Three-Family Residential Income
353 Chestnut St Gardner, MA 01440
353 Chestnut St, Gardner, MA, 01440
$460,000
For Sale
$460,000
First and third floor units are vacant, with dedicated storage and separate washer and dryer hookups for each unit.
Property Size2,967 SF
Price / SF$155.04
Days on Market24
Property Features for 353 Chestnut St
General Information
- Standard status
- Active
- Size
- 2,967 SF
- Property subtype
- 3 Family
Building Details
- Year Built
- 1900
Listing agency
Empire Real Estate Group
(617) 930-0227
Listed by
Gabrielle Brouillet
(617) 930-0227
Source
Lockandkeyre
Added: Jun 29 Updated: Jul 21 at 8:29PM Checked: Jul 21 at 8:29PM
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 Empire Real Estate Group
Investment Insights
Based on property information with market context.
353 Chestnut St, Gardner, MA 01440 presents a spacious three-family residential income property with generous living space and substantial storage throughout. The first and third floor units will be delivered vacant, and the property could benefit from cosmetic updates while retaining strong size, layout, and functional rooming. Each unit offers ample living space, and the first and second floor units each feature dedicated storage in and above the garage on two levels.
An expansive basement adds additional storage and includes separate washer and dryer hookups for each unit. The building is described as conveniently located near local amenities, shopping, restaurants, and major commuter routes, supporting a practical live-in-and-rent or portfolio-renovation approach.
With multiple units and dedicated utilities hookups, the property’s configuration is built for flexible day-to-day management while keeping storage needs well accommodated across the three residences.
An expansive basement adds additional storage and includes separate washer and dryer hookups for each unit. The building is described as conveniently located near local amenities, shopping, restaurants, and major commuter routes, supporting a practical live-in-and-rent or portfolio-renovation approach.
With multiple units and dedicated utilities hookups, the property’s configuration is built for flexible day-to-day management while keeping storage needs well accommodated across the three residences.
Key Highlights
- Three‑family property built in 1900 with spacious living areas
- First and third floor units are delivered vacant for move‑in or leasing flexibility
- Each unit includes separate in‑unit storage: two levels of dedicated storage in and above the garage for the first and second floor units
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $58.7k | $19.80 |
| − Vacancy | −$1.5k | −$0.49 |
| EGI | $57.3k | $19.31 |
| − OpEx | −$17.2k | −$5.79 |
| NOI | $40.1k | $13.52 |
2,967 SF · lease $19.80/SF/yr · vacancy 2.47% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$573.0K
$501.3K – $668.5K
NOI $40,107 @ 7.0% cap · market cap 8.72%
Second Best
Apartment 5plus
$498.6K
$436.3K – $581.7K
NOI $34,904 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$1.01M
$886.5K – $1.18M
NOI $70,923 @ 7.0% cap · market cap 15.42%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - First and third floor units are vacant, with dedicated storage and separate washer and dryer hookups for each unit.
Where is this triplex located?
The property is located at 353 Chestnut St Gardner, MA.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Three‑family property built in 1900 with spacious living areas; First and third floor units are delivered vacant for move‑in or leasing flexibility; Each unit includes separate in‑unit storage: two levels of dedicated storage in and above the garage for the first and second floor units
