Open House October 3, 2026 11:30 -1:00. EXCEPTIONAL OPPORTUNITY TO
LIVE ON THE HARBOR WITH YOUR OWN DEEP WATER DOCK approx. 290 feet
long with a renovated 4-bedroom 2 1/2 bath harbor front home on
SMITH'S COVE. The dock is fully licensed with a Chapter 91 permit,
providing legal compliance for the owner. Sits across the harbor
from Rocky Neck, renowned for its artist colonies, galleries,
shops, and restaurants, this home offers a front-row seat to the
bustling, picturesque harbor and easy access to the vibrant
cultural life of Gloucester's waterfront. The home has all the
modern conveniences with a state-of-the-art kitchen with all
high-end appliances. There is a huge pantry off the kitchen.
A spacious primary bedroom suite over the heated garage
includes its own bath, while two bedrooms feature walkout decks and
Harbor views. There is a fourth bedroom. Large deck off living room
all ooverlooking this spectacular harbor. There is another room
that could be an office and is next to the main bedroom.
There are two baths on the second level and a half bath with
a washer-dryer hook-up on the first floor. Heated garage.
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
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