Three-Family Residential Development
For Sale
$1,149,000
368 Essex Avenue, Gloucester, MA 01930
For sale 3.7-acre parcel with a three-family home and an additional lot, zoned R20 with potential ANR subdivision.
Property Size3,831 SF
Lot Size3.70 Acres
Price / SF$299.92
Days on Market116
Property Features for 368 Essex Avenue
General Information
Standard status
Active
Size
3,831 SF
Lot size
3.70 Acres
Property subtype
Multi-family
Zoning
R20
Additional Details
Multifamily Units
3
Building Details
Year Built
1920
Listing Agency:
J. Barrett & Company
Listed By:
Lillian LoGrasso
(978) 479-2250
Source:
Jbarrettrealty
Added: Jul 8
Changed: Oct 31
Last Checked: Oct 30 at 6:33PM
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 J. Barrett & Company
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Investment Insights
Based on property information with market context.
For sale: a 3.7-acre parcel in West Gloucester that includes a spacious three-family home on 2.44 acres, sold together with an additional 1.26-acre lot. The existing residence provides three units, offering immediate rental income potential while also supporting flexible multi-generational use.
The property is zoned R20 and includes stated potential to create up to 5 ANR lots, subject to buyer due diligence and required approvals. This configuration provides both an income-producing housing option and a platform for residential subdivision planning, depending on the buyer’s goals.
The offering is presented as a combined land and home package at 368 Essex Avenue, Gloucester, MA 01930.
The property is zoned R20 and includes stated potential to create up to 5 ANR lots, subject to buyer due diligence and required approvals. This configuration provides both an income-producing housing option and a platform for residential subdivision planning, depending on the buyer’s goals.
The offering is presented as a combined land and home package at 368 Essex Avenue, Gloucester, MA 01930.
Key Highlights
- 3.7‑acre parcel for sale in West Gloucester with a three‑family home plus an additional 1.26‑acre lot, sold together
- Three‑family home on 2.44 acres offers immediate income potential with three rental units
- Zoned R20 with potential for 5 ANR lots (buyer to complete due diligence and approvals)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,538
Cap Rate
5.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,290,760
$1.3M
Cap Rate 7%
$921,971
$922.0K
Cap Rate 9%
$717,089
$717.1K
Market Conditions
NOI Build-Up for 3,831 SF
Gross rent
$96.5K $25.20/SF
− Vacancy
−$4.3K −$1.13/SF
EGI
$92.2K $24.07/SF
− OpEx
−$27.7K −$7.22/SF
NOI
$64.5K $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%
$1,290,760
Cap Rate 7%
$921,971
Cap Rate 9%
$717,089
Alternative Uses
Best Use
Multifamily LT 5
$922.0K
$806.7K – $1.08M
NOI $64,538 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$832.2K
$728.2K – $970.9K
NOI $58,256 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$2.27M
$1.98M – $2.65M
NOI $158,756 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
58
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?
Triplex - For sale 3.7-acre parcel with a three-family home and an additional lot, zoned R20 with potential ANR subdivision.
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 $1,149,000.
What are key features of this property?
This property features: 3.7‑acre parcel for sale in West Gloucester with a three‑family home plus an additional 1.26‑acre lot, sold together; Three‑family home on 2.44 acres offers immediate income potential with three rental units; Zoned R20 with potential for 5 ANR lots (buyer to complete due diligence and approvals)
