Two-Bedroom Duplex with
New
For Sale
$408,000
190 Pine Street, Gardner, MA 01440
Two matching residential units include separate galley kitchens, included appliances, and one garage space.
Property Size2,702 SF
Lot Size0.15 Acres
Price / SF$150
Days on Market5
Property Features for 190 Pine Street
General Information
Standard status
Active
Size
2,702 SF
Total Parking Spaces
1
Lot size
0.15 Acres
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1905
Listing Agency:
One Call Realty
Listed By:
Harold J. Salant
(508) 574-2255
Source:
Foster-healey
Added: Sep 3
Changed: Sep 6
Last Checked: Sep 6 at 9:39AM
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 One Call Realty
Investment Insights
Based on property information with market context.
This 2,702-square-foot duplex contains two matching units, each with two bedrooms, one bathroom, a large kitchen, and a separate galley. The first-floor residence includes a pellet stove positioned in the center of the unit, while the second-floor unit has a heat pump; the seller has no information regarding its condition. Appliances shown are included. A large unfinished attic adds additional interior space, and the property includes a single garage space for parking or storage.
The property is situated on a 6,530-square-foot lot at 190 Pine St in Gardner, Massachusetts. R3 zoning supports the stated residential multifamily classification. The 1905-built property combines two comparable floor plans with outdoor area and garage functionality.
The property is situated on a 6,530-square-foot lot at 190 Pine St in Gardner, Massachusetts. R3 zoning supports the stated residential multifamily classification. The 1905-built property combines two comparable floor plans with outdoor area and garage functionality.
Key Highlights
- Two units, each with 2 bedrooms and 1 bath
- 2,702 square feet on a 6,530‑square‑foot lot
- Matching floor plans with large kitchens and separate galleys
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
$36,525
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
8.95%
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%
$730,500
$730.5K
Cap Rate 7%
$521,786
$521.8K
Cap Rate 9%
$405,833
$405.8K
Market Conditions
NOI Build-Up for 2,702 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
$53.5K $19.80/SF
− Vacancy
−$1.3K −$0.49/SF
EGI
$52.2K $19.31/SF
− OpEx
−$15.7K −$5.79/SF
NOI
$36.5K $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%
$730,500
Cap Rate 7%
$521,786
Cap Rate 9%
$405,833
Alternative Uses
Best Use
Multifamily LT 5
$521.8K
$456.6K – $608.8K
NOI $36,525 @ 7.0% cap · market cap 8.95%
Second Best
Apartment 5plus
$454.1K
$397.3K – $529.8K
NOI $31,786 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$922.7K
$807.4K – $1.08M
NOI $64,589 @ 7.0% cap · market cap 15.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
824
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?
Duplex - Two matching residential units include separate galley kitchens, included appliances, and one garage space.
Where is this duplex located?
The property is located at 190 Pine Street Gardner, MA.
What is the asking price?
The asking price for this property is $408,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bath; 2,702 square feet on a 6,530‑square‑foot lot; Matching floor plans with large kitchens and separate galleys
