Six-Unit Apartment
For Sale
$999,900
45 Laurel St, Leominster, MA 01453
Corner-lot property with off-street parking and convenient highway access.
Property Size5,166 SF
Price / SF$193.55
Days on Market141
Property Features for 45 Laurel St
General Information
Standard status
Active
Size
5,166 SF
Total Parking Spaces
12
Property subtype
Multi-Family
Zoning
unknwn
Net Operating Income
$71,860
Units
Unit Mix
3 x 2BR, 3 x 1BR
Multifamily Units
6
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$9,357
Building Details
Building Size
5,166 SF
Year Built
1900
Buildings
1
Stories
5
Listing Agency:
Boston Hub Real Estate
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 15
Changed: Aug 30
Last Checked: Sep 1 at 3:33PM
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 Hub Real Estate
Investment Insights
Based on property information with market context.
This six-family apartment property contains 5,166 square feet and was built in 1900. The unit mix includes three 2-bedroom apartments and three 1-bedroom apartments, providing a defined residential configuration within the building. Long-term tenants are in place, and the property has been maintained over time.
Located at 45 Laurel St in Leominster, Massachusetts, the building occupies a corner lot with off-street parking. Highway access is also available from the property, adding a practical transportation feature for occupants. The existing six-unit layout and established tenancy form the core physical and operational characteristics of the asset.
Located at 45 Laurel St in Leominster, Massachusetts, the building occupies a corner lot with off-street parking. Highway access is also available from the property, adding a practical transportation feature for occupants. The existing six-unit layout and established tenancy form the core physical and operational characteristics of the asset.
Key Highlights
- Six‑family apartment property with 5,166 square feet
- Unit mix includes three 2‑bedroom and three 1‑bedroom apartments
- Corner‑lot setting at 45 Laurel St, Leominster, MA 01453
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
$60,773
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
6.08%
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%
$1,215,460
$1.2M
Cap Rate 7%
$868,186
$868.2K
Cap Rate 9%
$675,256
$675.3K
Market Conditions
NOI Build-Up for 5,166 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
$113.4K $21.96/SF
− Vacancy
−$2.9K −$0.57/SF
EGI
$110.5K $21.39/SF
− OpEx
−$49.7K −$9.63/SF
NOI
$60.8K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$1,215,460
Cap Rate 7%
$868,186
Cap Rate 9%
$675,256
Alternative Uses
Best Use
Apartment 5plus
$868.2K
$759.7K – $1.01M
NOI $60,773 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.06M
NOI $123,488 @ 7.0% cap · market cap 12.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,405
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Corner-lot property with off-street parking and convenient highway access.
Where is this apartment building located?
The property is located at 45 Laurel St Leominster, MA.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: Six‑family apartment property with 5,166 square feet; Unit mix includes three 2‑bedroom and three 1‑bedroom apartments; Corner‑lot setting at 45 Laurel St, Leominster, MA 01453
