Mixed-Use Redevelopment
For Sale
$1,400,000
4-12 Parker St, Gardner, MA 01440
Partially advanced redevelopment with approved residential plans and street-level commercial space.
Property Size15,716 SF
Price / SF$107.69
Days on Market48
Property Features for 4-12 Parker St
General Information
Standard status
Active
Size
15,716 SF
Property subtype
Multifamily
Additional Details
Opportunity Zone
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$11,745
Building Details
Building Size
15,716 SF
Year Built
1900
Buildings
1
Listing Agency:
eXp Realty LLC
Listed By:
Candor Investment Group
(978) 710-5616
Source:
Classifiedrealtygroup
Added: Sep 12
Changed: Oct 25
Last Checked: Oct 28 at 5:18AM
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 eXp Realty LLC
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Investment Insights
Based on property information with market context.
Built in 1900, this mixed-use building contains more than 13,000 square feet and is being repositioned through an active redevelopment plan. Approved plans call for 16 residential units above four street-level commercial units, with residential redevelopment permitted by right. Design and construction plans are in place, and substantial work has already progressed, including a new roof, replacement windows, exterior siding improvements, and residential framing. A new utility transformer has been installed, with electrical supplies and equipment on site.
The property at 4-12 Parker St is located in Downtown Gardner within a federally designated Opportunity Zone tract and the Downtown Urban Renewal Plan Area. The project offers a defined path for completing a mixed-use repositioning supported by existing plans and completed early construction work, subject to buyer verification and due diligence.
The property at 4-12 Parker St is located in Downtown Gardner within a federally designated Opportunity Zone tract and the Downtown Urban Renewal Plan Area. The project offers a defined path for completing a mixed-use repositioning supported by existing plans and completed early construction work, subject to buyer verification and due diligence.
Key Highlights
- Approved plans for 16 residential units and 4 street‑level commercial units
- More than 13,000 SF mixed‑use building built in 1900
- New roof, windows, exterior siding work, and significant residential framing completed
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$117,244
Cap Rate
8.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,344,880
$2.3M
Cap Rate 7%
$1,674,914
$1.7M
Cap Rate 9%
$1,302,711
$1.3M
Market Conditions
NOI Build-Up for 13,000 SF
Gross rent
$202.8K $15.60/SF
− Vacancy
−$15.2K −$1.17/SF
EGI
$187.6K $14.43/SF
− OpEx
−$70.3K −$5.41/SF
NOI
$117.2K $9.02/SF
Area
Worcester County, MA
Vacancy
7.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,344,880
Cap Rate 7%
$1,674,914
Cap Rate 9%
$1,302,711
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.91M – $2.55M
NOI $152,932 @ 7.0% cap · market cap 10.92%
Second Best
Mixed Use
$1.67M
$1.47M – $1.95M
NOI $117,244 @ 7.0% cap · market cap 8.37%
Theoretical Best
Office A
$4.44M
$3.88M – $5.18M
NOI $310,752 @ 7.0% cap · market cap 22.20%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
789
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Partially advanced redevelopment with approved residential plans and street-level commercial space.
Where is this mixed-use property located?
The property is located at 4-12 Parker St Gardner, MA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Approved plans for 16 residential units and 4 street‑level commercial units; More than 13,000 SF mixed‑use building built in 1900; New roof, windows, exterior siding work, and significant residential framing completed
