Six-Unit Mixed-Use
New
For Sale
$850,000
54-56 Mechanic St, Leominster, MA 01453
Three-floor property combines five occupied residential units with a commercial space.
Property Size3,427 SF
Price / SF$248.03
Days on Market2
Property Features for 54-56 Mechanic St
General Information
Standard status
Active
Size
3,427 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
I
Net Operating Income
$100,500
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$6,051
Building Details
Building Size
3,427 SF
Year Built
1870
Buildings
1
Stories
5
Tenancy
Multi
Listing Agency:
Realty Negotiations, LLC
Listed By:
Olivia Grabka
(978) 397-8626
Source:
Laerrealty
Added: Sep 2
Last Checked: Sep 2 at 1:41PM
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 Realty Negotiations, LLC
Investment Insights
Based on property information with market context.
This mixed-use property contains six units across three floors, including five residential units occupied by long-term tenants and one commercial space. Constructed in 1870, the 3,290-square-foot building has received numerous recent updates.
The property is located at 54-56 Mechanic St in Leominster, near Monument Square. Mall at Whitney Field, Market Basket, major highways, and MBTA Commuter Rail service to Boston are all identified in the surrounding area. The combination of residential occupancy and commercial space creates a varied-use configuration within an established downtown setting.
The property is located at 54-56 Mechanic St in Leominster, near Monument Square. Mall at Whitney Field, Market Basket, major highways, and MBTA Commuter Rail service to Boston are all identified in the surrounding area. The combination of residential occupancy and commercial space creates a varied-use configuration within an established downtown setting.
Key Highlights
- Six‑unit mixed‑use building with five residential units and one commercial space
- Five residential units are occupied by long‑term tenants
- 3,290 square feet across three floors
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
$50,676
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
5.96%
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%
$1,013,520
$1.0M
Cap Rate 7%
$723,943
$723.9K
Cap Rate 9%
$563,067
$563.1K
Market Conditions
NOI Build-Up for 3,427 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
$74.0K $21.60/SF
− Vacancy
−$1.6K −$0.48/SF
EGI
$72.4K $21.12/SF
− OpEx
−$21.7K −$6.34/SF
NOI
$50.7K $14.79/SF
Area
Worcester County, MA
Vacancy
2.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,013,520
Cap Rate 7%
$723,943
Cap Rate 9%
$563,067
Alternative Uses
Best Use
Retail
$723.9K
$633.5K – $844.6K
NOI $50,676 @ 7.0% cap · market cap 5.96%
Second Best
Apartment 5plus
$575.9K
$503.9K – $671.9K
NOI $40,315 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$1.17M
$1.02M – $1.37M
NOI $81,919 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,361
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?
Mixed-use property - Three-floor property combines five occupied residential units with a commercial space.
Where is this mixed-use property located?
The property is located at 54-56 Mechanic St Leominster, MA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Six‑unit mixed‑use building with five residential units and one commercial space; Five residential units are occupied by long‑term tenants; 3,290 square feet across three floors
