13 Flume RdGloucester, MA 01930

Property Details for 13 Flume Rd

Year built

1920

Construction

FRAME

Lot size

0.20 AC

Property size (Sq ft)

7,582 SF

Zone code

VB

Property type

Investment properties

Property subtype

Live-work space

APN

GLOU M:0168 B:0049 L:0000

APU

GLOUM0168B0049L0000

Description

This exceptional mixed-use property in Gloucester, MA, presents a unique investment opportunity. Located in the heart of Magnolia Village, this property boasts prime ocean views and offers a blend of residential and commercial spaces. The residential component includes four apartments: a three-bedroom, 2.5-bathroom unit with updated kitchen and hardwood floors, two one-bedroom units (one rented, one renovated), and a completely renovated two-bedroom penthouse. A relaxing common area ocean-view roof deck adds to the appeal. The commercial aspect comprises four retail units on Lexington Ave, three currently rented and one vacant. All retail units are responsible for their own utilities, while residential tenants benefit from included heat and hot water. The property sits on a 0.2-acre lot and features a substantial septic system capable of supporting up to 14 bedrooms. Its proximity to Kettle Cove beach, restaurants, shops, and the Magnolia Library enhances its desirability. This property offers significant potential for various uses, including condo conversion or Airbnb operation. The asking price is $1,999,999. This is a rare chance to own a thriving business and live steps from the ocean, eliminating commuting time.

• CAP approach

  CAP return

  Valuation

  6%

  $1,253,531

  6.5%

  $1,157,106

  7%

  $1,074,455

• Comparable approach

  Method

  Valuation

  Relative Method

  $990,664

  Geo Method

  $990,664

• Alternative Use

  Use

  Valuation

  Residential

  $1,434,811

  Hospitality

  $1,314,279

  Educational

  $1,093,465

  Medical

  $1,131,071

  Retail

  $1,700,945

Location Insight

City

Gloucester

County

Essex

State

Massachusetts

Latitude

42.5758

Longitude

-70.7124

CBSA code

14460

CBSA name

BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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