Renovated Two-Family
New
For Sale
$375,000
255 Greenwood St, Gardner, MA 01440
Residential Income, Gardner, MA
Property Size1,953 SF
Lot Size0.29 Acres
Price / SF$192.01
Days on Market1
Property Features for 255 Greenwood St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 5, Bathroom 1, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 1
Parking
6
Elementary school
Gardner Elementary
Middle school
Garden Middle
High school
Gardner High
Directions
Route 2 to Conant St to W. Broadway to Pleasant St to Greenwood St.
Standard status
Active
APN
M:0M22 B:0024 L:0024,3535427
Size
1,953 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4501
Amenities
off-street parking
shared washer and dryer
common storage
private yard
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Listing Agency:
Keller Williams Realty Boston Northwest
Listed By:
Christina Hill
(978) 369-5775
Added: Sep 24
Last Checked: Sep 24 at 3:06PM
MLS# 73582078
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-family property contains 1,953 square feet and was built in 1930. One apartment has been renovated with new flooring, paint, cabinets, and abundant natural light; the three-bedroom, one-bath unit is vacant. The second apartment includes two bedrooms and one bath and is occupied by tenants-at-will. Each unit has separate electric and hot-water metering, while the building currently uses a shared oil heating system.
A walkout basement provides shared laundry and storage. The 0.287-acre parcel includes a large private yard, off-street parking, and a concrete pad marking the former garage footprint. Electricity is available at the pad, with the possibility of rebuilding within the existing footprint. The property is near downtown shopping and restaurants, parks, everyday amenities, and Route 2. Zoning is R1.
A walkout basement provides shared laundry and storage. The 0.287-acre parcel includes a large private yard, off-street parking, and a concrete pad marking the former garage footprint. Electricity is available at the pad, with the possibility of rebuilding within the existing footprint. The property is near downtown shopping and restaurants, parks, everyday amenities, and Route 2. Zoning is R1.
Key Highlights
- Two‑family property with 1,953 square feet
- Renovated vacant unit with 3 bedrooms and 1 bath
- Second unit offers 2 bedrooms and 1 bath
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 - Two-unit property with separate electric and hot-water meters, off-street parking, and a private tree-lined yard.
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‑family property with 1,953 square feet; Renovated vacant unit with 3 bedrooms and 1 bath; Second unit offers 2 bedrooms and 1 bath
