Mixed-Use Property with Detached
For Sale
$799,000
264 Mechanic Street, 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
Price / SF$229.60
Days on Market65
Property Features for 264 Mechanic Street
General Information
Standard status
Active
Size
3,480 SF
Property subtype
Multi-family
Units
Unit Mix
3 x 1BR
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1989
Listing Agency:
Pablo Maia Realty
Listed By:
Rodrigo Azevedo · License #9584202
(508) 875-0102
Source:
Benoitrealestate
Added: Aug 2
Changed: Sep 24
Last Checked: Oct 4 at 9:43AM
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 / Yr
$51,460
Cap Rate
6.44%
Suggested Prices Based on Cap Rates
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
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 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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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 Street 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
