Commercially Zoned Live-Work
New
For Sale
$399,999
368 Litchfield St, Leominster, MA 01453
Four-bedroom layout with updated major systems, a fireplaced living room, and on-site parking.
Property Size1,343 SF
Price / SF$297.84
Days on Market3
Property Features for 368 Litchfield St
General Information
Standard status
Active
Size
1,343 SF
Zoning
C
Taxes and HOA fees
Annual Taxes
$4,982
Building Details
Building Size
1,343 SF
Year Built
1948
Listing Agency:
LAER Realty Partners
Listed By:
Michele Mathieu · License #9036915
(617) 304-2770
Source:
Laerrealty
Added: Sep 22
Last Checked: Sep 24 at 7:40AM
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 LAER Realty Partners
Investment Insights
Based on property information with market context.
This commercially zoned, four-bedroom property combines residential space with features suited to a live-work configuration. The interior includes an open kitchen and dining area, a living room with a fireplace, and additional sunroom or porch space. A garage is also part of the property, creating flexibility within the existing layout.
Recent improvements include the roof, electrical system, furnace, and oil tank. Four front parking spaces are currently provided, with backyard area that may offer room for additional parking subject to review. The property is located at 368 Litchfield St in Leominster, near Central Street and Route 2. Any business use, parking changes, separation of spaces, or licensing remains subject to applicable zoning and municipal approvals.
Recent improvements include the roof, electrical system, furnace, and oil tank. Four front parking spaces are currently provided, with backyard area that may offer room for additional parking subject to review. The property is located at 368 Litchfield St in Leominster, near Central Street and Route 2. Any business use, parking changes, separation of spaces, or licensing remains subject to applicable zoning and municipal approvals.
Key Highlights
- Commercial zoning designation: C
- Four‑bedroom property with live‑work configuration
- Four front parking spaces
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
$24,476
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
6.12%
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%
$489,520
$489.5K
Cap Rate 7%
$349,657
$349.7K
Cap Rate 9%
$271,956
$272.0K
Market Conditions
NOI Build-Up for 1,343 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
$40.3K $30.00/SF
− Vacancy
−$7.7K −$5.70/SF
EGI
$32.6K $24.30/SF
− OpEx
−$8.2K −$6.08/SF
NOI
$24.5K $18.23/SF
Area
Worcester County, MA
Vacancy
19.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$489,520
Cap Rate 7%
$349,657
Cap Rate 9%
$271,956
Alternative Uses
Best Use
Office B
$349.7K
$306.0K – $407.9K
NOI $24,476 @ 7.0% cap · market cap 6.12%
Second Best
Mixed Use
$173.0K
$151.4K – $201.9K
NOI $12,112 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$458.6K
$401.3K – $535.1K
NOI $32,103 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
307
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
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Live-work space - Four-bedroom layout with updated major systems, a fireplaced living room, and on-site parking.
Where is this live-work space located?
The property is located at 368 Litchfield St Leominster, MA.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Commercial zoning designation: C; Four‑bedroom property with live‑work configuration; Four front parking spaces
