Gloucester Multi-Family Homes

Gloucester, located on Cape Ann in Suffolk County, is 31 miles northeast of Boston. It is a summer resort and part of the fishing industry.

Neighborhoods

The East Side and Bass Rocks neighborhood, with a median real estate price of $596,232, is among the 27.2-percent highest-priced neighborhoods in the state and 12.2-percent highest-priced neighborhoods in the country. The average rental price, at $1,855, is higher than 56.2-percent of neighborhoods statewide. The majority of the housing units are three- to four-bedroom, single-family homes or studio to two-bedroom, small apartment buildings. Most housing units are owner-occupied and were built before 1939 or between 1970 and 1999. There is a high vacancy rate of 21.7-percent much of which, 17.1-percent, is seasonal. The average commute time is 15 minutes.

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The Annisquam and Lanesville neighborhood, with a median real estate price of $553,800, is among the 31.6-percent highest-priced neighborhoods in the state and 13.8-percent highest-priced neighborhoods in the country. The average rental price, at $1,831, is higher than 54.4-percent of neighborhoods statewide. The majority of the housing units are three- to four-bedroom, single-family homes or studio to two-bedroom, small apartment buildings. Most housing units are owner-occupied and were built before 1939 or between 1970 and 1999. There is a high vacancy rate of 12.2-percent much of which, 10.2-percent, is seasonal. The average commute time is between 15 and 30 minutes.
The Riverview neighborhood, with a median real estate price of $505,623, is among the 30.8-percent highest-priced neighborhoods in the state and 13.8-percent highest-priced neighborhoods in the country. The average rental price, at $1,802, is higher than 52.4-percent of neighborhoods statewide. The majority of the housing units are three- to four-bedroom, single-family homes or studio to two-bedroom, small apartment buildings. Most housing units are owner-occupied and were built between 1940 and 1969 or before 1939. There is a vacancy rate of 7.6-percent. The average commute time is 15 minutes.
The Magnolia and West Side neighborhood, with a median real estate price of $475,205, is among the 36.1-percent highest-priced neighborhoods in the state and 15.7-percent highest-priced neighborhoods in the country. The average rental price, at $1,711, is higher than 46.2-percent of neighborhoods statewide. The majority of the housing units are three- to four-bedroom, single-family homes or studio to two-bedroom, small apartment complexes and high-rise apartments. Most housing units are owner-occupied and were built before 1939 or between 1940 and 1969. There is a high vacancy rate of 13.4-percent. The average commute time is between 15 and 30 minutes.
The Heights at Cape Ann and Private Way neighborhood, with a median real estate price of $425,345, is among the 45.3-percent highest-priced neighborhoods in the state and 19.5-percent highest-priced neighborhoods in the country. The average rental price, at $1,717, is higher than 46.7-percent of neighborhoods statewide. The majority of the housing units are three- to four-bedroom, single-family homes or studio to two-bedroom, small apartment complexes and high-rise apartments. Most housing units are owner-occupied and were built between 1940 and 1999. There is a high vacancy rate of 16.8-percent much of which, 15-1-percent, is seasonal. The average commute time is between 15 and 30 minutes.
The Centennial Avenue and Washington Street neighborhood, with a median real estate price of $332,593, is among the 64.7-percent highest-priced neighborhoods in the state and 17.2-percent highest-priced neighborhoods in the country. The average rental price, at $1,590, is higher than 38.0-percent of neighborhoods statewide. The majority of the housing units are three- to four-bedroom, single-family homes or studio to two-bedroom, small apartment buildings. Most housing units are a mixture of owner-occupied and renter-occupied. They were built before 1939 or between 1940 and 1969. There is a high vacancy rate of 14.1-percent. The average commute time is 15 minutes.
The Five Pound Island neighborhood, with a median real estate price of $328,404, is among the 34-percent highest-priced neighborhoods in the state and 34-percent highest-priced neighborhoods in the country. The average rental price, at $1,432, is higher than 28.0-percent of neighborhoods statewide. The majority of the housing units are three- to four-bedroom, single-family homes or studio to two-bedroom, small apartment buildings. Most housing units are a mixture of owner-occupied and renter-occupied. They were built before 1939 or between 1940 and 1969. There is a low vacancy rate of 3.0-percent. The average commute time is 15 minutes.
The City Center neighborhood, with a median real estate price of $311,804, is among the 69.2-percent highest-priced neighborhoods in the state and 30.1-percent highest-priced neighborhoods in the country. The average rental price, at $1,372, is higher than 23.3-percent of neighborhoods statewide. The majority of the housing units are studio to two-bedroom and three- to four-bedroom, small apartment buildings, apartment complexes, and high-rise apartments. Most housing units are renter-occupied and were built before 1939 or between 1940 and 1969. There is a high vacancy rate of 12.8-percent. The average commute time is 15 minutes.
The Maplewood Park and Poplar Street neighborhood, with a median real estate price of $297,942, is among the 28.0-percent highest-priced neighborhoods in the state and 28.0-percent highest-priced neighborhoods in the country. The average rental price, at $1,576, is higher than 36.9-percent of neighborhoods statewide. The majority of the housing units are three- to four-bedroom, single-family homes or studio to two-bedroom, small apartment buildings. Most housing units are a mixture of owner-occupied and renter-occupied. They were built before 1939 or between 1940 and 1969. There is a low vacancy rate of 4.8-percent. The average commute time is 15 minutes.

This is a medium-sized city with 29,798 residents who work in a mixture of white-collar and blue-collar jobs with the fields of computers and mathematics employing more residents than 95-percent of the cities across the country. With 37.67-percent of the adults having a bachelor's degree or better, the per capita income, according to the 2010 census, was $39,144, and $63,917 was the median household income. The average commute is 26 minutes with many residents using the Cape Ann Transportation Authority and the MBTA commuter rail system.

Of the 12,619 housing units, 63.6-percent are owner-occupied with a median home value of $425,345 and a vacancy rate of 13.1-percent. Since 2000, real estate values have appreciated 60.25-percent for an annual average of 2.65-percent. While 55.0-percent of the housing units are single-family homes, the housing units also include 3.9-percent townhomes, 28.5-percent small apartment buildings, 12.5-percent apartment complexes, and 0.1-percent mobile homes. At 48.8-percent, most of the housing units were built before 1939 with 22.7-precent built between 1940 and 1969, 21.5-percent built between 1970 and 1999, and 7.0-percent built since 2000. The average rent is $1,711.

This city has a large number of neighborhoods with a high vacancy rate much of which is due to the seasonal nature of the city. This can make investing in multi-family housing in this city a bit of a question mark. Our agents know the area and can advise you on what properties should give you the best return on your investment and the best occupancy rate. With our large database, our agents can provide you with a list of properties from which to choose in this city and nearby areas. Our agents can advise you of market trends, potential development, and zoning restrictions in the area. They can help you set your bid for the property you chose and guide you during negotiations with the seller. In a market such as this, hiring one of our agents protects your investment.

To sell your property in this city quickly at the best possible price, our agents can help you set a price with a negotiable range and create a marketing plan for you. Our large database will provide access to more potential buyers. When you receive offers, our agent will be able to investigate the ability of potential buyers to close quickly. So let one of our agents help you sell your property quickly at a good price.

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