Two-Unit Home with Rooftop
New
For Sale
$369,900
78 Greenwood Place, Gardner, MA 01440
Two separate living units combine flexible layouts with outdoor features and recent mechanical and electrical improvements.
Property Size1,844 SF
Price / SF$200.60
Days on Market7
Property Features for 78 Greenwood Place
General Information
Standard status
Active
Size
1,844 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
2
Amenities
enclosed wrap-around porch
rooftop deck
storage shed
Building Details
Year Built
1853
Buildings
1
Listing Agency:
Foster-Healey Real Estate
(978) 407-1342
Listed By:
Wendy Poudrette · License #454501685
(978) 407-1342
Source:
Foster-healey
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 30 at 5:33PM
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 Foster-Healey Real Estate
Investment Insights
Based on property information with market context.
Built in 1853, this 1,844-square-foot duplex includes two independent residential units. The lower residence has a living room, full bathroom, eat-in kitchen with laundry, and space for four bedrooms, including a walk-through room. Upstairs, the second unit offers one bedroom, a living room, full bathroom, and a similarly configured kitchen with laundry.
An enclosed wraparound porch adds flexible seasonal space, while the exterior includes a terraced wooded lot with established perennial plantings. A rooftop deck overlooks the grounds, and a storage shed provides additional outdoor storage. Recent work includes updated electrical service, a new water tank, and a new furnace. The sale also includes a television and two portable air-conditioning units.
An enclosed wraparound porch adds flexible seasonal space, while the exterior includes a terraced wooded lot with established perennial plantings. A rooftop deck overlooks the grounds, and a storage shed provides additional outdoor storage. Recent work includes updated electrical service, a new water tank, and a new furnace. The sale also includes a television and two portable air-conditioning units.
Key Highlights
- 1,844‑square‑foot duplex built in 1853
- Lower unit offers space for four bedrooms, including a walk‑through bedroom
- Upper unit includes one bedroom, living room, full bath, and eat‑in kitchen with laundry
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
$24,927
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
6.74%
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%
$498,540
$498.5K
Cap Rate 7%
$356,100
$356.1K
Cap Rate 9%
$276,967
$277.0K
Market Conditions
NOI Build-Up for 1,844 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
$36.5K $19.80/SF
− Vacancy
−$902 −$0.49/SF
EGI
$35.6K $19.31/SF
− OpEx
−$10.7K −$5.79/SF
NOI
$24.9K $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%
$498,540
Cap Rate 7%
$356,100
Cap Rate 9%
$276,967
Alternative Uses
Best Use
Multifamily LT 5
$356.1K
$311.6K – $415.5K
NOI $24,927 @ 7.0% cap · market cap 6.74%
Second Best
Apartment 5plus
$309.9K
$271.2K – $361.6K
NOI $21,693 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$629.7K
$551.0K – $734.7K
NOI $44,079 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
366
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate living units combine flexible layouts with outdoor features and recent mechanical and electrical improvements.
Where is this duplex located?
The property is located at 78 Greenwood Place Gardner, MA.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: 1,844‑square‑foot duplex built in 1853; Lower unit offers space for four bedrooms, including a walk‑through bedroom; Upper unit includes one bedroom, living room, full bath, and eat‑in kitchen with laundry
