Two-Unit Home with Rooftop
For Sale
$369,900
Pending
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
Days on Market74
Property Features for 78 Greenwood Place
General Information
Standard status
Pending
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
Listed By:
Wendy Poudrette · License #454501685
(978) 407-1342
Source:
Foster-healey
Added: Aug 5
Changed: Oct 16
Last Checked: Oct 16 at 9:31AM
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
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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 / Yr
$24,927
Cap Rate
6.74%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
366
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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
