Professional Office Condo For
For Sale
$325,000
380 Elm St Unit 2, Gardner, MA 01440
Office condominium with NNN lease and renewal option.
Property Size1,456 SF
Price / SF$223.21
Days on Market224
Property Features for 380 Elm St Unit 2
General Information
Standard status
Active
Size
1,456 SF
Building Details
Year Built
1979
Listing Agency:
Foster-Healey Real Estate
Listed By:
Wendy Poudrette · License #454501685
(978) 630-2070
Source:
Alpernandmesenbourg
Added: Mar 10
Changed: Oct 8
Last Checked: Oct 16 at 1:35PM
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 Foster-Healey Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This professional office condominium is available for sale, presenting an opportunity for investors. The property is currently under a NNN lease, with the lease in its third year of a five-year term and an option for a five-year renewal. The lease includes annual escalation. The current capitalization rate is 8%.
Key Highlights
- Existing lease in place provides immediate income.
- NNN lease structure.
- Great investment opportunity with an 8% CAP rate.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,536
Cap Rate
8.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$530,720
$530.7K
Cap Rate 7%
$379,086
$379.1K
Cap Rate 9%
$294,844
$294.8K
Market Conditions
NOI Build-Up for 1,456 SF
Gross rent
$43.7K $30.00/SF
− Vacancy
−$8.3K −$5.70/SF
EGI
$35.4K $24.30/SF
− OpEx
−$8.8K −$6.08/SF
NOI
$26.5K $18.23/SF
Area
Worcester County, MA
Vacancy
19.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$530,720
Cap Rate 7%
$379,086
Cap Rate 9%
$294,844
Alternative Uses
Best Use
Office B
$379.1K
$331.7K – $442.3K
NOI $26,536 @ 7.0% cap · market cap 8.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$497.2K
$435.1K – $580.1K
NOI $34,804 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
411
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - Office condominium with NNN lease and renewal option.
Where is this office unit located?
The property is located at 380 Elm St Unit 2 Gardner, MA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Existing lease in place provides immediate income.; NNN lease structure.; Great investment opportunity with an 8% CAP rate.
