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 Market159
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
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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 / Yr
$59,314
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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
