Exceptional opportunity to acquire a 10-unit mixed-use property in the heart of downtown Gloucester, consisting of 7 residential units and 3 commercial spaces with strong in-place income and long-term upside. The property generates approximately $262,000 in gross annual income with operating expenses of ~$71,000, delivering an attractive 6.8% cap rate; well above the area average and increasingly difficult to find in today’s market. This asset has been significantly improved, featuring a new roof, updated siding, newer windows, and a rebuilt rear deck, minimizing near-term capital expenditures. The building is professionally managed, with an experienced property manager in place who is willing to stay, offering a seamless transition for new ownership. Positioned in a highly walk-able downtown location, tenants benefit from proximity to shops, restaurants, the waterfront, and public transportation supporting strong rental demand across both residential and commercial units. Ideal for an investor seeking stable cash flow with upside, or a 1031 exchange buyer looking to trade into a larger, higher-performing asset in a prime coastal market. Key upgrades made: New roof installed, New vinyl siding, New back deck, 12 new windows, AC in all commercial units