,000
Three-family residence on 2.44 acres, plus an additional 1.26-acre lot, totaling 3.7 acres.
Property Size3,831 SF
Lot Size3.70 Acres
Price / SF$365.18
Days on Market314
Property Features for 368 Essex Avenue
General Information
- Standard status
- Active
- Size
- 3,831 SF
- Lot size
- 3.70 Acres
- Property subtype
- Multi-family
Building Details
- Year Built
- 1920
Listing agency
Churchill Properties
Listed by
Antonia Frank
(781) 944-6300
Source
Colonialmanorrealty
Added: Sep 11, 2025 Updated: Jul 21 at 5:04AM Checked: Jul 21 at 5:04AM
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 3.7-acre parcel in West Gloucester includes a spacious three-family home on 2.44 acres, sold together with an additional 1.26-acre lot. The existing property provides three units and is offered with immediate income potential. The overall land size supports a mix of living and property-use options, including room for gardens and other on-site features described by the seller.
The property is located at 368 Essex Avenue, Gloucester, MA 01930 and is described as being minutes from town. The parcel is zoned R20, and the seller notes potential for up to 5 ANR lots, subject to buyer due diligence and approvals.
For investors, developers, and owner-occupants considering multi-generational living or rental income, this offering combines an existing three-family structure with additional land on the same purchase.
The property is located at 368 Essex Avenue, Gloucester, MA 01930 and is described as being minutes from town. The parcel is zoned R20, and the seller notes potential for up to 5 ANR lots, subject to buyer due diligence and approvals.
For investors, developers, and owner-occupants considering multi-generational living or rental income, this offering combines an existing three-family structure with additional land on the same purchase.
Key Highlights
- Three‑family residence built in 1920
- Total 3.7‑acre parcel: 2.44 acres with the home plus an additional 1.26‑acre lot, sold together
- Existing setup includes 3 units for rental income and/or multi‑generational living
Local Financial Insights For Multifamily LT 5
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 | $96.5k | $25.20 |
| − Vacancy | −$4.3k | −$1.13 |
| EGI | $92.2k | $24.07 |
| − OpEx | −$27.7k | −$7.22 |
| NOI | $64.5k | $16.85 |
3,831 SF · lease $25.20/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$922.0K
$806.7K – $1.08M
NOI $64,538 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$832.2K
$728.2K – $970.9K
NOI $58,256 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$2.27M
$1.98M – $2.65M
NOI $158,756 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three-family residence on 2.44 acres, plus an additional 1.26-acre lot, totaling 3.7 acres.
Where is this triplex located?
The property is located at 368 Essex Avenue Gloucester, MA.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Three‑family residence built in 1920; Total 3.7‑acre parcel: 2.44 acres with the home plus an additional 1.26‑acre lot, sold together; Existing setup includes 3 units for rental income and/or multi‑generational living
