Duplex with Attached
For Sale
$675,000
Pending
62 East Gardner Road, Westminster, MA 01473
Two distinct living spaces support multigenerational occupancy or separate household use, with updated finishes and substantial mechanical improvements.
Property Size2,818 SF
Days on Market83
Property Features for 62 East Gardner Road
General Information
Standard status
Pending
Size
2,818 SF
Total Parking Spaces
6
Property subtype
Multi-family / 2 Family
Zoning
R2
Taxes and HOA fees
Annual Taxes
$7,895
Amenities
No
Wood, Tile
Range, Microwave, Refrigerator, Washer, Dryer, Dishwasher
3.0
Electric Dryer Hookup, Washer Hookup
Full, Partially Finished, Interior Access, Concrete Floor
Stone/Granite/Solid Counters, Bathroom With Tub & Shower, Slider, Open Floorplan, Living Room, Dining Room, Kitchen, Family Room, Laundry Room
2
1
2.50
3
Frame
Shingle
Shed(s)
Rain Gutters, Deck - Composite, Covered Patio/Deck
Lake/Pond, Beach Ownership(Private)
Deck - Composite, Covered
Building Details
Year Built
1989
Listing Agency:
LAER Realty Partners
(978) 534-3100
Listed By:
Brenda Albert · License #125170
(978) 534-3100
Source:
Compass
Added: Jun 10
Changed: Aug 30
Last Checked: Aug 30 at 9:55AM
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 LAER Realty Partners
Investment Insights
Based on property information with market context.
This 2,818-square-foot duplex, built in 1989, combines a three-bedroom, 1.5-bath main residence with a town-approved attached two-bedroom apartment. The secondary space includes a kitchen, living room, vaulted ceiling with skylights, spiral staircase, and three mini-splits. The main home features an updated kitchen with granite counters and propane range, second-floor laundry, updated baths, a finished lower-level family room, and an attached two-car garage. Seven mini-splits serve the property, complemented by a central vacuum system.
Recent property improvements include a new five-bedroom septic system, vinyl siding, furnace, and oil tank. Composite Trex-style decks overlook the yard, while ample off-street parking adds convenience. The property is located near the High Ridge Wildlife Management Area and its walking and hiking trails.
Recent property improvements include a new five-bedroom septic system, vinyl siding, furnace, and oil tank. Composite Trex-style decks overlook the yard, while ample off-street parking adds convenience. The property is located near the High Ridge Wildlife Management Area and its walking and hiking trails.
Key Highlights
- 2,818 SF duplex built in 1989
- Three‑bedroom main home plus town‑approved attached two‑bedroom apartment
- Apartment includes kitchen, living room, vaulted ceiling, skylights, spiral staircase, and 3 mini‑splits
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
$38,093
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
5.64%
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%
$761,860
$761.9K
Cap Rate 7%
$544,186
$544.2K
Cap Rate 9%
$423,256
$423.3K
Market Conditions
NOI Build-Up for 2,818 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
$55.8K $19.80/SF
− Vacancy
−$1.4K −$0.49/SF
EGI
$54.4K $19.31/SF
− OpEx
−$16.3K −$5.79/SF
NOI
$38.1K $13.52/SF
Area
Worcester County, MA
Vacancy
2.47%
Lease Rate
$19.80 /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%
$761,860
Cap Rate 7%
$544,186
Cap Rate 9%
$423,256
Alternative Uses
Best Use
Multifamily LT 5
$544.2K
$476.2K – $634.9K
NOI $38,093 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$473.6K
$414.4K – $552.5K
NOI $33,151 @ 7.0% cap · market cap 4.91%
Theoretical Best
Office A
$962.3K
$842.0K – $1.12M
NOI $67,361 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Explore this area
Business Placement
Demographics for 01473, MA
8,213
Population
3,469
Households
2.4
Avg Household Size
44
Median Age
41%
College-Educated
96%
High-School Grad
35.4 sq mi
ZIP Area
232
Density / Sq Mi
$101,161
Median Household Income
$61,078
Median Earnings
$1,643
Median Rent
$394,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two distinct living spaces support multigenerational occupancy or separate household use, with updated finishes and substantial mechanical improvements.
Where is this duplex located?
The property is located at 62 East Gardner Road Westminster, MA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,818 SF duplex built in 1989; Three‑bedroom main home plus town‑approved attached two‑bedroom apartment; Apartment includes kitchen, living room, vaulted ceiling, skylights, spiral staircase, and 3 mini‑splits
