Sold
Last Sold Price
11 beds4,066 sqft
7 Riggs St, Gloucester, MA 01930
Multi FamilyProperty Type
1904Year Built
$362/sq ftPrice per sq ft
3 carsParking Spaces

Description

If you think you missed your opportunity to purchase this income producing property, well now is your chance. If you are looking for an investment or 1031 exchange then look no further than this multi-family property close to the ocean. One block from Stacey Boulevard and Gloucester's outer harbor and the famous Greasy pole, this property is located in close proximity to downtown and all the excitement this seacoast city has to offer. Per city of Gloucester records, this is a 4 to 8 unit building,...If you think you missed your opportunity to purchase this income producing property, well now is your chance. If you are looking for an investment or 1031 exchange then look no further than this multi-family property close to the ocean. One block from Stacey Boulevard and Gloucester's outer harbor and the famous Greasy pole, this property is located in close proximity to downtown and all the excitement this seacoast city has to offer. Per city of Gloucester records, this is a 4 to 8 unit building, but it is currently being utilized as a 5 unit building. Come explore the potential of this ideally located, income-producing property.
Listing closed: 08/31/2021 12:00 AM • Source: MLS PIN, MLS#: 72815719

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Location

Sold By Shilalis Real Estate, James Kousoulos

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Payment Calculator

$8,517 per month

30 year fixed, 7.03% Interest

Principal and Interest

$7,848

Property Taxes

$669

HOA Dues

$0

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Property Information for 7 Riggs Street

Property Details
  • Taxes: $8,030 / year
  • MLS Type: Multi-family / 5+ Family - 5+ Units Up/Down
  • County: Essex County
  • Town: Gloucester
  • Area: MA-Gloucester
  • Garage Spaces: 0
  • Parking Spaces Total: 3
Building Information
  • Stories: 9
  • Residences: 5
  • Year Built: 1904
  • Lot Size: 0.00 AC / 0 SF
General Details
Property Details
  • Building Area Units: Square Feet
  • Community Features: Public Transportation, Shopping, Tennis Court, Park, Medical Facility, Laundromat, Highway Access, House of Worship, Marina, Public School, T-Station
  • Current Financing: Cash
  • Living Area: 4066.0
  • Color: Tan
  • Total Units: 5
  • Waterfront: No
  • Water View: No
  • Year Built Details: Renovated Since
  • Year Built Source: Public Records
Features
Interior Features
  • Appliances: Unit 2(Range, Refrigerator), Oil Water Heater
  • Basement Features: Full, Concrete Floor, Unfinished Basement
  • Num of Baths: 7.0
  • Num of Full Baths: 6
  • Num of Half Baths: 1
  • Bathrooms Total Decimal: 6.50
  • Bathrooms Total Integer: 7
  • FireplaceYN: No
  • Fireplaces: 0
  • Interior Features: Unit 1 Rooms(Living Room, Kitchen), Unit 2 Rooms(Living Room, Unit 3 Rooms(Living Room, Unit 4 Rooms(Living Room
  • Laundry Features: Laundry Room, Unit 1(Washer & Dryer Hookup)
Exterior Features
  • Exterior Features: Porch
  • Lot Description: Gentle Sloping
  • Patio And Porch Features: Porch
  • Roof Material: Shingle
  • Waterfront Features: Beach Front, Ocean, 0 to 1/10 Mile To Beach, Beach Ownership(Public)
Parking Features
  • Covered Spaces: .00
  • Garage: No
  • Garage Parking: Off-Street
  • Parking Features: Off-Street
  • Parking Features: Off-Street
Utilities
  • Heating: Unit 1(Gas)
  • Heating: Yes
  • Sewer: City/Town Sewer
  • Water: Public
Property Information
Property Info
  • Farm Land Area Units: Square Feet
  • WARRANTY: No
  • Lot Size Units: Acres
  • Road Frontage Type: Public
  • Disclosures: Laundry is shared for 3 of the units. 2 of the units have in-unit laundry. Hot water is included in rent for all units. There is some knob and tube wiring remaining in the building.
Tax Information
  • Listing Terms: Contract
  • Tax ID: 1893578
  • Assessments: $640,100
  • Book: 25698
  • Tax Year: 2021
  • Zoning: R-5
Building / Association Information
Living Characteristics
  • Beds Total: 11
  • Total Living Levels: 9
Other Building Characteristics
  • Foundation: Granite
  • Heat Units: 5
Income / Expenses
  • Annual Expenses Source: Owner
  • GOI: $126,730.00
  • Insurance: $2,200.00
  • GRE: $5,000
  • RME: $2,000
  • NOI: $121,730.00
  • Operating Expense: $5,000.00
  • WSE: $800.00
Complex & Association Information
  • Adult Community: No
Unit Information
Unit 1 Description
  • Floor U1: 1
  • Lease U1: Y
  • Levels U1: 1
Unit 2 Description
  • Floor U2: 1
  • Lease U2: Y
  • Levels U2: 1
Unit 3 Description
  • Floor U3: 2
  • Lease U3: N
  • Levels U3: 1
Unit 4 Description
  • Floor U4: 3
  • Lease U4: Y
  • Levels U4: 1
Rental Info
Rental Info
  • Total Actual Rent: $11,395.00
Market and Agent Information
Sale Info
  • Buyer Broker Comp: 2.0
  • Other Agent Compensation: 0

Property History for 7 Riggs Street

DateEvent & SourcePriceAppreciation
Aug 31, 2021

Sold

MLS PIN #72815719

$1,470,000—
Jun 16, 2021

Contingent

MLS PIN #72815719

—
Apr 15, 2021

Listed (Active)

MLS PIN #72815719

$1,575,000—
DateEvent & SourcePrice
08/31/2021

Sold

MLS PIN #72815719

$1,470,000
06/16/2021

Contingent

MLS PIN #72815719

—
04/15/2021

Listed (Active)

MLS PIN #72815719

$1,575,000

For completeness, we often displays two records for one sale: the MLS record and the public record.

Public Records for 7 Riggs Street

Taxable ValueLand$132,000Additions$1,112,900Total$1,244,900
Tax Record2025$12,100 ($1,008 / month)
Home Facts
Baths5Total Finished SqFt4,491 SqFtAbove Grade Finished SqFt4,491 SqFtUnfinished Basement SqFt1,518 SqFtStories3Lot Size4,175 SqFtStyleMulti-Family Res (5+ Units)Year Built1904Year Renovated1904ZoningR-5CountyESSEXAPNGLOU M:0006 B:0002 L:0000

Schools near 7 Riggs Street

This home is within Gloucester School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - K to 5
Rating
School
Distance
Beeman Memorial Elementary School
PublicK to 5

Ralph B O'Maley Innovation Middle School
Public6 to 8

Gloucester High School
Public9 to 12

East Veterans Elementary School
PublicK to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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The property listing data and information, or the images, set forth herein were provided to MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS. The property listing data and information, and the images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the images, set forth herein.