48-Unit Apartment
New
For Sale
$6,950,000
61 W Broadway, Gardner, MA 01440
Two brick buildings combine varied apartment layouts with on-site laundry and off-street parking.
Property Size35,360 SF
Lot Size0.95 Acres
Price / SF$198.57
Days on Market7
Property Features for 61 W Broadway
General Information
Standard status
Active
Size
35,360 SF
Lot size
0.95 Acres
Property subtype
Multifamily
Occupancy
97%
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
24 x two-bedrooms, 22 x one-bedrooms, 2 x studio
Multifamily Units
48
Additional Details
Cap Rate
6.78%
Amenities
off-street parking
on-site laundry facilities
The Washington Park Apartments is comprised of Two Gardenstyle Brick Building with 48-Apartments located on West Broadway in Garnder, MA
The two brick-buildings feature (24) Two-bedrooms, (22) One-bedrooms & (2) Studios, on .95 acres and approximately 35,000 SF.
54 Off-street Parking spaces and On-site Laundry available for tenants providing additional income. Heat & Hot Water included in the rent. Tenants pay Electricity.
Close to MBTA Commuter Rail to Boston, Fitchburg State College, Mt. Wachusett Comm. College, Gardner Municipal Airport, Heywood Hospital and Wachusett Ski Resort.
Building Details
Building Size
35,360 SF
Buildings
2
Units
48
Construction
garden-style
Listed By:
Matt Pierce · License #License(s): MA: 9506948
(617) 896-7214
Source:
Marcusmillichap
Added: Oct 9
Changed: Oct 10
Last Checked: Oct 14 at 7:40PM
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 Matt Pierce
Investment Insights
Based on property information with market context.
This 48-unit apartment property comprises two garden-style brick buildings totaling approximately 35,000 square feet on 0.95 acres. The unit mix includes 24 two-bedroom apartments, 22 one-bedroom apartments, and two studios. Apartments feature modern kitchens, open layouts, and storage. Gas-fired heat and hot water are included in rent; residents pay for electricity. The property also has off-street parking and on-site laundry facilities. Many apartments have been updated during tenant turnover since the 2018 acquisition.
The property is on West Broadway, just off Route 2, with shopping, restaurants, and bus transit nearby. Downtown Gardner, Mount Wachusett Community College, Gardner Municipal Airport, and Heywood Hospital are among the area destinations identified in the property information; Fitchburg State University and the Wachusett MBTA Commuter Rail Station are also within minutes.
The property is on West Broadway, just off Route 2, with shopping, restaurants, and bus transit nearby. Downtown Gardner, Mount Wachusett Community College, Gardner Municipal Airport, and Heywood Hospital are among the area destinations identified in the property information; Fitchburg State University and the Wachusett MBTA Commuter Rail Station are also within minutes.
Key Highlights
- Two garden‑style brick buildings totaling approximately 35,000 square feet on 0.95 acres
- 48 apartments: 24 two‑bedrooms, 22 one‑bedrooms, and two studios
- Gas‑fired heat and hot water included in rent; tenants pay electricity
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$411,739
Cap Rate
5.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,234,780
$8.2M
Cap Rate 7%
$5,881,986
$5.9M
Cap Rate 9%
$4,574,878
$4.6M
Market Conditions
NOI Build-Up for 35,000 SF
Gross rent
$768.6K $21.96/SF
− Vacancy
−$20.0K −$0.57/SF
EGI
$748.6K $21.39/SF
− OpEx
−$336.9K −$9.63/SF
NOI
$411.7K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,234,780
Cap Rate 7%
$5,881,986
Cap Rate 9%
$4,574,878
Alternative Uses
Best Use
Apartment 5plus
$5.88M
$5.15M – $6.86M
NOI $411,739 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.95M
$10.46M – $13.94M
NOI $836,640 @ 7.0% cap · market cap 12.04%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
48
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
258
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
View Realmo Analytics
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?
Apartment building - Two brick buildings combine varied apartment layouts with on-site laundry and off-street parking.
Where is this apartment building located?
The property is located at 61 W Broadway Gardner, MA.
What is the asking price?
The asking price for this property is $6,950,000.
What are key features of this property?
This property features: Two garden‑style brick buildings totaling approximately 35,000 square feet on 0.95 acres; 48 apartments: 24 two‑bedrooms, 22 one‑bedrooms, and two studios; Gas‑fired heat and hot water included in rent; tenants pay electricity
