Three-Unit Multifamily
For Sale
$449,900
Pending
183 Greenwood Street, Gardner, MA 01440
Three apartments include two two-bedroom homes and one one-bedroom unit, with the second-floor residence currently vacant.
Property Size2,779 SF
Days on Market117
Property Features for 183 Greenwood Street
General Information
Standard status
Pending
Size
2,779 SF
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Building Details
Year Built
1922
Buildings
1
Stories
3
Listing Agency:
eXp Realty LLC
(413) 717-0635
Listed By:
Candor Investment Group
(978) 630-2070
Source:
Foster-healey
Added: May 9
Changed: Aug 31
Last Checked: Aug 30 at 5:43PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
Located at 183 Greenwood St in Gardner, this 2,779-square-foot multifamily building contains three separate apartments. The first and second levels each have a two-bedroom layout, while the top floor offers a one-bedroom unit. The second-floor apartment is vacant, creating flexibility for an owner-occupant or a new tenant placement. Built in 1922, the property offers an established multifamily configuration with varied unit sizes.
The building is within walking distance of Gardner’s downtown area, with shops, dining, and other local amenities nearby. Its three-unit arrangement and mix of two-bedroom and one-bedroom apartments provide a straightforward residential income property format.
The building is within walking distance of Gardner’s downtown area, with shops, dining, and other local amenities nearby. Its three-unit arrangement and mix of two-bedroom and one-bedroom apartments provide a straightforward residential income property format.
Key Highlights
- Three‑unit multifamily building with a two‑bedroom, two‑bedroom, and one‑bedroom unit mix
- 2,779 square feet of building area
- Second‑floor two‑bedroom apartment is currently vacant
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
$37,566
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
8.35%
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%
$751,320
$751.3K
Cap Rate 7%
$536,657
$536.7K
Cap Rate 9%
$417,400
$417.4K
Market Conditions
NOI Build-Up for 2,779 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
$55.0K $19.80/SF
− Vacancy
−$1.4K −$0.49/SF
EGI
$53.7K $19.31/SF
− OpEx
−$16.1K −$5.79/SF
NOI
$37.6K $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%
$751,320
Cap Rate 7%
$536,657
Cap Rate 9%
$417,400
Alternative Uses
Best Use
Multifamily LT 5
$536.7K
$469.6K – $626.1K
NOI $37,566 @ 7.0% cap · market cap 8.35%
Second Best
Apartment 5plus
$467.0K
$408.7K – $544.9K
NOI $32,692 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$949.0K
$830.4K – $1.11M
NOI $66,429 @ 7.0% cap · market cap 14.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
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 include two two-bedroom homes and one one-bedroom unit, with the second-floor residence currently vacant.
Where is this triplex located?
The property is located at 183 Greenwood Street Gardner, MA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Three‑unit multifamily building with a two‑bedroom, two‑bedroom, and one‑bedroom unit mix; 2,779 square feet of building area; Second‑floor two‑bedroom apartment is currently vacant
