Three-Unit Multi-Family
For Sale
$739,000
29-31 Cotton St, Leominster, MA 01453
Three separate units with private entrances, utilities, and 10 parking spaces in an RC zoning district.
Property Size3,288 SF
Price / SF$224.76
Days on Market112
Property Features for 29-31 Cotton St
General Information
Standard status
Active
Size
3,288 SF
Total Parking Spaces
10
Property subtype
Multi-Family
Zoning
RC
Net Operating Income
$70,200
Additional Details
Road Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,077
Building Details
Building Size
3,288 SF
Year Built
1901
Stories
5
Tenancy
Multi
Listing Agency:
Keller Williams Realty Boston Northwest
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 5
Changed: Sep 23
Last Checked: Sep 24 at 7:09AM
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 Keller Williams Realty Boston Northwest
Investment Insights
Based on property information with market context.
This three-unit multi-family property includes two spacious three-bedroom, townhouse-style units with private entrances and a one-bedroom upper unit. All units have separate utilities. The walk-up attic provides additional usable space for expansion, including the possibility of adding bedrooms, subject to buyer due diligence. Exterior amenities include a generous backyard, two farmer-style porches, a deck, and a storage shed. Public sewer and water are available, and the electrical service is noted as an area with room for improvement.
The property is located in Leominster’s RC zoning district and is described as being steps from downtown Leominster, schools, and transit. The remarks also cite direct access to Routes 2 and 12, supporting an easy commute to Worcester and Boston.
For buyers seeking a residential income property, the combination of separate utilities, off-street parking for 10 vehicles, and an attic that may support additional space can be appealing. The remarks also note that the property may qualify for a detached ADU, with zoning confirmation required through the municipality. Electrical updates may provide an opportunity to modernize and improve functionality over time.
The property is located in Leominster’s RC zoning district and is described as being steps from downtown Leominster, schools, and transit. The remarks also cite direct access to Routes 2 and 12, supporting an easy commute to Worcester and Boston.
For buyers seeking a residential income property, the combination of separate utilities, off-street parking for 10 vehicles, and an attic that may support additional space can be appealing. The remarks also note that the property may qualify for a detached ADU, with zoning confirmation required through the municipality. Electrical updates may provide an opportunity to modernize and improve functionality over time.
Key Highlights
- Three‑unit multi‑family built in 1901: two 3‑bedroom townhouse‑style units and one 1‑bedroom upper unit
- Each unit has a private entrance and separate utilities
- RC zoning district; walk‑up attic with open space that may allow expansion of the 1‑bedroom unit (buyer to verify via due diligence)
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
$44,446
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
6.01%
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%
$888,920
$888.9K
Cap Rate 7%
$634,943
$634.9K
Cap Rate 9%
$493,844
$493.8K
Market Conditions
NOI Build-Up for 3,288 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
−$19.0K −$5.79/SF
NOI
$44.4K $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%
$888,920
Cap Rate 7%
$634,943
Cap Rate 9%
$493,844
Alternative Uses
Best Use
Multifamily LT 5
$634.9K
$555.6K – $740.8K
NOI $44,446 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$552.6K
$483.5K – $644.7K
NOI $38,680 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$1.12M
$982.5K – $1.31M
NOI $78,596 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,146
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?
Triplex - Three separate units with private entrances, utilities, and 10 parking spaces in an RC zoning district.
Where is this triplex located?
The property is located at 29-31 Cotton St Leominster, MA.
What is the asking price?
The asking price for this property is $739,000.
What are key features of this property?
This property features: Three‑unit multi‑family built in 1901: two 3‑bedroom townhouse‑style units and one 1‑bedroom upper unit; Each unit has a private entrance and separate utilities; RC zoning district; walk‑up attic with open space that may allow expansion of the 1‑bedroom unit (buyer to verify via due diligence)
