Updated Triplex with
For Sale
$549,900
181 Park Street, Gardner, MA 01440
Residential Income, Gardner, MA
Property Size3,216 SF
Lot Size0.40 Acres
Price / SF$170.99
Days on Market15
Property Features for 181 Park Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 8, Bedroom 6, Bathroom 3, Bedroom 2, Bedroom 9, Bedroom 7
Parking
10
Fireplace
1
Directions
Central Street to Park Street. On the right just past Mondanock Street.
Standard status
Active
APN
M:0M27 B:0015 L:0004,3536448
Size
3,216 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6758
Amenities
coin-op laundry
Building Details
Year built
1920
Floors in Building
3
Number of units
3
Listing Agency:
Keller Williams Realty North Central
(978) 840-9000
Listed By:
Rochelle Jonswold
(978) 840-9000
Added: Aug 11
Changed: Aug 19
Last Checked: Aug 25 at 9:06PM
MLS# 73562108
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1920 triplex contains 3,216 square feet across three apartments, each with an updated eat-in kitchen and walk-in pantry. Unit 1 includes a rear deck, while Units 2 and 3 feature enclosed sun porches. Hardwood and tile flooring, refinished hardwoods, original woodwork, trim, and interior doors add character throughout. The property has received plumbing, electrical, and heating improvements since 2012, along with a replacement roof and four water heaters in 2024-2025. Four updated electrical panels and separately metered utilities support the current operating arrangement. Unit 2 is vacant, and two other apartments have established tenants.
The 0.404-acre property includes a two-car garage, ample on-site parking, and a partially fenced side yard with raised-bed gardens. A common laundry area provides coin-operated washer and dryer equipment. The property is near Crystal Lake, Greenwood pool, Gardner town center, the hospital, shopping, Mount Wachusett Community College, the North Central Pathway bike trail, and Route 2.
The 0.404-acre property includes a two-car garage, ample on-site parking, and a partially fenced side yard with raised-bed gardens. A common laundry area provides coin-operated washer and dryer equipment. The property is near Crystal Lake, Greenwood pool, Gardner town center, the hospital, shopping, Mount Wachusett Community College, the North Central Pathway bike trail, and Route 2.
Key Highlights
- Three‑unit property totaling 3,216 square feet
- 0.404‑acre lot with a two‑car garage and on‑site parking
- Unit 2 is vacant; two additional apartments have tenants
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$43,473
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$869,460
$869.5K
Cap Rate 7%
$621,043
$621.0K
Cap Rate 9%
$483,033
$483.0K
Market Conditions
NOI Build-Up for 3,216 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$63.7K $19.80/SF
− Vacancy
−$1.6K −$0.49/SF
EGI
$62.1K $19.31/SF
− OpEx
−$18.6K −$5.79/SF
NOI
$43.5K $13.52/SF
Area
Worcester County, MA
Vacancy
2.47%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$869,460
Cap Rate 7%
$621,043
Cap Rate 9%
$483,033
Alternative Uses
Best Use
Multifamily LT 5
$621.0K
$543.4K – $724.6K
NOI $43,473 @ 7.0% cap · market cap 7.91%
Second Best
Apartment 5plus
$540.5K
$472.9K – $630.6K
NOI $37,833 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$1.10M
$960.9K – $1.28M
NOI $76,875 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
755
Businesses Nearby
Explore this area
Business Placement
Demographics for 01440, MA
21,577
Population
9,600
Households
2.2
Avg Household Size
42
Median Age
23%
College-Educated
88%
High-School Grad
24.5 sq mi
ZIP Area
881
Density / Sq Mi
$63,526
Median Household Income
$43,737
Median Earnings
$1,071
Median Rent
$270,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three apartments with separate utility metering, a vacant main unit, and shared laundry with coin-operated equipment.
Where is this triplex located?
The property is located at 181 Park Street Gardner, MA.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Three‑unit property totaling 3,216 square feet; 0.404‑acre lot with a two‑car garage and on‑site parking; Unit 2 is vacant; two additional apartments have tenants
