Duplex with Four-Car
For Sale
$749,900
29 Morningside St, Leominster, MA 01453
Residential Income, Leominster, MA
Property Size3,488 SF
Lot Size0.54 Acres
Price / SF$214.99
Days on Market48
Property Features for 29 Morningside St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RA
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 5, Bathroom 3
Parking
13
Directions
North Street to Morningside Street
Standard status
Active
APN
M:0578 B:0048 L:0000,1590235
Size
3,488 SF
Lot size
0.54 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9241
Amenities
covered breezeway
heated garage
workshop space
Building Details
Year built
2005
Floors in Building
3
Number of units
2
Listing Agency:
Keller Williams Realty Evolution
(978) 927-8700
Listed By:
Keller Williams Realty Evolution
(781) 395-5600
Added: Jul 18
Changed: Sep 2
Last Checked: Sep 3 at 2:06PM
MLS# 73551774
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex property brings together two distinct residences linked by a covered breezeway, with 3,488 square feet of living area on a 0.54-acre parcel. The original ranch dates to 1956 and includes two bedrooms, one full bath, single-level access, and an attached one-car garage. A second residence completed in 2005 adds three bedrooms and 1.5 baths.
The property also includes a heated four-car garage with workshop space and an air compressor. Landscaped grounds include a partially wooded portion of the lot, while RA zoning is noted for the property. Located in Leominster, the property offers access to the commuter line and supports a range of residential configurations, including extended-family or guest accommodations.
The property also includes a heated four-car garage with workshop space and an air compressor. Landscaped grounds include a partially wooded portion of the lot, while RA zoning is noted for the property. Located in Leominster, the property offers access to the commuter line and supports a range of residential configurations, including extended-family or guest accommodations.
Key Highlights
- Two connected homes with 3,488 square feet of living space
- 0.54‑acre landscaped lot with a partially wooded area
- Five‑bedroom total configuration across the two residences
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
$47,150
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
6.29%
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%
$943,000
$943.0K
Cap Rate 7%
$673,571
$673.6K
Cap Rate 9%
$523,889
$523.9K
Market Conditions
NOI Build-Up for 3,488 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
$69.1K $19.80/SF
− Vacancy
−$1.7K −$0.49/SF
EGI
$67.4K $19.31/SF
− OpEx
−$20.2K −$5.79/SF
NOI
$47.1K $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%
$943,000
Cap Rate 7%
$673,571
Cap Rate 9%
$523,889
Alternative Uses
Best Use
Multifamily LT 5
$673.6K
$589.4K – $785.8K
NOI $47,150 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$586.2K
$512.9K – $683.9K
NOI $41,033 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,377 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
135
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?
Duplex - Two connected residences provide flexible space for multigenerational living, guests, or separate household use.
Where is this duplex located?
The property is located at 29 Morningside St 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: Two connected homes with 3,488 square feet of living space; 0.54‑acre landscaped lot with a partially wooded area; Five‑bedroom total configuration across the two residences
