Two-Unit Duplex with Off-Street
New
For Sale
$410,000
193 Logan St, Gardner, MA 01440
Gardner duplex with flexible unit layouts, enclosed porch, basement storage, and municipal water and sewer service.
Property Size2,242 SF
Price / SF$182.87
Days on Market4
Property Features for 193 Logan St
General Information
Standard status
Active
Size
2,242 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,730
Amenities
enclosed porch
off-street parking
Building Details
Building Size
2,242 SF
Year Built
1916
Stories
2
Units
2
Listing Agency:
Keller Williams Realty North Central
Listed By:
Linda Anderson · License #454501089
(978) 660-8268
Source:
Elliman
Added: Sep 10
Last Checked: Sep 13 at 8:03AM
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.
Built in 1916, this two-family duplex provides approximately 2,242 sq ft of living space. Each unit is arranged with 2 bedrooms, 1 bath, a living room, dining room, and kitchen, while the room proportions allow flexibility for alternate household or workspace needs. Hardwood floors, built-in features, woodwork, and other period details add character throughout the property. An enclosed porch and full basement provide additional usable areas.
The property includes off-street parking and is served by city water and sewer. Shopping, parks, walking trails, golf, medical facilities, and highway access are all noted in the surrounding area. The address also carries a walkScore of 61 and a bikeScore of 44, both classified as somewhat walkable or bikeable, respectively.
The property includes off-street parking and is served by city water and sewer. Shopping, parks, walking trails, golf, medical facilities, and highway access are all noted in the surrounding area. The address also carries a walkScore of 61 and a bikeScore of 44, both classified as somewhat walkable or bikeable, respectively.
Key Highlights
- Two‑unit duplex with approximately 2,242 sq ft of living space
- Each unit includes 2 bedrooms, 1 bath, living room, dining room, and kitchen
- Built in 1916 with hardwood floors, built‑ins, and detailed woodwork
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
$30,307
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
7.39%
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%
$606,140
$606.1K
Cap Rate 7%
$432,957
$433.0K
Cap Rate 9%
$336,744
$336.7K
Market Conditions
NOI Build-Up for 2,242 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
$44.4K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$43.3K $19.31/SF
− OpEx
−$13.0K −$5.79/SF
NOI
$30.3K $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%
$606,140
Cap Rate 7%
$432,957
Cap Rate 9%
$336,744
Alternative Uses
Best Use
Multifamily LT 5
$433.0K
$378.8K – $505.1K
NOI $30,307 @ 7.0% cap · market cap 7.39%
Second Best
Apartment 5plus
$376.8K
$329.7K – $439.6K
NOI $26,375 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$765.6K
$669.9K – $893.2K
NOI $53,593 @ 7.0% cap · market cap 13.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
846
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Gardner duplex with flexible unit layouts, enclosed porch, basement storage, and municipal water and sewer service.
Where is this duplex located?
The property is located at 193 Logan St Gardner, MA.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 2,242 sq ft of living space; Each unit includes 2 bedrooms, 1 bath, living room, dining room, and kitchen; Built in 1916 with hardwood floors, built‑ins, and detailed woodwork
