IPSWICH — Less than two years after it last changed hands, a Market Street building has sold for a 27.7% markup.

Housing five apartments and sitting on a hill overlooking Depot Square, 50-56 Market St. sold on Aug. 27 for $1.5 million, according to the Register of Deeds. That was $325,000 above its last sale price of $1.175 million on Nov. 8, 2019.

The building was sold by A. Stevens Realty of Gloucester to Kevin D. Perelli of Salisbury.

Town tax records say the building sits on 0.55 acres. The five units have a total of 10 bedrooms and five bathrooms, the records said. The units consist of three one-bedroom, one three-bedroom, and one four-bedroom apartments.

The building was undergoing renovations prior to the sale. The town building inspector said Stevens had applied for a full-gut renovation of one unit, a two-story addition, and the addition of a second bedroom to another unit. Stevens withdrew his application once it looked like the sale was closing, the inspector’s office said.

“The authorized activities on the permit … and the sprinkler permit will not be completed by the sale, and Mr. Perelli will be completing the project as part of a larger remodeling plan,” a filing with the building inspector said.

As of Monday, several windows were boarded up, some had plastic sheeting, and there was a “no trespassing” sign pinned to the building.

In 2019, Stevens bought the house from Triple Investment Group, which had an address in Ipswich, according to the Southern Essex Register of Deeds.

The sale before that was on June 28, 2017. At that time, Triple Investment Group bought the property from the 56 Market Street Realty Trust for $705,000. That means the building’s market value has more than doubled (112.8%) in four years.

Known as the Lord-Sullivan-Haskell House, it was built around 1847, according to Historic Ipswich.

The first owner of the house was Captain John Lord, the website said. He “made his last voyage as master of the ship Miles Standish to Calcutta sailing May 17, 1855,” it added.

Preparing to return the following March, and when the ship was nearly ready for sea, “Capt. Lord sickened with the prevailing fever and died on April 21, 1856.”

The house’s next owner was John J. Sullivan, an inventor. “Among the patents he received were a button hole sewing machine in 1883, a thread-cutting attachment for sewing machines in 1903, and an improved hydrant in 1901,” Historic Ipswich said.

By the mid-1920s, several families were shown to be living in the building, indicating it has been multi-family for almost 100 years.