Live-Work Property with Fenced
New
For Sale
$480,000
163-165 Central Street, Leominster, MA 01453
Business B zoning supports a combined residential and commercial setup near downtown and a police station.
Property Size1,560 SF
Price / SF$307.69
Days on Market5
Property Features for 163-165 Central Street
General Information
Standard status
Active
Size
1,560 SF
Property subtype
Multi-family
Zoning
BB
Site & Location
Road Access
Yes
Fenced Yard
Yes
Additional Details
Land Use
commercial
Amenities
fenced yard
off-street rear parking
Building Details
Year Built
1900
Listing Agency:
Redfin Corp.
Listed By:
John Snyder
(978) 658-2345
Source:
Wilsonwolfe
Added: Sep 1
Changed: Sep 5
Last Checked: Sep 5 at 7:27AM
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 Redfin Corp.
Investment Insights
Based on property information with market context.
This 1,560-square-foot live-work property combines a flexible vacant 1-2 bedroom unit with a separate 2-bedroom tenant-at-will side. The building has an 8-year-old roof, a fenced yard, and off-street parking behind the property. Architect sketches for a potential 6-unit redevelopment are included with the sale.
The property is located at a signaled intersection across from the police station and within walking distance of downtown. Business B (BB) zoning provides the stated commercial land-use designation, while the existing layout accommodates residential occupancy and business use within the same building.
The property is located at a signaled intersection across from the police station and within walking distance of downtown. Business B (BB) zoning provides the stated commercial land-use designation, while the existing layout accommodates residential occupancy and business use within the same building.
Key Highlights
- 1,560‑square‑foot live‑work property
- Business B (BB) zoning
- Flexible vacant 1‑2 bedroom unit
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
$28,431
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
5.92%
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%
$568,620
$568.6K
Cap Rate 7%
$406,157
$406.2K
Cap Rate 9%
$315,900
$315.9K
Market Conditions
NOI Build-Up for 1,560 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
$46.8K $30.00/SF
− Vacancy
−$8.9K −$5.70/SF
EGI
$37.9K $24.30/SF
− OpEx
−$9.5K −$6.08/SF
NOI
$28.4K $18.23/SF
Area
Worcester County, MA
Vacancy
19.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$568,620
Cap Rate 7%
$406,157
Cap Rate 9%
$315,900
Alternative Uses
Best Use
Office B
$406.2K
$355.4K – $473.9K
NOI $28,431 @ 7.0% cap · market cap 5.92%
Second Best
Multifamily LT 5
$301.3K
$263.6K – $351.5K
NOI $21,088 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$532.7K
$466.1K – $621.5K
NOI $37,290 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,073
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 Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Business B zoning supports a combined residential and commercial setup near downtown and a police station.
Where is this live-work space located?
The property is located at 163-165 Central Street Leominster, MA.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: 1,560‑square‑foot live‑work property; Business B (BB) zoning; Flexible vacant 1‑2 bedroom unit
