Three-Family Property with
New
For Sale
$775,000
189 Walnut St, Leominster, MA 01453
Residential Income, Leominster, MA
Property Size3,016 SF
Lot Size0.20 Acres
Price / SF$256.96
Days on Market3
Property Features for 189 Walnut St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RB
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 6, Bedroom 2, Bedroom 3, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 1
Parking
8
Directions
Washinton St to Walnut St
Standard status
Active
APN
M:0088 B:0009 L:0000,1578849
Size
3,016 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7529
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Listing Agency:
RE/MAX Prof Associates · RE/MAX International
(508) 834-7322
Listed By:
Lorraine Herbert
(508) 834-7322
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 20 at 5:06AM
MLS# 73565255
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This updated three-family property contains 3,016 square feet and offers two bedrooms in each unit. Separate utilities serve the individual residences, supporting distinct household operations. Built in 1900, the property is situated on a 0.197-acre corner lot and includes a two-car garage along with additional parking. The first floor was previously used as a day care, providing an additional documented use history. Zoning is RB.
The property is located in Leominster, Massachusetts, near major highways, shopping, schools, and everyday amenities. Its multifamily configuration, unit-level utilities, garage, and additional parking define the principal physical features of the asset.
The property is located in Leominster, Massachusetts, near major highways, shopping, schools, and everyday amenities. Its multifamily configuration, unit-level utilities, garage, and additional parking define the principal physical features of the asset.
Key Highlights
- Three‑family property with two bedrooms in each unit
- 3,016 square feet on a 0.197‑acre corner lot
- 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
$40,769
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
5.26%
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%
$815,380
$815.4K
Cap Rate 7%
$582,414
$582.4K
Cap Rate 9%
$452,989
$453.0K
Market Conditions
NOI Build-Up for 3,016 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
$59.7K $19.80/SF
− Vacancy
−$1.5K −$0.49/SF
EGI
$58.2K $19.31/SF
− OpEx
−$17.5K −$5.79/SF
NOI
$40.8K $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%
$815,380
Cap Rate 7%
$582,414
Cap Rate 9%
$452,989
Alternative Uses
Best Use
Multifamily LT 5
$582.4K
$509.6K – $679.5K
NOI $40,769 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$506.9K
$443.5K – $591.3K
NOI $35,480 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$1.03M
$901.2K – $1.20M
NOI $72,094 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
979
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?
Triplex - Updated multifamily property with separate utilities, corner-lot placement, and parking for residents or visitors.
Where is this triplex located?
The property is located at 189 Walnut St Leominster, MA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Three‑family property with two bedrooms in each unit; 3,016 square feet on a 0.197‑acre corner lot; Separate utilities for each unit
