Historic Gloucester Harbor
53-55 Western Avenue Gloucester, MA 01930
53-55 Western Avenue, Gloucester, MA, 01930
$1,800,000
For Sale
$1,800,000
Historic inn/multifamily property overlooking Gloucester Harbor and Fisherman's Memorial.
Property Size4,628 SF
Price / SF$388.94
Days on Market95
Property Features for 53-55 Western Avenue
General Information
- Standard status
- Active
- Size
- 4,628 SF
- Property subtype
- Multi-family / 4 Family - 4 Units Up/Down
Building Details
- Year Built
- 1741
Listing Agency
Churchill Properties
(978) 515-7031
Listed by
Michael Beaton · License #9023204
(978) 515-7031
Source
Compass
Added: Apr 14 Checked: Jul 17 at 6:07 am
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.
The Inn at Babson Court is a 1741 post & beam Colonial overlooking historic Gloucester Harbor and the Fisherman's Memorial. The 4,628 square foot property is currently used as an inn and multifamily residence, with exposed beams and historic charm throughout. There are currently three apartments and two suites without kitchens. Public record states it is a four-family property. Many possibilities exist for its future uses. It features plenty of parking behind the house, including a two-car garage, which may be suitable as an accessory dwelling unit. The property has four 100-amp electric service panels plus a house meter. Common decks and patio, and a covered outside sitting area are available. The beach and harbor are located across the street.
Key Highlights
- Historic 1741 Post & Beam Colonial overlooking Gloucester Harbor and the Fisherman's Memorial.
- Beach and harbor access directly across the street.
- Currently configured as a multi‑family property with 3 apartments and 2 suites, offering income potential.
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 | $116.6k | $25.20 |
| − Vacancy | −$5.2k | −$1.13 |
| EGI | $111.4k | $24.07 |
| − OpEx | −$33.4k | −$7.22 |
| NOI | $78.0k | $16.85 |
4,628 SF · lease $25.20/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.11M
$974.6K – $1.30M
NOI $77,964 @ 7.0% cap · market cap 4.33%
Second Best
Apartment 5plus
$1.01M
$879.7K – $1.17M
NOI $70,375 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$2.74M
$2.40M – $3.20M
NOI $191,783 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Historic inn/multifamily property overlooking Gloucester Harbor and Fisherman's Memorial.
Where is this quadplex located?
The property is located at 53-55 Western Avenue Gloucester, MA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Historic 1741 Post & Beam Colonial overlooking Gloucester Harbor and the Fisherman's Memorial.; Beach and harbor access directly across the street.; Currently configured as a multi‑family property with 3 apartments and 2 suites, offering income potential.
