Two-Unit Duplex with Detached
For Sale
$399,000
287 Pine St, Gardner, MA 01440
MULTI_FAMILY - Gardner, MA
Property Size1,738 SF
Lot Size0.18 Acres
Price / SF$229.57
Days on Market49
Property Features for 287 Pine St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 3
Parking
5
Elementary school
Gardner
Middle school
Gardner
High school
Gardner
Directions
GPS is best, Park in either driveway
Standard status
Active
APN
M:0R22 B:0016 L:0042,3536733
Size
1,738 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4495
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Listing Agency:
Keller Williams Realty North Central
(978) 840-9000
Listed By:
Rochelle Jonswold
(978) 840-9000
Added: Jun 24
Changed: Jul 29
Last Checked: Aug 11 at 5:06PM
MLS# 73540960
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.
Well-maintained two-family duplex on a 0.1845-acre lot in Gardner, MA. The property totals 1,738 square feet and was built in 1910. Both units are to be delivered vacant.
The first-floor unit features a 1-bedroom layout with the option of adding a second bedroom, and includes laundry in the basement. The second-floor unit offers 2 bedrooms with a functional floor plan and laundry hookups in the unit. Both apartments feature hardwood floors.
Additional conveniences include ample off-street parking and a detached garage that may offer potential for additional income. The property is conveniently located within walking distance to grocery and bus routes.
The first-floor unit features a 1-bedroom layout with the option of adding a second bedroom, and includes laundry in the basement. The second-floor unit offers 2 bedrooms with a functional floor plan and laundry hookups in the unit. Both apartments feature hardwood floors.
Additional conveniences include ample off-street parking and a detached garage that may offer potential for additional income. The property is conveniently located within walking distance to grocery and bus routes.
Key Highlights
- Both units to be delivered vacant, offering flexibility for investors or owner‑occupants
- First‑floor unit: 1‑bedroom layout with option to add a second bedroom; laundry in basement
- Second‑floor unit: 2 bedrooms with laundry hookups in unit
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
$23,494
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
5.89%
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%
$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
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
$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 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%
$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 5.89%
Second Best
Apartment 5plus
$292.1K
$255.6K – $340.8K
NOI $20,446 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$593.5K
$519.3K – $692.4K
NOI $41,545 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
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
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 - R1 zoned two-unit duplex with both units delivered vacant, off-street parking, and laundry in basement and/or hookups.
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 $399,000.
What are key features of this property?
This property features: Both units to be delivered vacant, offering flexibility for investors or owner‑occupants; First‑floor unit: 1‑bedroom layout with option to add a second bedroom; laundry in basement; Second‑floor unit: 2 bedrooms with laundry hookups in unit
