Updated Three-Unit
New
For Sale
$549,900
181 Park Street, Gardner, MA 01440
Three apartments feature renovated kitchens, separate utility metering, and shared laundry with coin-operated equipment.
Property Size3,216 SF
Price / SF$170.99
Days on Market4
Property Features for 181 Park Street
General Information
Standard status
Active
Size
3,216 SF
Property subtype
3 Family - 3 Units Up/Down
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Amenities
coin-op washer/dryer
two-car garage
large back deck
enclosed sun porch
partially fenced yard
updated eat-in kitchens with walk-in pantries
Building Details
Year Built
1920
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty North Central
(978) 870-9260
Listed By:
Jennifer Shenk · License #453012297
(978) 870-9260
Source:
Lockandkeyre
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 14 at 3:32AM
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 Keller Williams Realty North Central
Investment Insights
Based on property information with market context.
Located at 181 Park Street in Gardner, this 3,216-square-foot triplex contains three apartments with large eat-in kitchens, walk-in pantries, hardwood and tile flooring, and original interior woodwork. One unit is vacant, while the other two are occupied by long-time tenants. Unit 1 includes a rear deck; Units 2 and 3 have enclosed sun porches.
Renovations completed since 2012 include plumbing, electrical, and heating system updates. The roof and four water heaters were replaced in 2024-2025, and the building has four updated electrical panels. Utilities are separately metered for gas heat and electric. Common amenities include coin-operated laundry, a two-car garage, ample parking, low-maintenance vinyl siding, and windows. The property sits on almost a half acre with a partially fenced side yard used for raised-bed gardens. Nearby destinations include Crystal Lake, Greenwood pool, the town center, hospital, shopping, Mount Wachusett Community College, North Central Pathway bike trail, and Route 2.
Renovations completed since 2012 include plumbing, electrical, and heating system updates. The roof and four water heaters were replaced in 2024-2025, and the building has four updated electrical panels. Utilities are separately metered for gas heat and electric. Common amenities include coin-operated laundry, a two-car garage, ample parking, low-maintenance vinyl siding, and windows. The property sits on almost a half acre with a partially fenced side yard used for raised-bed gardens. Nearby destinations include Crystal Lake, Greenwood pool, the town center, hospital, shopping, Mount Wachusett Community College, North Central Pathway bike trail, and Route 2.
Key Highlights
- 3,216‑square‑foot triplex with three apartments
- One vacant unit and two long‑time tenant‑occupied apartments
- Roof and 4 water heaters replaced in 2024‑2025
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
Multi-tenant
Tenancy
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 feature renovated kitchens, separate utility metering, 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: 3,216‑square‑foot triplex with three apartments; One vacant unit and two long‑time tenant‑occupied apartments; Roof and 4 water heaters replaced in 2024‑2025
