Five-Unit Apartment
For Sale
$700,000
Pending
166 Central St, Leominster, MA 01453
Separate utilities, individual off-street parking, and a combination of leased and vacant units support flexible occupancy planning.
Property Size5,042 SF
Days on Market113
Property Features for 166 Central St
General Information
Standard status
Pending
Size
5,042 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Zoning
BB
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
5 x 2BR/1BA
Multifamily Units
5
Parking per Unit
1
Building Details
Building Size
5,042 SF
Year Built
1900
Stories
5
Listing Agency:
RE/MAX Diverse
Listed By:
Yuri Beato · License #9567921
(774) 243-4885
Source:
Hometown-team
Added: May 13
Changed: Aug 29
Last Checked: May 29 at 5:35AM
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 RE/MAX Diverse
Investment Insights
Based on property information with market context.
This 5,042-square-foot apartment building, constructed in 1900, contains five 2-bedroom, 1-bath units. Each apartment has separate utilities, and every unit includes off-street parking. Unit 2 is scheduled for delivery vacant, while the other four units are leased at present.
The property is located at 166 Central Street in Leominster, near downtown, shopping, restaurants, public transportation, and major highways. The building is offered as-is, providing a straightforward multifamily acquisition with existing tenancy and one unit available for occupancy.
The property is located at 166 Central Street in Leominster, near downtown, shopping, restaurants, public transportation, and major highways. The building is offered as-is, providing a straightforward multifamily acquisition with existing tenancy and one unit available for occupancy.
Key Highlights
- Five 2‑bedroom, 1‑bath apartment units
- 5,042‑square‑foot building constructed in 1900
- Separate utilities for each 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
$59,314
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
8.47%
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%
$1,186,280
$1.2M
Cap Rate 7%
$847,343
$847.3K
Cap Rate 9%
$659,044
$659.0K
Market Conditions
NOI Build-Up for 5,042 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
$110.7K $21.96/SF
− Vacancy
−$2.9K −$0.57/SF
EGI
$107.8K $21.39/SF
− OpEx
−$48.5K −$9.63/SF
NOI
$59.3K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$1,186,280
Cap Rate 7%
$847,343
Cap Rate 9%
$659,044
Alternative Uses
Best Use
Apartment 5plus
$847.3K
$741.4K – $988.6K
NOI $59,314 @ 7.0% cap · market cap 8.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,524 @ 7.0% cap · market cap 17.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,100
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Separate utilities, individual off-street parking, and a combination of leased and vacant units support flexible occupancy planning.
Where is this apartment building located?
The property is located at 166 Central St Leominster, MA.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Five 2‑bedroom, 1‑bath apartment units; 5,042‑square‑foot building constructed in 1900; Separate utilities for each unit
