Income Producing Multi-Family
For Sale
$1,050,000
40-46 Cottage St, Leominster, MA 01453
Two buildings on one lot provide multiple rental units with off-street parking and in-unit washer/dryer hookup availability.
Property Size6,500 SF
Price / SF$161.54
Days on Market131
Property Features for 40-46 Cottage St
General Information
Standard status
Active
Size
6,500 SF
Total Parking Spaces
12
Property subtype
Multi-Family
Zoning
RC
Net Operating Income
$108,000
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$6,658
Amenities
in-unit washer and dryer hookups
off-street parking
Building Details
Building Size
6,500 SF
Year Built
1900
Stories
5
Tenancy
Multi
Listing Agency:
Property Investors & Advisors, LLC
(774) 413-0272
Listed By:
Nicolas Berthet-Garcia · License #9561904
(978) 906-5225
Source:
Churchillprop
Added: Jun 12
Changed: Oct 6
Last Checked: Oct 19 at 5:15AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This for-sale income property features two separate buildings on one lot. The larger building is a three-family offering spacious 2-bedroom units. The second building is a two-family with a 2-bedroom unit on the first floor and a 1-bedroom unit on the second floor. All units include in-unit washer and dryer hookups.
The property also provides ample off-street parking. Exterior improvements include a brand-new roof on the two-family building and a newer roof on the three-family building that was replaced a few years ago.
Overall, the configuration supports flexible use as a pure investment or an owner-occupy scenario while maintaining rental income from the remaining units.
The property also provides ample off-street parking. Exterior improvements include a brand-new roof on the two-family building and a newer roof on the three-family building that was replaced a few years ago.
Overall, the configuration supports flexible use as a pure investment or an owner-occupy scenario while maintaining rental income from the remaining units.
Key Highlights
- Two buildings on one lot with multiple rental units, plus ample off‑street parking
- Large 3‑family with spacious 2‑bedroom units
- Value‑add potential: 2‑bedroom units in the 3‑family could be converted to 3‑bedroom units with minor modifications
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$87,865
Cap Rate
8.37%
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 8.37%
Second Best
Apartment 5plus
$1.09M
$955.8K – $1.27M
NOI $76,466 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$2.22M
$1.94M – $2.59M
NOI $155,376 @ 7.0% cap · market cap 14.80%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,158
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
Frequently Asked Questions
What type of property is this?
Triplex - Two buildings on one lot provide multiple rental units with off-street parking and in-unit washer/dryer hookup availability.
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 $1,050,000.
What are key features of this property?
This property features: Two buildings on one lot with multiple rental units, plus ample off‑street parking; Large 3‑family with spacious 2‑bedroom units; Value‑add potential: 2‑bedroom units in the 3‑family could be converted to 3‑bedroom units with minor modifications
