Three-Unit Apartment
New
For Sale
$550,000
199 Mechanic Street, Leominster, MA 01453
Three separate residences feature individual utility meters, laundry hookups, and off-street parking.
Property Size3,935 SF
Price / SF$139.77
Days on Market5
Property Features for 199 Mechanic Street
General Information
Standard status
Active
Size
3,935 SF
Property subtype
Multi-family
Lease Term
[]
Building Details
Year Built
1920
Listing Agency:
Coldwell Banker Realty - Leominster
Listed By:
Matthew Straight
(978) 799-3560
Source:
Cabotandcompany
Added: Oct 25
Changed: Oct 28
Last Checked: Oct 28 at 7:11AM
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 Coldwell Banker Realty - Leominster
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,935-square-foot triplex contains three apartments, each with three bedrooms and one bathroom. Individual utility meters serve each unit, and tenants pay for heat, hot water, gas, and electricity. Each apartment also has washer and dryer hookups. Vinyl siding and vinyl windows are among the exterior features, and off-street parking is available for residents and guests. The building dates to 1920.
The property is minutes from Routes 2 and 190 and Leominster’s downtown. Lead abatement compliance letters are available for all three apartments. All three tenants are on a TAW.
The property is minutes from Routes 2 and 190 and Leominster’s downtown. Lead abatement compliance letters are available for all three apartments. All three tenants are on a TAW.
Key Highlights
- Three apartments, each with 3 bedrooms and 1 bathroom
- 3,935 square feet; built in 1920
- Separate utility meters; tenants pay for heat, hot water, gas, and electricity
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,291
Cap Rate
8.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$925,820
$925.8K
Cap Rate 7%
$661,300
$661.3K
Cap Rate 9%
$514,344
$514.3K
Market Conditions
NOI Build-Up for 3,935 SF
Gross rent
$86.4K $21.96/SF
− Vacancy
−$2.2K −$0.57/SF
EGI
$84.2K $21.39/SF
− OpEx
−$37.9K −$9.63/SF
NOI
$46.3K $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%
$925,820
Cap Rate 7%
$661,300
Cap Rate 9%
$514,344
Alternative Uses
Best Use
Multifamily LT 5
$759.9K
$664.9K – $886.5K
NOI $53,192 @ 7.0% cap · market cap 9.67%
Second Best
Apartment 5plus
$661.3K
$578.6K – $771.5K
NOI $46,291 @ 7.0% cap · market cap 8.42%
Theoretical Best
Office A
$1.34M
$1.18M – $1.57M
NOI $94,062 @ 7.0% cap · market cap 17.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
1,379
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three separate residences feature individual utility meters, laundry hookups, and off-street parking.
Where is this triplex located?
The property is located at 199 Mechanic Street Leominster, MA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three apartments, each with 3 bedrooms and 1 bathroom; 3,935 square feet; built in 1920; Separate utility meters; tenants pay for heat, hot water, gas, and electricity
