Duplex with Detached
For Sale
Under Contract
$539,000
233 West St, Leominster, MA 01453
Residential Income, Leominster, MA
Property Size2,934 SF
Lot Size0.35 Acres
Price / SF$183.71
Days on Market13
Property Features for 233 West St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RB
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 2, Bathroom 1
Parking
8
Fireplace
1
Elementary school
Northwest Elementary
Middle school
Sky View Middle School
High school
Leominster High School
Directions
Main St to West St.
Standard status
Active Under Contract
APN
1579302
Size
2,934 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5745
Building Details
Year built
1817
Floors in Building
2
Number of units
2
Listing Agency:
Keller Williams Realty Evolution
(978) 927-8700
Listed By:
Keller Williams Realty Evolution
(781) 395-5600
Added: Aug 24
Changed: Sep 4
Last Checked: Sep 5 at 12:06PM
MLS# 73567568
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1817, this duplex contains two residential units within 2,934 square feet on a 0.3454-acre lot. The property includes off-street parking, a detached two-car garage, a backyard, and a deck. Interior features include a fireplace and multiple bedrooms and bathrooms. The detached structure may support an accessory dwelling unit, subject to municipal approval and permitting.
The property is located in Leominster, Massachusetts, near shopping, parks, schools, public transportation, and major highways. RB zoning is identified for the property.
The property is located in Leominster, Massachusetts, near shopping, parks, schools, public transportation, and major highways. RB zoning is identified for the property.
Key Highlights
- Two‑unit property with 2,934 square feet of building area
- 0.3454‑acre lot in Leominster, MA
- Detached two‑car garage and off‑street parking
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
$39,661
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
7.36%
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%
$793,220
$793.2K
Cap Rate 7%
$566,586
$566.6K
Cap Rate 9%
$440,678
$440.7K
Market Conditions
NOI Build-Up for 2,934 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
$58.1K $19.80/SF
− Vacancy
−$1.4K −$0.49/SF
EGI
$56.7K $19.31/SF
− OpEx
−$17.0K −$5.79/SF
NOI
$39.7K $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%
$793,220
Cap Rate 7%
$566,586
Cap Rate 9%
$440,678
Alternative Uses
Best Use
Multifamily LT 5
$566.6K
$495.8K – $661.0K
NOI $39,661 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$493.1K
$431.4K – $575.3K
NOI $34,515 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$1.00M
$876.7K – $1.17M
NOI $70,134 @ 7.0% cap · market cap 13.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Explore this area
Business Placement
Demographics for 01453, MA
43,752
Population
18,895
Households
2.3
Avg Household Size
41
Median Age
32%
College-Educated
90%
High-School Grad
26.4 sq mi
ZIP Area
1,657
Density / Sq Mi
$82,098
Median Household Income
$52,247
Median Earnings
$1,282
Median Rent
$345,900
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-unit residential property with off-street parking, outdoor space, and a separate two-car garage.
Where is this duplex located?
The property is located at 233 West St Leominster, MA.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: Two‑unit property with 2,934 square feet of building area; 0.3454‑acre lot in Leominster, MA; Detached two‑car garage and off‑street parking
