Remodeled 4-Unit
For Sale
$995,000
345 West St, Leominster, MA 01453
Remodeled quadplex with separate utilities, basement laundry, and off-street parking.
Property Size4,214 SF
Price / SF$236.12
Days on Market106
Property Features for 345 West St
General Information
Standard status
Active
Size
4,214 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Zoning
RA
Net Operating Income
$98,400
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,921
Amenities
laundry room
wall A/C units
electric fireplaces
intercom system
energy-saving appliances
Building Details
Building Size
4,214 SF
Year Built
1871
Stories
4
Listing Agency:
J.M.I. Investment Properties
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 17
Changed: Aug 29
Last Checked: Aug 30 at 1:30PM
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 J.M.I. Investment Properties
Investment Insights
Based on property information with market context.
This 4,214-square-foot quadplex, built in 1871, has undergone remodeling and includes four residential units. The property is positioned on a corner lot and features separate utility systems, with tenants responsible for their own utilities. Interior and building improvements include energy-saving appliances, an insulated closed-cell foam roof, wall-mounted air-conditioning units, electric fireplaces, and an intercom system.
A basement laundry room and 8 off-street parking spaces add practical amenities for residents. The property is zoned RA and is situated near shopping, restaurants, local amenities, and major routes. Its existing four-unit configuration and range of completed improvements provide a clearly defined multifamily asset for consideration.
A basement laundry room and 8 off-street parking spaces add practical amenities for residents. The property is zoned RA and is situated near shopping, restaurants, local amenities, and major routes. Its existing four-unit configuration and range of completed improvements provide a clearly defined multifamily asset for consideration.
Key Highlights
- Four‑unit quadplex totaling 4,214 SF
- Remodeled property built in 1871
- RA zoning on a corner lot
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
$56,963
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
5.72%
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%
$1,139,260
$1.1M
Cap Rate 7%
$813,757
$813.8K
Cap Rate 9%
$632,922
$632.9K
Market Conditions
NOI Build-Up for 4,214 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
$83.4K $19.80/SF
− Vacancy
−$2.1K −$0.49/SF
EGI
$81.4K $19.31/SF
− OpEx
−$24.4K −$5.79/SF
NOI
$57.0K $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%
$1,139,260
Cap Rate 7%
$813,757
Cap Rate 9%
$632,922
Alternative Uses
Best Use
Multifamily LT 5
$813.8K
$712.0K – $949.4K
NOI $56,963 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$708.2K
$619.7K – $826.2K
NOI $49,573 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,731 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
563
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?
Quadplex - Remodeled quadplex with separate utilities, basement laundry, and off-street parking.
Where is this quadplex located?
The property is located at 345 West St Leominster, MA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Four‑unit quadplex totaling 4,214 SF; Remodeled property built in 1871; RA zoning on a corner lot
