Connected Duplex Residential
For Sale
$749,900
29 Morningside Street, Leominster, MA 01453
Two homes are connected by a covered breezeway and offer a combined 3,488 sq. ft. of living space.
Property Size3,488 SF
Lot Size0.50 Acres
Price / SF$214.99
Days on Market59
Property Features for 29 Morningside Street
General Information
Standard status
Active
Size
3,488 SF
Total Parking Spaces
5
Lot size
0.50 Acres
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
2
Building Details
Year Built
2005
Listing Agency:
Keller Williams Realty Evolution
Listed By:
Jean-Marie Minton · License #360520121
(312) 623-1595
Source:
Kwevolution
Added: Jul 13
Changed: Sep 8
Last Checked: Sep 8 at 6:13AM
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 Evolution
Investment Insights
Based on property information with market context.
This connected residential property combines two separate homes into one offering, joined by a covered breezeway. The original home is a 1956-built 2-bedroom ranch with one full bath and an attached one-car garage, providing convenient single-level living. The second home is a custom 3-bedroom residence built in 2005, featuring 1.5 baths. In addition, the property includes a heated four-car garage with workshop space and an air compressor.
Set on a landscaped, partially wooded half-acre lot, the layout supports flexible household living and indoor garage-based utility.
Overall, the improvements include two distinct dwelling components with attached and detached garage functionality, along with the heated multi-car garage and workshop setup.
Set on a landscaped, partially wooded half-acre lot, the layout supports flexible household living and indoor garage-based utility.
Overall, the improvements include two distinct dwelling components with attached and detached garage functionality, along with the heated multi-car garage and workshop setup.
Key Highlights
- Two connected homes offer a combined 3,488 sq. ft. of living space via a covered breezeway.
- 1956 2‑bedroom ranch with 1 full bath and attached one‑car garage for convenient single‑level living.
- Custom 3‑bedroom home built in 2005 by the current owner featuring 1.5 baths.
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 homes are connected by a covered breezeway and offer a combined 3,488 sq. ft. of living space.
Where is this duplex located?
The property is located at 29 Morningside Street 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 offer a combined 3,488 sq. ft. of living space via a covered breezeway.; 1956 2‑bedroom ranch with 1 full bath and attached one‑car garage for convenient single‑level living.; Custom 3‑bedroom home built in 2005 by the current owner featuring 1.5 baths.
