Downtown Duplex with Front
New
For Sale
$475,000
218 Central Street, Leominster, MA 01453
Two units feature eat-in kitchens, bright living rooms, in-unit laundry, and private outdoor access points.
Property Size1,632 SF
Price / SF$291.05
Days on Market7
Property Features for 218 Central Street
General Information
Standard status
Active
Size
1,632 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
R
Net Operating Income
$38,400
Taxes and HOA fees
Annual Taxes
$5,305
Building Details
Building Size
1,632 SF
Year Built
1960
Stories
2
Listing Agency:
Lamacchia Realty, Inc.
(978) 424-7112
Listed By:
Cyndi Deshaies · License #454502490
Source:
Insightrealtygroup
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 12:34PM
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 Lamacchia Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 1960, this 1,632-square-foot duplex contains two residential units with a practical layout. Each unit includes a front porch, eat-in kitchen, living room with large windows, two bedrooms, one full bathroom, and in-unit laundry. The property also provides a substantial parking area and a large backyard.
The building is located at 218 Central Street in downtown Leominster, directly off Route 12 with access to Routes 2 and 190. R zoning supports the property’s residential configuration. The combination of two-bedroom units, separate laundry, outdoor space, and on-site parking provides a clearly defined multifamily format.
The building is located at 218 Central Street in downtown Leominster, directly off Route 12 with access to Routes 2 and 190. R zoning supports the property’s residential configuration. The combination of two-bedroom units, separate laundry, outdoor space, and on-site parking provides a clearly defined multifamily format.
Key Highlights
- Two‑unit duplex with 1,632 SF of building area
- Each unit includes two bedrooms and one full bathroom
- In‑unit laundry provided in both units
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
$22,061
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
4.64%
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%
$441,220
$441.2K
Cap Rate 7%
$315,157
$315.2K
Cap Rate 9%
$245,122
$245.1K
Market Conditions
NOI Build-Up for 1,632 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
$32.3K $19.80/SF
− Vacancy
−$798 −$0.49/SF
EGI
$31.5K $19.31/SF
− OpEx
−$9.5K −$5.79/SF
NOI
$22.1K $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%
$441,220
Cap Rate 7%
$315,157
Cap Rate 9%
$245,122
Alternative Uses
Best Use
Multifamily LT 5
$315.2K
$275.8K – $367.7K
NOI $22,061 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$274.3K
$240.0K – $320.0K
NOI $19,199 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$557.3K
$487.6K – $650.2K
NOI $39,011 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
714
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 units feature eat-in kitchens, bright living rooms, in-unit laundry, and private outdoor access points.
Where is this duplex located?
The property is located at 218 Central Street Leominster, MA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,632 SF of building area; Each unit includes two bedrooms and one full bathroom; In‑unit laundry provided in both units
