Renovated Triplex With
New
For Sale
$749,000
14-16 Grand St, Leominster, MA 01453
Three residential units offer flexible owner-occupant or rental use with central AC, a slate roof, and outdoor space.
Property Size2,656 SF
Price / SF$282
Days on Market2
Property Features for 14-16 Grand St
General Information
Standard status
Active
Size
2,656 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
RB
Net Operating Income
$79,200
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,076
Building Details
Building Size
2,656 SF
Year Built
1900
Buildings
1
Listing Agency:
William Raveis R.E. & Home Services
(781) 933-2500
Listed By:
Rebecca R Huang
Source:
413realestate
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 4:53AM
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 William Raveis R.E. & Home Services
Investment Insights
Based on property information with market context.
This renovated three-family property at 14-16 Grand St includes a two-story main residence and two additional apartments. Unit 14 has a living room, large kitchen, formal dining room, enclosed porch with laundry and office areas, a half bath, 3-4 bedrooms, a full bathroom, and an unfinished walk-up attic. Unit 16A includes an eat-in kitchen, living room, one bedroom, full bath, basement access, and covered porch. Unit 16B provides an eat-in kitchen, living room, 1-2 bedrooms, full bath, covered porch access, and a finished walk-up attic.
The property includes central AC, a slate roof, ample off-street parking, and a private backyard overlooking Doyle Field. Shopping, restaurants, the commuter rail, and major highways are nearby. Built in 1900 and zoned RB, the property supports either owner occupancy with additional rental units or continued three-unit residential use.
The property includes central AC, a slate roof, ample off-street parking, and a private backyard overlooking Doyle Field. Shopping, restaurants, the commuter rail, and major highways are nearby. Built in 1900 and zoned RB, the property supports either owner occupancy with additional rental units or continued three-unit residential use.
Key Highlights
- Three‑family property with a two‑story main residence and 2 additional apartments
- Unit 14 includes 3‑4 bedrooms, a full bathroom, and an unfinished walk‑up attic
- Unit 16A offers 1 bedroom, basement access, and a covered porch
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
$35,903
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
4.79%
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%
$718,060
$718.1K
Cap Rate 7%
$512,900
$512.9K
Cap Rate 9%
$398,922
$398.9K
Market Conditions
NOI Build-Up for 2,656 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
$52.6K $19.80/SF
− Vacancy
−$1.3K −$0.49/SF
EGI
$51.3K $19.31/SF
− OpEx
−$15.4K −$5.79/SF
NOI
$35.9K $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%
$718,060
Cap Rate 7%
$512,900
Cap Rate 9%
$398,922
Alternative Uses
Best Use
Multifamily LT 5
$512.9K
$448.8K – $598.4K
NOI $35,903 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$446.4K
$390.6K – $520.8K
NOI $31,245 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$907.0K
$793.6K – $1.06M
NOI $63,489 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,165
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?
Triplex - Three residential units offer flexible owner-occupant or rental use with central AC, a slate roof, and outdoor space.
Where is this triplex located?
The property is located at 14-16 Grand St Leominster, MA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Three‑family property with a two‑story main residence and 2 additional apartments; Unit 14 includes 3‑4 bedrooms, a full bathroom, and an unfinished walk‑up attic; Unit 16A offers 1 bedroom, basement access, and a covered porch
