Triplex with Large
For Sale
$749,900
26 Jerome Place, Leominster, MA 01453
Three leased two-bedroom units offer separate utilities, laundry hookups, and substantial on-site parking.
Property Size3,290 SF
Price / SF$227.93
Days on Market8
Property Features for 26 Jerome Place
General Information
Standard status
Active
Size
3,290 SF
Property subtype
Multi-family
Building Details
Year Built
1920
Listing Agency:
The Greene Realty Group
Listed By:
Derek Greene
(617) 875-4950
Source:
Sarkisboston
Added: Aug 27
Changed: Sep 3
Last Checked: Sep 2 at 7:57PM
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 The Greene Realty Group
Investment Insights
Based on property information with market context.
This 3-unit residential property includes three two-bedroom units, each with laundry hookups, individually metered gas heat and electric, and existing leases. The property also features vinyl siding, vinyl windows, Mass Save insulation, a hardwired camera system, and de-lead certificates. Two units have decks. Property size is 3290 square feet.
A 2500+ sq. ft. garage/workshop provides tandem parking for 2 cars, along with separate work and storage areas, a 1/2 bathroom, and an attached shed. Additional parking is available on site. The property is located at 26 Jerome Place in Leominster, within 2 miles of the T station, Rt 2, and 190.
A 2500+ sq. ft. garage/workshop provides tandem parking for 2 cars, along with separate work and storage areas, a 1/2 bathroom, and an attached shed. Additional parking is available on site. The property is located at 26 Jerome Place in Leominster, within 2 miles of the T station, Rt 2, and 190.
Key Highlights
- 3‑unit property with three 2‑bedroom units, all currently leased
- 2500+ sq. ft. garage/workshop with tandem parking for 2 cars
- Garage includes work areas, storage areas, a 1/2 bathroom, and attached shed
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
$44,473
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
5.93%
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%
$889,460
$889.5K
Cap Rate 7%
$635,329
$635.3K
Cap Rate 9%
$494,144
$494.1K
Market Conditions
NOI Build-Up for 3,290 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
$65.1K $19.80/SF
− Vacancy
−$1.6K −$0.49/SF
EGI
$63.5K $19.31/SF
− OpEx
−$19.1K −$5.79/SF
NOI
$44.5K $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%
$889,460
Cap Rate 7%
$635,329
Cap Rate 9%
$494,144
Alternative Uses
Best Use
Multifamily LT 5
$635.3K
$555.9K – $741.2K
NOI $44,473 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$552.9K
$483.8K – $645.1K
NOI $38,703 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$1.12M
$983.1K – $1.31M
NOI $78,644 @ 7.0% cap · market cap 10.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,406
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 leased two-bedroom units offer separate utilities, laundry hookups, and substantial on-site parking.
Where is this triplex located?
The property is located at 26 Jerome Place Leominster, MA.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: 3‑unit property with three 2‑bedroom units, all currently leased; 2500+ sq. ft. garage/workshop with tandem parking for 2 cars; Garage includes work areas, storage areas, a 1/2 bathroom, and attached shed
