Renovated
New
For Sale
$375,000
255 Greenwood St, Gardner, MA 01440
Separate electric and hot-water meters serve the two residences.
Property Size1,953 SF
Price / SF$192.01
Days on Market4
Property Features for 255 Greenwood St
General Information
Standard status
Active
Size
1,953 SF
Property subtype
2 Family - 2 Units Up/Down
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
shared washer and dryer
common storage
private yard
off-street parking
Building Details
Year Built
1930
Buildings
1
Listing Agency:
Keller Williams Realty Boston Northwest
(978) 369-5775
Listed By:
Sharie Warila
(978) 852-1059
Source:
Lockandkeyre
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 3:38PM
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 Boston Northwest
Investment Insights
Based on property information with market context.
This 1,953-square-foot duplex, built in 1930, contains two residences: a renovated, vacant three-bedroom, one-bath unit and an occupied two-bedroom, one-bath unit. Each has separate electric and hot-water meters; the oil heating system is shared. A walkout basement provides shared laundry and storage. Outside, the property includes a tree-lined yard, off-street parking, and a concrete pad with electricity at the former garage location.
The property is on a sidewalk-lined street near downtown shopping and restaurants, parks, and Route 2.
The property is on a sidewalk-lined street near downtown shopping and restaurants, parks, and Route 2.
Key Highlights
- Two residences: one with 3 bedrooms and 1 bath, the other with 2 bedrooms and 1 bath
- 1,953‑square‑foot duplex built in 1930
- Renovated unit is vacant; the second unit is occupied by tenants‑at‑will
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
$26,400
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
7.04%
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%
$528,000
$528.0K
Cap Rate 7%
$377,143
$377.1K
Cap Rate 9%
$293,333
$293.3K
Market Conditions
NOI Build-Up for 1,953 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
$38.7K $19.80/SF
− Vacancy
−$955 −$0.49/SF
EGI
$37.7K $19.31/SF
− OpEx
−$11.3K −$5.79/SF
NOI
$26.4K $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%
$528,000
Cap Rate 7%
$377,143
Cap Rate 9%
$293,333
Alternative Uses
Best Use
Multifamily LT 5
$377.1K
$330.0K – $440.0K
NOI $26,400 @ 7.0% cap · market cap 7.04%
Second Best
Apartment 5plus
$328.2K
$287.2K – $382.9K
NOI $22,975 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$666.9K
$583.6K – $778.1K
NOI $46,685 @ 7.0% cap · market cap 12.45%
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
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
623
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Separate electric and hot-water meters serve the two residences.
Where is this duplex located?
The property is located at 255 Greenwood St Gardner, MA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two residences: one with 3 bedrooms and 1 bath, the other with 2 bedrooms and 1 bath; 1,953‑square‑foot duplex built in 1930; Renovated unit is vacant; the second unit is occupied by tenants‑at‑will
