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    Updated Two-Family Home Title is generated by Realmo AI

    134 Baker Street, Gardner, MA 01440

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    For Sale
    $415,000

    Well-maintained two-family home with updated mechanicals and separate utilities.

    Type:Multi-family / 2 Family
    Property size:
    1,998 SF
    Price / SF:
    $207/SF
    Added:
    Mar 19, 2026
    Days on Market:
    78
    Last Refresh:
    Mar 19 at 8:27 pm

    Property Features for 134 Baker Street

    General Information

    Standard status
    Active
    Size
    1,998 SF
    Property subtype
    Multi-family / 2 Family

    Building Details

    Year Built
    1922

    We can help!

    Listing Contact
    Giovanna Graves

    Listing agent Giovanna Graves License #9509015

    Listing office Central Mass Real Estate

    Listing date Mar 19, 2026

    Source Compass

    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 Central Mass Real Estate

    HighLights

    • Updated mechanicals: 2 boilers, plumbing, heating, electrical, and 2 heat pumps for A/C and heat.
    • Updated kitchens with granite counters and updated bathrooms with in‑unit laundry.
    • New roof installed in 2023.
    • Flexible use: two‑family or convert to a single‑family home with 4 bedrooms.
    • Second floor unit features a private composite deck, parking, and shed.
    • Separate utilities, low‑maintenance vinyl siding, and ample parking.

    Overview

    This well-maintained two-family home is suitable for owner occupancy or investment. The property features updated mechanical systems, including two boilers, plumbing, heating, and electrical systems. Two heat pumps provide both air conditioning and heating, offering dual heat sources. Both bathrooms, which include in-unit laundry, and kitchens have been updated with granite counters. A new roof was installed in 2023. All utilities are separately metered. Interior stairs allow for conversion into a single-family home with four bedrooms. The layout of the home on the lot allows both units to be at a single level. The second floor includes a private, large composite deck leading to its own parking area and shed, suitable for motorcycle parking and storage. A large enclosed porch and walk-up attic offer potential for future expansion or storage. The first floor has two off-street parking spaces. Additional features include hardwood floors and low-maintenance vinyl siding. Ample parking, updated heating, and a newer roof enhance the property's appeal.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $39.6k $19.80
    − Vacancy −$977 −$0.49
    EGI $38.6k $19.31
    − OpEx −$11.6k −$5.79
    NOI $27.0k $13.52
    1,998 SF · lease $19.80/SF/yr · vacancy 2.47% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $385.8K
    $337.6K – $450.1K (±1% cap)
    NOI $27,008 @ 7.0% cap · market cap 6.51%
    Second Best
    Apartment 5plus
    $335.8K
    $293.8K – $391.7K (±1% cap)
    NOI $23,504 @ 7.0% cap · market cap 5.66%
    Theoretical Best
    Office A
    $682.3K
    $597.0K – $796.0K (±1% cap)
    NOI $47,760 @ 7.0% cap · market cap 11.51%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Alpha IRS Consulting Accounting Firm Bolduc Plumbing Inc ... Plumbing Service

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Gardner
    County
    Worcester
    State
    Massachusetts
    Longitude
    -72.0003033
    Latitude
    42.5709773

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    FAQs

    What type of property is this?
    Duplex - Well-maintained two-family home with updated mechanicals and separate utilities.
    Where is this duplex located?
    The property is located at 134 Baker Street Gardner, MA.
    What is the asking price?
    The asking price for this property is $415,000.
    What are key features of this property?
    This property features: Updated mechanicals: **2 boilers, plumbing, heating, electrical, and 2 heat pumps for A/C and heat.**; **Updated kitchens with granite counters** and updated bathrooms with in‑unit laundry.; New roof installed in 2023.
    (877) 537-9997
    We can help!
    Listing Contact
    Giovanna Graves
    Real Estate License ID: 9509015
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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