Renovated Multifamily
New
For Sale
$439,999
18 Knowlton St, Gardner, MA 01440
Permitted 2021 renovation includes upgraded building systems and refreshed kitchens.
Property Size1,838 SF
Days on Market7
Property Features for 18 Knowlton St
General Information
Standard status
Active
Size
1,838 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$2,868
Building Details
Building Size
1,838 SF
Year Built
1895
Year Renovated
2021
Stories
2
Units
2
Listing Agency:
(978) 397-8626
Listed By:
Olivia Grabka
(978) 397-8626
Source:
Elliman
Added: Aug 14
Changed: Aug 17
Last Checked: Aug 20 at 10:39AM
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 Olivia Grabka
Investment Insights
Based on property information with market context.
This multifamily property was comprehensively renovated under permit in 2021. The work included replacement of the boilers, plumbing, and electrical systems, along with renewed kitchens featuring new cabinetry and appliances. The property has been professionally managed and maintained since the renovation.
The building is currently occupied by tenants at will, while the first-floor unit is scheduled to be vacant at closing. That configuration may accommodate an owner-occupant or an investor, subject to applicable requirements. Built in 1895, the property is located at 18 Knowlton St in Gardner, Massachusetts. Walk Score is 73 and Bike Score is 25.
The building is currently occupied by tenants at will, while the first-floor unit is scheduled to be vacant at closing. That configuration may accommodate an owner-occupant or an investor, subject to applicable requirements. Built in 1895, the property is located at 18 Knowlton St in Gardner, Massachusetts. Walk Score is 73 and Bike Score is 25.
Key Highlights
- Comprehensive renovation completed under permit in 2021
- New boilers, plumbing, and electrical systems throughout
- Renovated kitchens with new cabinetry and appliances
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
$21,622
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
4.91%
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%
$432,440
$432.4K
Cap Rate 7%
$308,886
$308.9K
Cap Rate 9%
$240,244
$240.2K
Market Conditions
NOI Build-Up for 1,838 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
$40.4K $21.96/SF
− Vacancy
−$1.0K −$0.57/SF
EGI
$39.3K $21.39/SF
− OpEx
−$17.7K −$9.63/SF
NOI
$21.6K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$432,440
Cap Rate 7%
$308,886
Cap Rate 9%
$240,244
Alternative Uses
Best Use
Apartment 5plus
$308.9K
$270.3K – $360.4K
NOI $21,622 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$627.7K
$549.2K – $732.3K
NOI $43,936 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
749
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?
Multifamily property - Permitted 2021 renovation includes upgraded building systems and refreshed kitchens.
Where is this multifamily property located?
The property is located at 18 Knowlton St Gardner, MA.
What is the asking price?
The asking price for this property is $439,999.
What are key features of this property?
This property features: Comprehensive renovation completed under permit in 2021; New boilers, plumbing, and electrical systems throughout; Renovated kitchens with new cabinetry and appliances
