Mixed-Use Property with Detached
New
For Sale
$799,000
264 Mechanic St, Leominster, MA 01453
Commercial storefront paired with updated one-bedroom apartments and a separately zoned garage for flexible commercial or residential use.
Property Size3,480 SF
Days on Market2
Property Features for 264 Mechanic St
General Information
Standard status
Active
Size
3,480 SF
Property subtype
Investment
Units
Unit Mix
3 x 1BR
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$6,458
Building Details
Building Size
3,480 SF
Year Built
1989
Stories
4
Units
4
Listing Agency:
Pablo Maia Realty
(508) 320-6053
Listed By:
Rodrigo Azevedo · License #9584202
(508) 320-6053
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 4:21AM
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 Pablo Maia Realty
Investment Insights
Based on property information with market context.
Located at 264 Mechanic St in Leominster, this mixed-use property combines a commercial storefront with three one-bedroom apartments. The residential units feature updated kitchens and bathrooms, and each unit has two means of egress. Tenants are responsible for heat, hot water, and electricity, while the owner pays for city water.
A detached garage measuring approximately 50' x 35' adds a separate component to the property. The garage is zoned for both residential and commercial use and may accommodate vehicle or boat storage, contractor space, warehouse use, or other permitted activities. Built in 1989, the property is in a walkable setting with a walk score of 73, a bike score of 33, and a transit score of 31.
A detached garage measuring approximately 50' x 35' adds a separate component to the property. The garage is zoned for both residential and commercial use and may accommodate vehicle or boat storage, contractor space, warehouse use, or other permitted activities. Built in 1989, the property is in a walkable setting with a walk score of 73, a bike score of 33, and a transit score of 31.
Key Highlights
- Commercial storefront with three one‑bedroom apartments
- Apartments include updated kitchens and bathrooms
- Two means of egress serving each residential unit
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
$51,460
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
6.44%
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%
$1,029,200
$1.0M
Cap Rate 7%
$735,143
$735.1K
Cap Rate 9%
$571,778
$571.8K
Market Conditions
NOI Build-Up for 3,480 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
$75.2K $21.60/SF
− Vacancy
−$1.7K −$0.48/SF
EGI
$73.5K $21.12/SF
− OpEx
−$22.1K −$6.34/SF
NOI
$51.5K $14.79/SF
Area
Worcester County, MA
Vacancy
2.20%
Lease Rate
$21.60 /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%
$1,029,200
Cap Rate 7%
$735,143
Cap Rate 9%
$571,778
Alternative Uses
Best Use
Retail
$735.1K
$643.3K – $857.7K
NOI $51,460 @ 7.0% cap · market cap 6.44%
Second Best
Apartment 5plus
$584.8K
$511.7K – $682.3K
NOI $40,939 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,186 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
859
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?
Mixed-use property - Commercial storefront paired with updated one-bedroom apartments and a separately zoned garage for flexible commercial or residential use.
Where is this mixed-use property located?
The property is located at 264 Mechanic St Leominster, MA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Commercial storefront with three one‑bedroom apartments; Apartments include updated kitchens and bathrooms; Two means of egress serving each residential unit
