Duplex with Detached
New
For Sale
$539,000
233 West St, Leominster, MA 01453
Two residential units share off-street parking, a detached garage, a backyard, and a deck.
Property Size2,934 SF
Price / SF$183.71
Days on Market4
Property Features for 233 West St
General Information
Standard status
Active
Size
2,934 SF
Property subtype
Multi-Family
Financials
Asking Price
$539,000
Gross Income
$54,000
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Amenities
deck
backyard
Building Details
Year Built
1817
Listing Agency:
Wanda Mooney, Coldwell Banker Community Realtors
(978) 320-3377
Listed By:
Chinatti Realty
(978) 320-3377
Source:
Chinattirealty
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 10:17AM
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 Wanda Mooney, Coldwell Banker Community Realtors
Investment Insights
Based on property information with market context.
This duplex at 233 West St in Leominster, MA, includes two residential units within a 2,934-square-foot property. Built in 1817 and zoned RB, the property also offers off-street parking, a detached two-car garage, a large backyard, and a deck for outdoor use.
The property is near shopping, parks, schools, public transportation, and major highways. Its two-unit configuration and existing exterior amenities provide a straightforward residential income property profile in a convenient Leominster location.
The property is near shopping, parks, schools, public transportation, and major highways. Its two-unit configuration and existing exterior amenities provide a straightforward residential income property profile in a convenient Leominster location.
Key Highlights
- Two‑unit duplex property totaling 2,934 SF
- Detached two‑car garage with additional off‑street parking
- Large backyard and deck included
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
$39,661
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
7.36%
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%
$793,220
$793.2K
Cap Rate 7%
$566,586
$566.6K
Cap Rate 9%
$440,678
$440.7K
Market Conditions
NOI Build-Up for 2,934 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
$58.1K $19.80/SF
− Vacancy
−$1.4K −$0.49/SF
EGI
$56.7K $19.31/SF
− OpEx
−$17.0K −$5.79/SF
NOI
$39.7K $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%
$793,220
Cap Rate 7%
$566,586
Cap Rate 9%
$440,678
Alternative Uses
Best Use
Multifamily LT 5
$566.6K
$495.8K – $661.0K
NOI $39,661 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$493.1K
$431.4K – $575.3K
NOI $34,515 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$1.00M
$876.7K – $1.17M
NOI $70,134 @ 7.0% cap · market cap 13.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
302
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 residential units share off-street parking, a detached garage, a backyard, and a deck.
Where is this duplex located?
The property is located at 233 West St Leominster, MA.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: Two‑unit duplex property totaling 2,934 SF; Detached two‑car garage with additional off‑street parking; Large backyard and deck included
