Updated Triplex with Off-Street
New
For Sale
$699,900
234 Main, Leominster, MA 01453
Three-family property with separate utilities, refreshed interiors, laundry hookups, and outdoor space for each household.
Property Size3,280 SF
Days on Market3
Property Features for 234 Main
General Information
Standard status
Active
Size
3,280 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,038
Amenities
private deck
farmers porch
yard
off-street parking
laundry hookup
Building Details
Building Size
3,280 SF
Year Built
1900
Buildings
1
Stories
4
Units
3
Listing Agency:
(978) 697-5815
Listed By:
Julia Y. Cotter
(978) 697-5815
Source:
Elliman
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 10 at 4:56AM
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 Julia Y. Cotter
Investment Insights
Based on property information with market context.
Built in 1900, this three-unit residential property offers a practical configuration for an owner-occupant or investor. Each apartment has its own utilities, with tenants responsible for heat and electric. Interior and building updates include newer windows, a newer roof, updated heating systems, refreshed kitchens, and refinished hardwood floors. Laundry hookups are provided in each unit.
Outdoor features include a private deck, an oversized farmers porch, a good-sized yard, and ample off-street parking. The property is positioned near major routes, Doyle Field, and shopping. WalkScore is 77, BikeScore is 43, and TransitScore is 34.
Outdoor features include a private deck, an oversized farmers porch, a good-sized yard, and ample off-street parking. The property is positioned near major routes, Doyle Field, and shopping. WalkScore is 77, BikeScore is 43, and TransitScore is 34.
Key Highlights
- Three‑family triplex with each unit having its own utilities
- Tenants pay heat and electric
- Newer windows, roof, and heating systems
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
$44,338
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
6.33%
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%
$886,760
$886.8K
Cap Rate 7%
$633,400
$633.4K
Cap Rate 9%
$492,644
$492.6K
Market Conditions
NOI Build-Up for 3,280 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
$64.9K $19.80/SF
− Vacancy
−$1.6K −$0.49/SF
EGI
$63.3K $19.31/SF
− OpEx
−$19.0K −$5.79/SF
NOI
$44.3K $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%
$886,760
Cap Rate 7%
$633,400
Cap Rate 9%
$492,644
Alternative Uses
Best Use
Multifamily LT 5
$633.4K
$554.2K – $739.0K
NOI $44,338 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$551.2K
$482.3K – $643.1K
NOI $38,586 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$1.12M
$980.1K – $1.31M
NOI $78,405 @ 7.0% cap · market cap 11.20%
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
1,470
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-family property with separate utilities, refreshed interiors, laundry hookups, and outdoor space for each household.
Where is this triplex located?
The property is located at 234 Main 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: Three‑family triplex with each unit having its own utilities; Tenants pay heat and electric; Newer windows, roof, and heating systems
