Marcus & Millichap is excited to present the Washington Park Apartments located in Gardner, Massachusetts. The two garden-style brick buildings are approximately 35,000 square feet on .95 acres of land and comprised of 48 apartments, including 24 two-bedrooms, 22 one-bedrooms, and two studio apartments. The updated apartments feature modern kitchens, open layouts and ample storage space. The heat and hot water are gas-fired and included in the rent, tenants are responsible for
electricity. The common areas and parking lot were updated in 2008. Additional amenities include off-street parking and on-site laundry facilities that provides great additional income.
Buyers have the ability to acquire two well-maintained brick buildings with a strong rental history and significant upside by raising rents to local market rates, which will dramatically increase the net income, resulting in double-digit cash-on-cash returns and over a 9% cap rate. The Washington Park Apartments are situated on West
Broadway just off Route-2, close to shopping, restaurants, bus transit, state parks and several golf courses. In addition, the property is conveniently located to downtown and several major employers including, Mount Wachusett Community College, Gardner Municipal Airport, Heywood Hospital, Wachusett Ski Resort; and within minutes of Fitchburg State University and the Wachusett MBTA Commuter Rail Station with express rail to Boston.
Known as "The Furniture Capital of New England" during the 19th Century, Gardner is dedicated to creating a dynamic business community that is diverse, vibrant, and innovative through area redevelopment of new and expanding industrial and business users, including the planned Urban Renewal Plan of the Mill Street Corridor, Summit Business Park and East Gardner Industrial Park, that will result in hundreds of new jobs and business opportunities that will reshape the city of Gardner for decades to
come.
