Mixed-Use Property with
For Sale
$550,000
14 Walker St, Leominster, MA 01453
Two commercial levels are paired with a two-bedroom apartment, garage, parking, and owned solar panels.
Property Size4,914 SF
Price / SF$111.93
Days on Market221
Property Features for 14 Walker St
General Information
Standard status
Active
Size
4,914 SF
Total Parking Spaces
12
Property subtype
Multi-Family
Zoning
RB
Taxes and HOA fees
Annual Taxes
$7,808
Building Details
Building Size
4,914 SF
Year Built
1900
Stories
3
Listing Agency:
Karen M. Overtoom R.E.
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jan 21
Changed: Aug 30
Last Checked: Aug 30 at 2:36PM
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 Karen M. Overtoom R.E.
Investment Insights
Based on property information with market context.
Built in 1900, this mixed-use property includes two full levels of commercial space arranged for flexible business use. A two-bedroom residential apartment is positioned above the commercial area, creating a distinct combination of commercial and residential space.
The property also includes a three-story garage, multiple parking spaces, and owned solar panels. Located at 14 Walker St in Leominster, Massachusetts, the property is zoned RB.
The property also includes a three-story garage, multiple parking spaces, and owned solar panels. Located at 14 Walker St in Leominster, Massachusetts, the property is zoned RB.
Key Highlights
- Two full levels of commercial space
- Two‑bedroom residential apartment above the commercial area
- Three‑story garage
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
$44,318
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
8.06%
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%
$886,360
$886.4K
Cap Rate 7%
$633,114
$633.1K
Cap Rate 9%
$492,422
$492.4K
Market Conditions
NOI Build-Up for 4,914 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
$76.7K $15.60/SF
− Vacancy
−$5.7K −$1.17/SF
EGI
$70.9K $14.43/SF
− OpEx
−$26.6K −$5.41/SF
NOI
$44.3K $9.02/SF
Area
Worcester County, MA
Vacancy
7.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$886,360
Cap Rate 7%
$633,114
Cap Rate 9%
$492,422
Alternative Uses
Best Use
Apartment 5plus
$825.8K
$722.6K – $963.5K
NOI $57,808 @ 7.0% cap · market cap 10.51%
Second Best
Mixed Use
$633.1K
$554.0K – $738.6K
NOI $44,318 @ 7.0% cap · market cap 8.06%
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,464 @ 7.0% cap · market cap 21.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,290
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial levels are paired with a two-bedroom apartment, garage, parking, and owned solar panels.
Where is this mixed-use property located?
The property is located at 14 Walker St Leominster, MA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two full levels of commercial space; Two‑bedroom residential apartment above the commercial area; Three‑story garage
