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Iconic Waterfront Restaurant Opportunity

73 Rocky Neck Ave. #1 Gloucester, MA 01930

73 Rocky Neck Ave. #1, Gloucester, MA, 01930

$1,500,000

For Sale

$1,500,000

Established waterfront restaurant in historic Rocky Neck art colony.

Property Size3,085 SF

Price / SF$486.22

AddedApr 21, 2025

Days on Market452

Last RefreshMar 16 at 9:09 am

Property Features for 73 Rocky Neck Ave. #1

General Information

Standard status: Active
Size: 3,085 SF

Building Details

Year Built: 2010

Listing office Engel & Volkers By the Sea

Listing date Apr 21, 2025

Source Corcoran

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 Engel & Volkers By the Sea

Investment Insights

Based on property information with market context.

This is a rare opportunity to own an established restaurant in the heart of Rocky Neck, one of the oldest working art colonies in America. The restaurant has been serving locals and tourists for over 60 years. Rebuilt in 2010, it offers a blend of history, charm, and modern amenities. The fully furnished and stocked restaurant includes 5 deep-water boat slips, allowing diners to dock and enjoy their meals on Smith Cove. The property size is 3085 square feet. This waterfront location offers potential for operating a thriving business.

Key Highlights

Iconic waterfront restaurant in the heart of Rocky Neck, a historic art colony.
Established business with a 60+ year history and enduring reputation.
Includes 5 deep‑water boat slips for customer access.

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$77.7k	$25.20
− Vacancy	−$1.7k	−$0.55
EGI	$76.0k	$24.65
− OpEx	−$19.0k	−$6.16
NOI	$57.0k	$18.48

3,085 SF · lease $25.20/SF/yr · vacancy 2.20% · expense 25.00%

Alternative Uses

Best Use

Specialty Retail

$814.6K

$712.8K – $950.4K (±1% cap)

NOI $57,024 @ 7.0% cap · market cap 3.80%

Second Best

Retail

$724.1K

$633.6K – $844.8K (±1% cap)

NOI $50,688 @ 7.0% cap · market cap 3.38%

Theoretical Best

Office A

$1.83M

$1.60M – $2.13M (±1% cap)

NOI $127,842 @ 7.0% cap · market cap 8.52%

Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

The Rudder Restaurant Rudder Restaurant Restaurant

Suggested Use

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For sale
Restaurants
MA
Gloucester
01930
73 Rocky Neck Ave. #1

What type of property is this?

Restaurant - Established waterfront restaurant in historic Rocky Neck art colony.

Where is this restaurant located?

The property is located at 73 Rocky Neck Ave. #1 Gloucester, MA.

What is the asking price?

The asking price for this property is $1,500,000.

What are key features of this property?

This property features: Iconic waterfront restaurant in the heart of Rocky Neck, a historic art colony.; Established business with a 60+ year history and enduring reputation.; Includes **5 deep‑water boat slips** for customer access.