Six-Unit Apartment
New
For Sale
$950,000
69 Nichols St, Gardner, MA 01440
Fully occupied multifamily property with consistent two-bedroom layouts and nearby shopping, parks, and an elementary school.
Property Size5,454 SF
Lot Size0.20 Acres
Price / SF$174.18
Days on Market3
Property Features for 69 Nichols St
General Information
Standard status
Active
Size
5,454 SF
Total Parking Spaces
6
Lot size
0.20 Acres
Property subtype
Residential Income
Zoning
R1
Occupancy
100%
Net Operating Income
$108,240
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$8,946
Building Details
Building Size
5,454 SF
Year Built
1907
Stories
5
Listing Agency:
Realty Negotiations, LLC
Listed By:
Olivia Grabka
(978) 397-8626
Source:
Insightrealtygroup
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 1:01PM
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 Realty Negotiations, LLC
Investment Insights
Based on property information with market context.
This six-unit apartment building contains 5,454 square feet of living space on a 0.2-acre lot. Constructed in 1907, the property includes six residential units, each configured with two bedrooms and one bathroom. All units are currently occupied by tenants, providing an established rental operation.
The property is located in Gardner near Hannaford, Price Chopper, Pulaski Playground and Dog Park, Maki Park, and Gardner Elementary School. Its residential setting places everyday shopping, recreational areas, and a local school within the surrounding area.
The property is located in Gardner near Hannaford, Price Chopper, Pulaski Playground and Dog Park, Maki Park, and Gardner Elementary School. Its residential setting places everyday shopping, recreational areas, and a local school within the surrounding area.
Key Highlights
- Six‑unit multifamily property with all units currently occupied
- Each apartment offers a 2‑bedroom, 1‑bath layout
- 5,454 sq ft of living space on a 0.2‑acre lot
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
$64,161
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
6.75%
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%
$1,283,220
$1.3M
Cap Rate 7%
$916,586
$916.6K
Cap Rate 9%
$712,900
$712.9K
Market Conditions
NOI Build-Up for 5,454 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
$119.8K $21.96/SF
− Vacancy
−$3.1K −$0.57/SF
EGI
$116.7K $21.39/SF
− OpEx
−$52.5K −$9.63/SF
NOI
$64.2K $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 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%
$1,283,220
Cap Rate 7%
$916,586
Cap Rate 9%
$712,900
Alternative Uses
Best Use
Apartment 5plus
$916.6K
$802.0K – $1.07M
NOI $64,161 @ 7.0% cap · market cap 6.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.86M
$1.63M – $2.17M
NOI $130,372 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
736
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
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 - Fully occupied multifamily property with consistent two-bedroom layouts and nearby shopping, parks, and an elementary school.
Where is this apartment building located?
The property is located at 69 Nichols St Gardner, MA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Six‑unit multifamily property with all units currently occupied; Each apartment offers a 2‑bedroom, 1‑bath layout; 5,454 sq ft of living space on a 0.2‑acre lot
