Updated Duplex with Rooftop
For Sale
$699,900
199 Prospect Street, Leominster, MA 01453
Two-unit property with in-unit laundry, a fenced backyard, gardens, and flexible unfinished barn space.
Property Size2,794 SF
Price / SF$250.50
Days on Market12
Property Features for 199 Prospect Street
General Information
Standard status
Active
Size
2,794 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
in-unit laundry
fenced backyard
fruit trees
gardens
3-season room
deck
rooftop deck
farmer's porch
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Realty - Leominster
(978) 514-2903
Listed By:
Lynn Walsh · License #454502524
(413) 584-2900
Source:
Mapleandmainrealty
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 24 at 3:58AM
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
Investment Insights
Based on property information with market context.
Built in 1900, this 2,794-square-foot duplex includes two residential units with updated kitchens and in-unit laundry. The first-floor residence has a 3-season room, deck, farmer’s sink, and access to mountain views. The upper unit includes two bedrooms, a laundry room or office, wood floors, and a rooftop deck overlooking Mt. Wachusett.
The property also features a large fenced backyard with fruit trees and gardens, a welcoming farmer’s porch, updated 400-amp electrical service, and a roof that is 1 year old. An attached, two-story unfinished barn provides additional space for possible living, studio, workshop, or other uses. The home is located near the train.
The property also features a large fenced backyard with fruit trees and gardens, a welcoming farmer’s porch, updated 400-amp electrical service, and a roof that is 1 year old. An attached, two-story unfinished barn provides additional space for possible living, studio, workshop, or other uses. The home is located near the train.
Key Highlights
- Two‑unit duplex measuring 2,794 square feet
- Updated kitchens and in‑unit laundry in both units
- Upper residence includes 2 bedrooms, laundry room or office, and rooftop deck
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
$37,768
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
5.40%
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%
$755,360
$755.4K
Cap Rate 7%
$539,543
$539.5K
Cap Rate 9%
$419,644
$419.6K
Market Conditions
NOI Build-Up for 2,794 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
$55.3K $19.80/SF
− Vacancy
−$1.4K −$0.49/SF
EGI
$54.0K $19.31/SF
− OpEx
−$16.2K −$5.79/SF
NOI
$37.8K $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%
$755,360
Cap Rate 7%
$539,543
Cap Rate 9%
$419,644
Alternative Uses
Best Use
Multifamily LT 5
$539.5K
$472.1K – $629.5K
NOI $37,768 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$469.6K
$410.9K – $547.8K
NOI $32,869 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$954.1K
$834.9K – $1.11M
NOI $66,788 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
258
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?
Duplex - Two-unit property with in-unit laundry, a fenced backyard, gardens, and flexible unfinished barn space.
Where is this duplex located?
The property is located at 199 Prospect Street Leominster, MA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Two‑unit duplex measuring 2,794 square feet; Updated kitchens and in‑unit laundry in both units; Upper residence includes 2 bedrooms, laundry room or office, and rooftop deck
