Occupied 3-Unit
New
For Sale
$750,000
35 Third, Leominster, MA 01453
Three leased apartments offer consistent occupancy within a classic multifamily property with natural-gas forced-air heat.
Property Size3,697 SF
Lot Size0.21 Acres
Price / SF$202.87
Days on Market2
Property Features for 35 Third
General Information
Standard status
Active
Size
3,697 SF
Total Parking Spaces
6
Lot size
0.21 Acres
Property subtype
Residential Income
Zoning
RC
Occupancy
100%
Net Operating Income
$71,580
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,275
Building Details
Building Size
3,697 SF
Year Built
1920
Construction
vinyl siding
Tenancy
Multi
Listing Agency:
Realty Negotiations, LLC
Listed By:
Olivia Grabka
(978) 397-8626
Source:
413realestate
Added: Sep 2
Last Checked: Sep 2 at 2:03PM
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 Realty Negotiations, LLC
Investment Insights
Based on property information with market context.
Located at 35 Third in Leominster, this three-unit residential income property contains three matching apartments, each arranged with three bedrooms and one bathroom. All units are occupied by tenants, providing an established rental profile. The 1920-built structure has vinyl siding, forced-air natural-gas heating, and sits on a 0.21-acre lot. The property is zoned RC.
Shopping is available near Watertower Plaza and the Mall at Whitney Field, with Louis Charpentier Playground and Carter Park also nearby. The MBTA Commuter Rail provides service toward Boston, and the property has access to major highways.
Shopping is available near Watertower Plaza and the Mall at Whitney Field, with Louis Charpentier Playground and Carter Park also nearby. The MBTA Commuter Rail provides service toward Boston, and the property has access to major highways.
Key Highlights
- Three 3‑bedroom, 1‑bath units
- All three apartments are occupied by tenants
- 3,697 square feet of living space
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
$49,975
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
6.66%
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%
$999,500
$999.5K
Cap Rate 7%
$713,929
$713.9K
Cap Rate 9%
$555,278
$555.3K
Market Conditions
NOI Build-Up for 3,697 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
$73.2K $19.80/SF
− Vacancy
−$1.8K −$0.49/SF
EGI
$71.4K $19.31/SF
− OpEx
−$21.4K −$5.79/SF
NOI
$50.0K $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%
$999,500
Cap Rate 7%
$713,929
Cap Rate 9%
$555,278
Alternative Uses
Best Use
Multifamily LT 5
$713.9K
$624.7K – $832.9K
NOI $49,975 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$621.3K
$543.6K – $724.9K
NOI $43,491 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,373 @ 7.0% cap · market cap 11.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,372
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?
Triplex - Three leased apartments offer consistent occupancy within a classic multifamily property with natural-gas forced-air heat.
Where is this triplex located?
The property is located at 35 Third Leominster, MA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Three 3‑bedroom, 1‑bath units; All three apartments are occupied by tenants; 3,697 square feet of living space
