Mixed-Use Property with
New
For Sale
$1,500,000
34 Connors St, Gardner, MA 01440
Downtown buildings offer flexible office, medical, educational, and residential redevelopment possibilities.
Property Size7,130 SF
Days on Market6
Property Features for 34 Connors St
General Information
Standard status
Active
Size
7,130 SF
Total Parking Spaces
14
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
16
Taxes and HOA fees
Annual Taxes
$1.00
Building Details
Building Size
7,130 SF
Year Built
1920
Buildings
2
Listing Agency:
The Stubblebine Company
Listed By:
Chloe Stubblebine
Source:
Classifiedrealtygroup
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 30 at 2:01PM
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 The Stubblebine Company
Investment Insights
Based on property information with market context.
The property comprises buildings at 34 Connors Street and 31 City Hall Avenue in downtown Gardner. The improvements may be delivered vacant or occupied in their existing condition, supporting office, medical, educational, or mixed-use occupancy. The property is also fully permitted for 16 residential apartment units while maintaining approximately 4,000 square feet of ground-floor retail at 34 Connors Street.
Parking includes seven surface spaces and 16 owned underground spaces. The site is 2 miles from RT 2 and 16 miles from I-190. Built in 1920, the property offers both immediate occupancy options and a permitted residential redevelopment plan.
Parking includes seven surface spaces and 16 owned underground spaces. The site is 2 miles from RT 2 and 16 miles from I-190. Built in 1920, the property offers both immediate occupancy options and a permitted residential redevelopment plan.
Key Highlights
- Fully permitted for 16 residential apartment units
- Approximately 4,000 square feet of ground‑floor retail at 34 Connors Street
- Seven surface parking spaces plus 16 owned underground spaces
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
$105,434
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%
$2,108,680
$2.1M
Cap Rate 7%
$1,506,200
$1.5M
Cap Rate 9%
$1,171,489
$1.2M
Market Conditions
NOI Build-Up for 7,130 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
$154.0K $21.60/SF
− Vacancy
−$3.4K −$0.48/SF
EGI
$150.6K $21.12/SF
− OpEx
−$45.2K −$6.34/SF
NOI
$105.4K $14.79/SF
Area
Worcester County, MA
Vacancy
2.20%
Lease Rate
$21.60 /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%
$2,108,680
Cap Rate 7%
$1,506,200
Cap Rate 9%
$1,171,489
Alternative Uses
Best Use
Retail
$1.51M
$1.32M – $1.76M
NOI $105,434 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $83,877 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,436 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
736
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown buildings offer flexible office, medical, educational, and residential redevelopment possibilities.
Where is this mixed-use property located?
The property is located at 34 Connors St Gardner, MA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Fully permitted for 16 residential apartment units; Approximately 4,000 square feet of ground‑floor retail at 34 Connors Street; Seven surface parking spaces plus 16 owned underground spaces
