Six-Unit Mixed-Use
For Sale
$850,000
54-56 Mechanic Street, 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 Market48
Property Features for 54-56 Mechanic Street
General Information
Standard status
Active
Size
3,427 SF
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
5
Building Details
Year Built
1870
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Realty Negotiations,LLC
Listed By:
Olivia Grabka
(978) 397-8626
Source:
Benoitrealestate
Added: Aug 19
Changed: Sep 23
Last Checked: Oct 4 at 9:54AM
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 / Yr
$50,676
Cap Rate
5.96%
Suggested Prices Based on Cap Rates
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
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 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 Street 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
