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4-12 Parker St 16 Unit Apartment Building $1,400,000 ($87,500/Unit) Gardner, MA 01440
Investment Highlights
- Approved 16-unit residential + 4 commercial plan, by-right residential redevelopment – no variance required
- Located within a federally designated Opportunity Zone tract
- Pro forma gross scheduled income: $398,400
- Substantial framing complete; electrical equipment on site
- Historic brick-and-beam building with elevator already in place
- Pro forma stabilized NOI: $278,791
Executive Summary
4-12 Parker Street offers the next developer the opportunity to acquire and complete a substantially advanced, by-right mixed-use redevelopment in the heart of Downtown Gardner. The approved program combines 16 residential apartments across roughly 13,000+ square feet with four street-level commercial spaces, positioning the project to participate in both downtown housing demand and neighborhood-serving commerce.
Because the residential program is permitted by right, the project did not require a zoning variance or discretionary zoning relief, and the property sits within one of Gardner's federally designated Opportunity Zone tracts in the Downtown Urban Renewal Plan Area. Meaningful progress has already been made: the interior is substantially framed, much of the electrical equipment is already on site, and National Grid has recently installed the transformer infrastructure down the road that the project is expected to tie into. The building envelope has also advanced, with a new roof, new windows, and exterior siding work completed or underway. Substantial work remains, but the next owner is stepping into an active, de-risked redevelopment rather than a raw concept.
Because the residential program is permitted by right, the project did not require a zoning variance or discretionary zoning relief, and the property sits within one of Gardner's federally designated Opportunity Zone tracts in the Downtown Urban Renewal Plan Area. Meaningful progress has already been made: the interior is substantially framed, much of the electrical equipment is already on site, and National Grid has recently installed the transformer infrastructure down the road that the project is expected to tie into. The building envelope has also advanced, with a new roof, new windows, and exterior siding work completed or underway. Substantial work remains, but the next owner is stepping into an active, de-risked redevelopment rather than a raw concept.
Property Facts
| Price | $1,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $87,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Sale Condition | Redevelopment Project | Building Size | 13,000 SF |
| No. Units | 16 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | C - Commercial | ||
| Price | $1,400,000 |
| Price Per Unit | $87,500 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 13,000 SF |
| No. Stories | 3 |
| Year Built | 1900 |
| Opportunity Zone |
Yes |
| Zoning | C - Commercial |
Amenities
Site Amenities
- On-Site Retail
- Vintage Building
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | - |
| 1+1 | 8 | - | - |
| 2+1 | 2 | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | GARD M:M22 B:5 L:22 | Improvements Assessment | $762,600 |
| Land Assessment | $88,600 | Total Assessment | $851,200 |
Property Taxes
Parcel Number
GARD M:M22 B:5 L:22
Land Assessment
$88,600
Improvements Assessment
$762,600
Total Assessment
$851,200
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4-12 Parker St