Building Details

Year Built 1920

Construction vinyl siding

Tenancy Multi

Listing Agency: Realty Negotiations,LLC

Listed By: Olivia Grabka Show Phone

Source: Benoitrealestate

Added: Aug 8 Changed: Oct 3 Last Checked: Oct 4 at 10:21AM

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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.

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 / Yr

$49,975

Cap Rate

6.66%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $49,975 @ 7.0% cap · market cap 6.66%

Second Best

Apartment 5plus

$621.3K

$543.6K – $724.9K (±1% cap)

NOI $43,491 @ 7.0% cap · market cap 5.80%

Theoretical Best

Office A

$1.26M

$1.10M – $1.47M (±1% cap)

NOI $88,373 @ 7.0% cap · market cap 11.78%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Travel Agency Garden Center Tanning Salon Plumbing Service Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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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