Active

8 Days on market

368 Essex Avenue Gloucester — Photo 1 of 41

$1,149,000

Investment Analysis — 368 Essex Avenue

Gloucester, MA 01930 — West Gloucester

Based on rent reported on the MLS listing plus HUD Small Area Fair Market Rent for 1 vacant unit, a 3-unit multi-family in 01930 carries an estimated $7,960/mo in gross rent — about a 5.43% cap rate and $62,375/yr in estimated NOI at the $1,149,000 list price. Adjust every assumption in the calculator below.

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Beds

Baths

3.5

SqFt

3,831

Style

3 Family - 3 Units Side by Side

Built

1920

A rare opportunity in West Gloucester! This 4,000+ sq. ft. three-family property is being offered with TWO parcels totaling approximately 3.7 acres—an exceptional combination of multi-family living, acreage, income potential, and possible future development. The offering includes 368 Essex Ave., featuring a spacious three-family home situated on approximately 2.44 acres with substantial frontage along Essex Ave., plus 368R Essex Ave., an additional approximately 1.26-acre R-30 zoned parcel located behind the main property and described as an “orchard” on the deed. Investors, contractors, developers, flippers, and cash buyers—bring your vision! The multi-family home is in need of updating and improvement, but offers tremendous space and potential for renovation, rental income, or repositioning. With two parcels and nearly 4 acres combined, the possibilities are intriguing. Property is being sold as-is. Buyers and buyers’ agents to perform their own due diligence regarding zoning, subdivision potential, permitted uses, approvals, and development possibilities.

Estimates — not financial advice

These figures are illustrative estimates for informational purposes only — not an appraisal, valuation, or guarantee of rent, income, or returns, and not financial, tax, or investment advice. Rent is either the figure reported on the MLS listing — in-place rent that may differ from market and is not verified against the actual leases — or, where the listing reports none, an estimate from HUD Small Area Fair Market Rents, a government benchmark that may differ from actual market rent. Each figure is labelled with its source. Cap rate, NOI, and returns depend on the assumptions shown, which you can change. MLS and other third-party data may be inaccurate or out of date. Verify all figures independently and consult your own financial, tax, and legal advisors before making any investment decision.