Income Producing Multi-Family
40-46 Cottage St Leominster, MA 01453
40-46 Cottage St, Leominster, MA, 01453
$1,100,000
For Sale
$1,100,000
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$169.23
Days on Market42
Property Features for 40-46 Cottage St
General Information
- Standard status
- Active
- Size
- 6,500 SF
- Property subtype
- 5-9 Family
Building Details
- Year Built
- 1900
Listing agency
Property Investors & Advisors, LLC
(978) 906-5225
Listed by
Nicolas Berthet-Garcia
(978) 906-5225
Source
Lockandkeyre
Added: Jun 10 Updated: Jul 21 at 12:01PM Checked: Jul 21 at 12:01PM
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
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
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $128.7k | $19.80 |
| − Vacancy | −$3.2k | −$0.49 |
| EGI | $125.5k | $19.31 |
| − OpEx | −$37.7k | −$5.79 |
| NOI | $87.9k | $13.52 |
6,500 SF · lease $19.80/SF/yr · vacancy 2.47% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.10M – $1.46M
NOI $87,865 @ 7.0% cap · market cap 7.99%
Second Best
Apartment 5plus
$1.09M
$955.8K – $1.27M
NOI $76,466 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$2.22M
$1.94M – $2.59M
NOI $155,376 @ 7.0% cap · market cap 14.13%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
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 $1,100,000.
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
