Duplex with
For Sale
$369,900
32 Coleman Street, Gardner, MA 01440
Classic two-family property with updated baths, hardwood floors, and a two-car garage.
Property Size1,924 SF
Price / SF$192.26
Days on Market13
Property Features for 32 Coleman Street
General Information
Standard status
Active
Size
1,924 SF
Total Parking Spaces
2
Property subtype
Multi-family
Lease Term
[]
Amenities
porch
Building Details
Year Built
1920
Listing Agency:
RE/MAX Vision
(413) 786-0584
Listed By:
Brenda Cormier · License #452508574
(978) 630-2070
Source:
Foster-healey
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 30 at 6:56PM
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 RE/MAX Vision
Investment Insights
Based on property information with market context.
Built in 1920, this duplex offers 1,924 square feet of residential space with large living areas and a blend of period detailing and recent updates. Hardwood floors, original wainscoting, and other craftsmanship from the home's era complement updated baths, while a new boiler and oil tank provide recently replaced mechanical components. Separate circuit breakers support the property's two-unit configuration, and the home is ready for immediate occupancy.
Outdoor features include a covered porch and a two-car garage that adds secure parking and storage. Located at 32 Coleman Street in Gardner, Massachusetts, the property combines flexible residential use with practical on-site amenities.
Outdoor features include a covered porch and a two-car garage that adds secure parking and storage. Located at 32 Coleman Street in Gardner, Massachusetts, the property combines flexible residential use with practical on-site amenities.
Key Highlights
- Duplex totaling 1,924 square feet
- Built in 1920 with original wainscoting and hardwood floors
- New boiler and oil tank
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
$26,008
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
7.03%
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%
$520,160
$520.2K
Cap Rate 7%
$371,543
$371.5K
Cap Rate 9%
$288,978
$289.0K
Market Conditions
NOI Build-Up for 1,924 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
$38.1K $19.80/SF
− Vacancy
−$941 −$0.49/SF
EGI
$37.2K $19.31/SF
− OpEx
−$11.1K −$5.79/SF
NOI
$26.0K $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%
$520,160
Cap Rate 7%
$371,543
Cap Rate 9%
$288,978
Alternative Uses
Best Use
Multifamily LT 5
$371.5K
$325.1K – $433.5K
NOI $26,008 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$323.3K
$282.9K – $377.2K
NOI $22,634 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$657.0K
$574.9K – $766.5K
NOI $45,991 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
581
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 - Classic two-family property with updated baths, hardwood floors, and a two-car garage.
Where is this duplex located?
The property is located at 32 Coleman Street Gardner, MA.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: Duplex totaling 1,924 square feet; Built in 1920 with original wainscoting and hardwood floors; New boiler and oil tank
