Fully Occupied 8-Unit Apartment
28 Prescott St Leominster, MA 01453
28 Prescott St, Leominster, MA, 01453
$1,275,000
For Sale
$1,275,000
Fully occupied 8-unit multifamily property with remodeled interiors and ample off-street parking.
Property Size4,410 SF
Price / SF$289.12
Days on Market73
Property Features for 28 Prescott St
General Information
- Standard status
- Active
- Size
- 4,410 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1905
Listing agency
Berkshire Hathaway HomeServices Commonwealth Real Estate
(781) 237-8000
Listed by
Trish Marchetti · License #9036673
Source
Reishomesearch
Added: May 10 Updated: Jul 21 at 12:12AM Checked: Jul 21 at 12:12AM
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 Berkshire Hathaway HomeServices Commonwealth Real Estate
Investment Insights
Based on property information with market context.
This fully occupied 8-unit apartment building offers a mix of apartment types, including four 1-bedroom units, two oversized studio-style 2-room apartments, and one large 2-bedroom unit. The units are described as remodeled, with updated interiors while maintaining character and charm, along with features such as high ceilings and abundant natural light.
The property is located on a quiet side street just steps from downtown Leominster, with convenience to shopping, restaurants, and public transportation.
Additional operating notes include that tenants pay their own electric (except unit 8) and heat, and the offering includes a strong rental history with full occupancy. Ample off-street parking is available, and a rent roll and expenses are available upon request.
The property is located on a quiet side street just steps from downtown Leominster, with convenience to shopping, restaurants, and public transportation.
Additional operating notes include that tenants pay their own electric (except unit 8) and heat, and the offering includes a strong rental history with full occupancy. Ample off-street parking is available, and a rent roll and expenses are available upon request.
Key Highlights
- Fully occupied 8‑unit multifamily property with remodeled interiors
- Unit mix: four 1‑bedroom units, two oversized studio‑style 2‑room apartments, and one large 2‑bedroom unit
- Tenants pay their own electric (except unit 8) and heat, with separate utilities
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $96.8k | $21.96 |
| − Vacancy | −$2.5k | −$0.57 |
| EGI | $94.3k | $21.39 |
| − OpEx | −$42.4k | −$9.63 |
| NOI | $51.9k | $11.76 |
4,410 SF · lease $21.96/SF/yr · vacancy 2.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$741.1K
$648.5K – $864.7K
NOI $51,879 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,417 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Fully occupied 8-unit multifamily property with remodeled interiors and ample off-street parking.
Where is this apartment building located?
The property is located at 28 Prescott St Leominster, MA.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Fully occupied 8‑unit multifamily property with remodeled interiors; Unit mix: four 1‑bedroom units, two oversized studio‑style 2‑room apartments, and one large 2‑bedroom unit; Tenants pay their own electric (except unit 8) and heat, with separate utilities
