Four-Unit Property with
For Sale
$614,999
339 Chestnut Street, Gardner, MA 01440
R1-zoned multifamily asset with updated interiors and substantial parking and storage capacity.
Property Size3,298 SF
Price / SF$186.48
Days on Market66
Property Features for 339 Chestnut Street
General Information
Standard status
Active
Size
3,298 SF
Total Parking Spaces
15
Property subtype
Multi-Family
Zoning
R1
Occupancy
50%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,356
Building Details
Building Size
3,298 SF
Year Built
1920
Buildings
2
Stories
4
Tenancy
Multi
Listing Agency:
Greater Boston Commercial Properties, Inc.
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 10
Changed: Aug 14
Last Checked: Aug 14 at 6:29AM
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 Greater Boston Commercial Properties, Inc.
Investment Insights
Based on property information with market context.
Built in 1920, this four-unit multifamily property contains 3,298 square feet and combines original architectural details with selected improvements. Exposed beams appear in most units, while Units 2 and 3 have been renovated. Units 1 and 4 include custom woodwork. The layout places two front units side by side, with two rear units arranged one above the other. A studio apartment is not included in the reported bedroom count.
Parking and storage are supported by an oversized garage with five under-building spaces, along with a detached garage measuring approximately 23' x 28' and containing two additional bays. Two units are occupied by long-term tenants. The property is zoned R1 and is located at 339 Chestnut Street in Gardner, Massachusetts.
Parking and storage are supported by an oversized garage with five under-building spaces, along with a detached garage measuring approximately 23' x 28' and containing two additional bays. Two units are occupied by long-term tenants. The property is zoned R1 and is located at 339 Chestnut Street in Gardner, Massachusetts.
Key Highlights
- Four‑unit multifamily property with 3,298 square feet
- R1 zoning and 1920 construction
- Units 2 and 3 have been renovated
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
$44,581
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
7.25%
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%
$891,620
$891.6K
Cap Rate 7%
$636,871
$636.9K
Cap Rate 9%
$495,344
$495.3K
Market Conditions
NOI Build-Up for 3,298 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
$65.3K $19.80/SF
− Vacancy
−$1.6K −$0.49/SF
EGI
$63.7K $19.31/SF
− OpEx
−$19.1K −$5.79/SF
NOI
$44.6K $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%
$891,620
Cap Rate 7%
$636,871
Cap Rate 9%
$495,344
Alternative Uses
Best Use
Multifamily LT 5
$636.9K
$557.3K – $743.0K
NOI $44,581 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$554.3K
$485.0K – $646.6K
NOI $38,798 @ 7.0% cap · market cap 6.31%
Theoretical Best
Office A
$1.13M
$985.4K – $1.31M
NOI $78,835 @ 7.0% cap · market cap 12.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
710
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?
Quadplex - R1-zoned multifamily asset with updated interiors and substantial parking and storage capacity.
Where is this quadplex located?
The property is located at 339 Chestnut Street Gardner, MA.
What is the asking price?
The asking price for this property is $614,999.
What are key features of this property?
This property features: Four‑unit multifamily property with 3,298 square feet; R1 zoning and 1920 construction; Units 2 and 3 have been renovated
