Five-Unit Residential Income
For Sale
$999,500
54-56 North Main Street, Leominster, MA 01453
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$239.98
Days on Market199
Property Features for 54-56 North Main Street
General Information
Standard status
Active
Size
4,165 SF
Total Parking Spaces
11
Lot size
0.53 Acres
Property subtype
Multi-family
Additional Details
Business Included
Yes
Multifamily Units
5
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Lillian Montalto Signature Properties
Listed By:
Team Lillian Montalto
(617) 750-6378
Source:
Benoitrealestate
Added: Jan 26
Changed: Aug 11
Last Checked: Aug 12 at 4:08AM
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.
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
$48,997
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
4.90%
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%
$979,940
$979.9K
Cap Rate 7%
$699,957
$700.0K
Cap Rate 9%
$544,411
$544.4K
Market Conditions
NOI Build-Up for 4,165 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
$91.5K $21.96/SF
− Vacancy
−$2.4K −$0.57/SF
EGI
$89.1K $21.39/SF
− OpEx
−$40.1K −$9.63/SF
NOI
$49.0K $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%
$979,940
Cap Rate 7%
$699,957
Cap Rate 9%
$544,411
Alternative Uses
Best Use
Apartment 5plus
$700.0K
$612.5K – $816.6K
NOI $48,997 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,560 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
756
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 - 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 $999,500.
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.
