Five-Unit Residential Income
54-56 North Main Street Leominster, MA 01453
54-56 North Main Street, Leominster, MA, 01453
$1,100,000
For Sale
$1,100,000
Five-unit multi-family property with in-place tenants, 11 off-street parking spaces, and an unfinished basement for storage.
Property Size4,165 SF
Lot Size0.53 Acres
Price / SF$264.11
Days on Market157
Property Features for 54-56 North Main Street
General Information
- Standard status
- Active
- Size
- 4,165 SF
- Lot size
- 0.53 Acres
- Property subtype
- Multi-family
Building Details
- Year Built
- 1920
Listing agency
Lillian Montalto Signature Properties
Listed by
Team Lillian Montalto
(617) 750-6378
Source
Benoitrealestate
Added: Feb 15 Updated: Jul 21 at 5:59AM Checked: Jul 21 at 5:59AM
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 Lillian Montalto Signature Properties
Investment Insights
Based on property information with market context.
This five-unit residential income property totals approximately 4,165 square feet and is configured with nine bedrooms and five full bathrooms. The unit mix includes 1- and 3-bedroom layouts, and each unit has its own kitchen and full bath. Exterior materials are vinyl, and the property includes a full unfinished basement that can be used for additional storage.
The building sits on a 0.53-acre lot and offers 11 off-street parking spaces. The property is located near downtown Leominster, with access to shopping, dining, and major routes.
Tenants are currently in place, and the property is described as generating approximately $110,784 in gross annual rental income.
The building sits on a 0.53-acre lot and offers 11 off-street parking spaces. The property is located near downtown Leominster, with access to shopping, dining, and major routes.
Tenants are currently in place, and the property is described as generating approximately $110,784 in gross annual rental income.
Key Highlights
- Five‑unit multi‑family building (built 1920) at 54‑56 North Main Street with in‑place tenants.
- Approximately $110,784 gross annual rental income reported for the property.
- About 4,165 sq ft with 9 bedrooms and 5 full baths across a mix of 1- and 3‑bedroom units.
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 | $91.5k | $21.96 |
| − Vacancy | −$2.4k | −$0.57 |
| EGI | $89.1k | $21.39 |
| − OpEx | −$40.1k | −$9.63 |
| NOI | $49.0k | $11.76 |
4,165 SF · lease $21.96/SF/yr · vacancy 2.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$700.0K
$612.5K – $816.6K
NOI $48,997 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,560 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Five-unit multi-family property with in-place tenants, 11 off-street parking spaces, and an unfinished basement for storage.
Where is this apartment building located?
The property is located at 54-56 North Main Street 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: Five‑unit multi‑family building (built 1920) at 54‑56 North Main Street with in‑place tenants.; Approximately $110,784 gross annual rental income reported for the property.; About 4,165 sq ft with 9 bedrooms and 5 full baths across a mix of 1- and 3‑bedroom units.
