October 20, 2020 – Stephen Girolamo of Horvath & Tremblay has arranged the sale of 242 Main Street in Gloucester, Massachusetts. Girolamo exclusively represented the seller and procured the buyer to close the transaction at a sale price of $1,452,000.
242 Main Street is a multi-family property, containing 11 units in Gloucester, Massachusetts. The property is comprised of five (5), storefront, street-level retail units, three (3) 2-Bedroom/1-Bathroom units and three (3), 1-Bedroom/1-Bathroom units in 8,031 square feet of leasable area on a 0.26-acre parcel. The Property features an attractive street-level façade, separately metered utilities, updated units, a shared deck, and a large yard at the rear of the Property with a BBQ area and active community garden that is shared by the residential tenants. Overnight parking for residents is available in the neighboring lot. 242 Main Street is well-located on a high-traffic section of Main Street in Downtown Gloucester, just one block from Gloucester’s Inner Harbor. The vibrant retail corridor attracts both area residents and tourists visiting the many shops, restaurants, and attractions in the area. The Property benefits from its location across from a large public parking lot that is highly utilized by both residents and visitors as an access point to the Downtown Gloucester and Inner Harbor attractions. Ideal for residential commuters, the Property is located just 0.6 miles from Route 128 and is walkable to Gloucester’s Commuter Rail Station on the Boston-Rockport line. The Property is also close to several Cape Ann Transportation Authority bus routes that provide quick access to the Commuter Rail Station and local destinations throughout the Cape Ann towns of Gloucester, Rockport, and Essex.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.