Updated Duplex with Two-Car
For Sale
$675,000
62a East Gardner Road, Westminster, MA 01473
Separate apartment includes a private kitchen, living room, vaulted ceiling, and skylights.
Property Size2,818 SF
Price / SF$239.53
Days on Market83
Property Features for 62a East Gardner Road
General Information
Standard status
Active
Size
2,818 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR
Multifamily Units
2
Amenities
deck
garage
central vacuum
mini splits
updated kitchen
laundry
skylights
spiral staircase
vaulted ceiling
finished basement
Building Details
Year Built
1989
Buildings
1
Listing Agency:
LAER Realty Partners
Listed By:
Brenda Albert
(617) 680-0690
Source:
Inrealtyinc
Added: Jun 10
Changed: Aug 30
Last Checked: Aug 30 at 6:30PM
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 an attached two-bedroom apartment. The apartment has its own kitchen and living room, along with a vaulted ceiling, skylights, spiral staircase, and three mini-splits. The main home includes an updated kitchen with granite counters and a propane range, second-floor laundry, updated bathrooms, a finished lower-level family room, and seven mini-splits. A central vacuum, attached two-car garage, newer Trex decks, and ample off-street parking add practical utility. Major property improvements include a new five-bedroom septic system, vinyl siding, furnace, and oil tank. The property is near the High Ridge Wildlife Management area and outdoor walking and hiking trails.
Key Highlights
- 2,818 SF duplex built in 1989
- Three‑bedroom main home with 1.5 baths plus an attached two‑bedroom apartment
- Apartment features private kitchen, living room, vaulted ceiling, skylights, and spiral staircase
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
Lease Details
2
Residential units
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 - Separate apartment includes a private kitchen, living room, vaulted ceiling, and skylights.
Where is this duplex located?
The property is located at 62a 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 with 1.5 baths plus an attached two‑bedroom apartment; Apartment features private kitchen, living room, vaulted ceiling, skylights, and spiral staircase
