Updated Three-Family
New
For Sale
$775,000
189 Walnut Street, Leominster, MA 01453
Three two-bedroom units offer separate utilities, a two-car garage, and additional parking on a corner lot.
Property Size3,016 SF
Price / SF$256.96
Days on Market5
Property Features for 189 Walnut Street
General Information
Standard status
Active
Size
3,016 SF
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
RE/MAX Prof Associates
Listed By:
Luis Torres
(617) 420-9033
Source:
Sredboston
Added: Aug 19
Changed: Aug 23
Last Checked: Aug 22 at 9:20AM
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 Prof Associates
Investment Insights
Based on property information with market context.
Built in 1900, this 3,016-square-foot triplex contains three residential units, each configured with two bedrooms. Separate utilities serve the units, supporting distinct operating arrangements. The property has been updated and includes a two-car garage along with additional parking on the corner lot.
The property is situated near major highways, shopping, schools, and everyday amenities. Its prior use included a daycare on the first floor, adding relevant history to the building’s configuration and use profile.
The property is situated near major highways, shopping, schools, and everyday amenities. Its prior use included a daycare on the first floor, adding relevant history to the building’s configuration and use profile.
Key Highlights
- Three‑unit property with two bedrooms in each unit
- 3,016 square feet; built 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
$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
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three two-bedroom units offer separate utilities, a two-car garage, and additional parking on a corner lot.
Where is this triplex located?
The property is located at 189 Walnut Street 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‑unit property with two bedrooms in each unit; 3,016 square feet; built in 1900; Separate utilities for each unit
