Great opportunity to own this Mixed Use Residential / Commercial property in a prime and desirable location of downtown Gloucester with Water Views!! Six total units- Five residential & One commercial that are in two separate buildings on the same lot. The Five residential units consist of 3 two bedroom apartments, 1 studio apartment and a 4 bedroom townhouse apartment. The commercial unit houses a well established breakfast restaurant and is a free standing building on the same lot. Rents are below market value. All this located on a corner lot literally down the street from Gloucester's Iconic Waterfront, Boulevard and all that downtown Gloucester has to offer! Within half a mile of the MBTA and one mile to Route 128.
Sale Statistics
Sale Overview
Original List Price:$1,799,999
Final Sale Price:$1,465,000
Difference:
$334,999 (-18.6%)
Performance Metrics
81.4%
List to Sale Ratio
Sold below asking price
53
Days on Market
Average time
Price per Square Foot Analysis
Original $/sq ft:$267
Sale $/sq ft:$218
This property sold for $218 per square foot
Sale Summary
This property sold for 18.6% below the original asking price.
The property spent 53 days on market before selling.
Facts & Features
Property Overview
Property Type
5-9 Family
Property Category
Residential Income
Year Built
1900
Bedrooms
10
Full Bathrooms
6
Living Area
6,731 sq ft
Total Rooms
23
Stories
6
Levels
6
Interior Features
Has Fireplace
No
Exterior & Structure
Foundation
Stone
Has Spa
No
Waterfront Features
Ocean, 1/10 to 3/10 To Beach
Waterfront Property
No
Lot & Land
Lot Size
0.17 acres
Lot Size
7,557 sq ft
Lot Size Area
0.1700
Lot Features
Corner Lot
Parking & Garage
Has Garage
No
Total Non-Garage Parking Spaces
2
Utilities & Systems
Water Source
Public
Sewer
Public Sewer
Community & HOA
Community Features
Public Transportation, Shopping, Park, Walk/Jog Trails, Medical Facility, Highway Access, Marina, Public School, T-Station
Senior Community
No
Financial & Tax Information
Annual Tax Amount
$10,760
Tax Year
2023
Tax Assessed Value
$1,016,100
Parcel Number
M:0015 B:0104 L:0000
Zoning
R-5
Additional Details
Year Built Source
Public Records
Year Built Details
Approximate
Disclosures
Property is being sold as-is with all tenants in place. Property is in the Gloucester's Historic District. No Common Eletrical panel. Easement agreement & grant of easement -see attached on paper clip. Restaurant business not for sale-See lease attached.2nd Bedroom in Unit #3L does not have a closet
Location
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Neighborhood
40-42 Middle St, Gloucester MA 01930
Gloucester, MA 01930
Walkability
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Schools
School information not available
Monthly Payment Calculator
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Estimated Monthly Payment$0
Payment Breakdown
Principal & Interest$0
Property Tax$897
Homeowners Insurance$200
PMI$0
Property History
Market Insights
8.4%
Price Range
55
Total Days on Market
Property Timeline
✓
Sold
Feb 2, 2024
$1,465,000
Property sold
Days on Market: 55
🏠
Listed for Sale
Nov 3, 2023
$1,599,900
Original listing
Agent: Salvatore DiMercurioOffice: Keller Williams Realty Evolution
