Six-Unit Multifamily
42-44 Summer Street Leominster, MA 01453
42-44 Summer Street, Leominster, MA, 01453
$1,150,000
For Sale
$1,150,000
Six-unit multifamily building with a unit mix of one-, two-, and three-bedroom apartments and dedicated parking per unit.
Property Size5,406 SF
Price / SF$212.73
Days on Market149
Property Features for 42-44 Summer Street
General Information
- Standard status
- Active
- Size
- 5,406 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1900
Listing agency
Boston Realty Advisors
(617) 375-7900
Listed by
Kevin Benzinger · License #9526383
Source
Eganrealtygroup
Added: Feb 22 Updated: Jul 21 at 3:10AM Checked: Jul 21 at 3:10AM
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 Boston Realty Advisors
Investment Insights
Based on property information with market context.
This is a six-unit multifamily property with a mix of one-, two-, and three-bedroom apartments. The majority of the units have been previously upgraded or fully renovated, with one remaining unrenovated unit.
The property includes dedicated parking space(s) per unit, which is a notable feature for residents seeking on-site parking in Central Massachusetts.
As an income-producing asset, it offers a combination of stabilized in-place income along with a defined value-add approach focused on completing renovations for the remaining unrenovated unit.
The property includes dedicated parking space(s) per unit, which is a notable feature for residents seeking on-site parking in Central Massachusetts.
As an income-producing asset, it offers a combination of stabilized in-place income along with a defined value-add approach focused on completing renovations for the remaining unrenovated unit.
Key Highlights
- 6‑unit multifamily building built in 1900
- Unit mix includes one-, two-, and three‑bedroom apartments
- Most units have been previously upgraded or fully renovated
Local Financial Insights For Apartment 5plus
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 | $118.7k | $21.96 |
| − Vacancy | −$3.1k | −$0.57 |
| EGI | $115.6k | $21.39 |
| − OpEx | −$52.0k | −$9.63 |
| NOI | $63.6k | $11.76 |
5,406 SF · lease $21.96/SF/yr · vacancy 2.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$908.5K
$795.0K – $1.06M
NOI $63,596 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.62M – $2.15M
NOI $129,225 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Six-unit multifamily building with a unit mix of one-, two-, and three-bedroom apartments and dedicated parking per unit.
Where is this apartment building located?
The property is located at 42-44 Summer Street Leominster, MA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 6‑unit multifamily building built in 1900; Unit mix includes one-, two-, and three‑bedroom apartments; Most units have been previously upgraded or fully renovated
