Two-Building Residential Income
40-46 Cottage St, Leominster, MA 01453
For Sale
$999,000
Property includes a 3-family and 2-family on one lot, with in-unit washer/dryer hookups and off-street parking.
Property Size6,500 SF
Days on Market146
Property Features for 40-46 Cottage St
General Information
Standard status
Size
Property subtype
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Stories
Units
Listing Agency:
Property Investors & Advisors, LLC
Listed By:
Nicolas Berthet-Garcia · License #9561904
(978) 906-5225
Source:
Elliman
Added: Jun 17
Changed: Nov 7
Last Checked: Nov 8 at 7:16AM
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 Property Investors & Advisors, LLC
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Investment Insights
Based on property information with market context.
This residential income property features two buildings on one lot, including a 3-family and a 2-family. The 3-family offers spacious 2-bedroom units, while the 2-family includes a 2-bedroom unit on the first floor and a 1-bedroom unit on the second floor. All units are supported by in-unit washer and dryer hookups. Exterior improvements include a brand-new roof on the 2-family and a newer roof on the 3-family installed a few years ago, along with ample off-street parking.
The property is located at 40–44 Cottage St in Leominster, Massachusetts. Walk and transit scores are described as somewhat walkable and somewhat transit, and bike score is noted as somewhat bikeable.
The property is located at 40–44 Cottage St in Leominster, Massachusetts. Walk and transit scores are described as somewhat walkable and somewhat transit, and bike score is noted as somewhat bikeable.
Key Highlights
- Year built 1900: two separate buildings on one lot, including a 3‑family and a 2‑family
- 3‑family offers spacious 2‑bedroom units; could be converted into 3‑bedroom units with minor modifications
- 2‑family layout: 2‑bedroom on the first floor and 1‑bedroom on the second floor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$87,865
Cap Rate
8.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,757,300
$1.8M
Cap Rate 7%
$1,255,214
$1.3M
Cap Rate 9%
$976,278
$976.3K
Market Conditions
NOI Build-Up for 6,500 SF
Gross rent
$128.7K $19.80/SF
− Vacancy
−$3.2K −$0.49/SF
EGI
$125.5K $19.31/SF
− OpEx
−$37.7K −$5.79/SF
NOI
$87.9K $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%
$1,757,300
Cap Rate 7%
$1,255,214
Cap Rate 9%
$976,278
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.10M – $1.46M
NOI $87,865 @ 7.0% cap · market cap 8.80%
Second Best
Apartment 5plus
$1.09M
$955.8K – $1.27M
NOI $76,466 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$2.22M
$1.94M – $2.59M
NOI $155,376 @ 7.0% cap · market cap 15.55%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,158
Businesses Nearby
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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
$345,900
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Worcester County, MA
Properties on Market for Triplexes in Worcester County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Property includes a 3-family and 2-family on one lot, with in-unit washer/dryer hookups and off-street parking.
Where is this triplex located?
The property is located at 40-46 Cottage St Leominster, MA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Year built 1900: two separate buildings on one lot, including a 3‑family and a 2‑family; 3‑family offers spacious 2‑bedroom units; could be converted into 3‑bedroom units with minor modifications; 2‑family layout: 2‑bedroom on the first floor and 1‑bedroom on the second floor
