Two-Family Residential Income
For Sale
$385,000
Pending
287 Pine St, Gardner, MA 01440
Well-maintained two-family home with separate living areas, hardwood floors, and off-street parking.
Property Size1,738 SF
Days on Market105
Property Features for 287 Pine St
General Information
Standard status
Pending
Size
1,738 SF
Property subtype
2 Family - 2 Units Up/Down
Additional Details
Multifamily Units
2
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
Keller Williams Realty North Central
(978) 840-9000
Listed By:
Team Molet
(508) 783-5342
Source:
Lockandkeyre
Added: Jun 24
Changed: Oct 6
Last Checked: Oct 5 at 7:05PM
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.
This well-maintained two-family property offers separate living spaces for both units. The first-floor unit is a 1-bedroom layout with an option to add a second bedroom, and laundry is available in the basement. The second-floor unit provides 2 bedrooms with a functional floor plan and laundry hookups in unit. Both units feature hardwood floors throughout, contributing to a consistent finish and comfortable day-to-day living.
Off-street parking is available for residents and guests, and there is a detached garage on the property that may support additional income potential. Public remarks indicate one unit could potentially be delivered empty, which may be a helpful consideration for owner-occupants or buyers planning near-term occupancy changes.
The property is well suited for investors seeking rental income with independently maintained units, as well as owner-occupants who prefer to live in one unit while renting the other. With laundry amenities, hardwood flooring, and a straightforward two-level configuration, it offers practical functionality for a variety of residential income strategies.
Off-street parking is available for residents and guests, and there is a detached garage on the property that may support additional income potential. Public remarks indicate one unit could potentially be delivered empty, which may be a helpful consideration for owner-occupants or buyers planning near-term occupancy changes.
The property is well suited for investors seeking rental income with independently maintained units, as well as owner-occupants who prefer to live in one unit while renting the other. With laundry amenities, hardwood flooring, and a straightforward two-level configuration, it offers practical functionality for a variety of residential income strategies.
Key Highlights
- Well‑maintained two‑family home built in 1910 with separate living areas
- First‑floor unit: 1‑bedroom layout with option to add a second bedroom
- Second‑floor unit: 2 bedrooms with functional floor plan and laundry hookups in unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,494
Cap Rate
6.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$469,880
$469.9K
Cap Rate 7%
$335,629
$335.6K
Cap Rate 9%
$261,044
$261.0K
Market Conditions
NOI Build-Up for 1,738 SF
Gross rent
$34.4K $19.80/SF
− Vacancy
−$850 −$0.49/SF
EGI
$33.6K $19.31/SF
− OpEx
−$10.1K −$5.79/SF
NOI
$23.5K $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 Rate 5%
$469,880
Cap Rate 7%
$335,629
Cap Rate 9%
$261,044
Alternative Uses
Best Use
Multifamily LT 5
$335.6K
$293.7K – $391.6K
NOI $23,494 @ 7.0% cap · market cap 6.10%
Second Best
Apartment 5plus
$292.1K
$255.6K – $340.8K
NOI $20,446 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$593.5K
$519.3K – $692.4K
NOI $41,545 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained two-family home with separate living areas, hardwood floors, and off-street parking.
Where is this duplex located?
The property is located at 287 Pine St Gardner, MA.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Well‑maintained two‑family home built in 1910 with separate living areas; First‑floor unit: 1‑bedroom layout with option to add a second bedroom; Second‑floor unit: 2 bedrooms with functional floor plan and laundry hookups in unit
