Two-Family Duplex with
New
For Sale
$389,900
103 Ash Street, Gardner, MA 01440
Two distinct residences offer separate entrances, kitchen and bath facilities, plus shared garage and storage space.
Property Size2,177 SF
Price / SF$179.10
Days on Market4
Property Features for 103 Ash Street
General Information
Standard status
Active
Size
2,177 SF
Property subtype
2 Family - 2 Units Up/Down
Additional Details
Multifamily Units
2
Building Details
Building Size
2,177 SF
Year Built
1900
Buildings
1
Stories
2
Listing Agency:
IVerty Realty, LLC
Listed By:
Mela Dieujuste · License #452508574
(413) 786-0584
Source:
Iverty
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 13 at 9:54AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of IVerty Realty, LLC
Investment Insights
Based on property information with market context.
This duplex contains 2,177 square feet of living area across two separately entered residences. The first-floor unit includes three bedrooms, an eat-in kitchen, laundry room, full bath with walk-in tub, and a living room with vaulted ceiling, skylights, and ceiling fan. A deck extends from the kitchen. The upper residence offers two or three bedrooms, a full bath with laundry hookups, an eat-in kitchen with peninsula, and a vaulted living room with skylight and ceiling fan.
The property includes more than half an acre at 103 Ash Street in Gardner, Massachusetts. A two-stall garage provides space for one vehicle along with a workshop or storage area. Built in 1900, the layout supports two-family residential use with distinct entrances and separate living areas.
The property includes more than half an acre at 103 Ash Street in Gardner, Massachusetts. A two-stall garage provides space for one vehicle along with a workshop or storage area. Built in 1900, the layout supports two-family residential use with distinct entrances and separate living areas.
Key Highlights
- 2,177 square feet of living area
- More than half an acre of land
- Two separately entered residential units
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
$29,428
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
7.55%
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%
$588,560
$588.6K
Cap Rate 7%
$420,400
$420.4K
Cap Rate 9%
$326,978
$327.0K
Market Conditions
NOI Build-Up for 2,177 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
$43.1K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$42.0K $19.31/SF
− OpEx
−$12.6K −$5.79/SF
NOI
$29.4K $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%
$588,560
Cap Rate 7%
$420,400
Cap Rate 9%
$326,978
Alternative Uses
Best Use
Multifamily LT 5
$420.4K
$367.9K – $490.5K
NOI $29,428 @ 7.0% cap · market cap 7.55%
Second Best
Apartment 5plus
$365.9K
$320.1K – $426.8K
NOI $25,610 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$743.4K
$650.5K – $867.3K
NOI $52,039 @ 7.0% cap · market cap 13.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
558
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two distinct residences offer separate entrances, kitchen and bath facilities, plus shared garage and storage space.
Where is this duplex located?
The property is located at 103 Ash Street Gardner, MA.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: 2,177 square feet of living area; More than half an acre of land; Two separately entered residential units
