Active

160 Days on market

498 Washington St Gloucester — Photo 1 of 42

Recent Drop: $100,000

$2,699,000

$2,599,000

Investment Analysis — 498 Washington St

Gloucester, MA 01930

Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 4-bedroom in 01930 carries an estimated $3,390/mo in gross rent — about a 0.57% cap rate and $14,933/yr in estimated NOI at the $2,599,000 list price. Adjust every assumption in the calculator below.

View Standard Listing

Beds

Baths

4.5

SqFt

4,255

Style

Single Family

Built

2021

Exceptional waterfront living on the Mill River, this 2021-built contemporary home offers beautiful unobstructed riverfront views with glimpses extending toward Wingaersheek Beach and Ipswich Bay. Thoughtfully designed with 4 bedrooms and 4.5 baths, the home features an expansive open-concept layout centered around a dramatic great room that flows seamlessly onto a spacious deck, perfect for enjoying the ever-changing waterfront scenery. A chef’s kitchen with walk-in pantry anchors the main living space, complemented by high-end finishes and effortless indoor-outdoor living ideal for entertaining. Step outside to your private dock - an exceptional bonus - offering direct access to the Mill River for boating, kayaking, or paddleboarding right from your backyard. Additional highlights include a dedicated home office, oversized 2-car garage, and energy-efficient systems for modern comfort. A rare opportunity to own a nearly new waterfront home in a prime Gloucester location.

ADU Potential

Massachusetts allows one accessory dwelling unit by right in single-family zoning districts statewide (M.G.L. c. 40A §3; 760 CMR 71.00, effective Feb 2025). Estimated maximum ADU size for this property: 900 sq ft (the lesser of 900 sq ft or half the 4,255 sq ft principal dwelling). Lot size: 10,500 sq ft.

Based on listing data, which indicates the property type — not the zoning district. Local dimensional, septic (Title 5), and historic-district requirements still apply. Not legal advice — verify with the municipality.

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.