Updated Duplex with Salon
New
For Sale
$629,900
617 Main St, Leominster, MA 01453
Two residential units are leased, complemented by a small commercial salon area and on-site parking.
Property Size2,330 SF
Days on Market3
Property Features for 617 Main St
General Information
Standard status
Active
Size
2,330 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,981
Building Details
Building Size
2,330 SF
Year Built
1914
Stories
3
Units
3
Listing Agency:
(857) 334-1622
Listed By:
Raquel Martinez
(857) 334-1622
Source:
Elliman
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 7:06AM
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 Raquel Martinez
Investment Insights
Based on property information with market context.
Built in 1914, this duplex contains two residential units, each configured with 2 bedrooms and 1 bath. Improvements in most units include stainless steel appliances, while units 1 and 2 feature granite countertops. Hardwood flooring extends throughout the property. Both residential units are currently rented, and a small commercial area operating as a beauty salon adds another income-producing component.
The property includes yard area and parking. Its location at 617 Main St places it near major access routes, restaurants, and shopping plazas. The combination of residential occupancy and an existing commercial space creates a mixed-use configuration within a duplex property.
The property includes yard area and parking. Its location at 617 Main St places it near major access routes, restaurants, and shopping plazas. The combination of residential occupancy and an existing commercial space creates a mixed-use configuration within a duplex property.
Key Highlights
- Two residential units, each with 2 bedrooms and 1 bath
- Both residential units are currently rented
- Small commercial space operating as a beauty salon
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
$31,496
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
5.00%
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%
$629,920
$629.9K
Cap Rate 7%
$449,943
$449.9K
Cap Rate 9%
$349,956
$350.0K
Market Conditions
NOI Build-Up for 2,330 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
$46.1K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$45.0K $19.31/SF
− OpEx
−$13.5K −$5.79/SF
NOI
$31.5K $13.52/SF
Area
Worcester County, MA
Vacancy
2.47%
Lease Rate
$19.80 /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%
$629,920
Cap Rate 7%
$449,943
Cap Rate 9%
$349,956
Alternative Uses
Best Use
Multifamily LT 5
$449.9K
$393.7K – $524.9K
NOI $31,496 @ 7.0% cap · market cap 5.00%
Second Best
Apartment 5plus
$391.6K
$342.6K – $456.8K
NOI $27,410 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$795.7K
$696.2K – $928.3K
NOI $55,696 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
376
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?
Duplex - Two residential units are leased, complemented by a small commercial salon area and on-site parking.
Where is this duplex located?
The property is located at 617 Main St Leominster, MA.
What is the asking price?
The asking price for this property is $629,900.
What are key features of this property?
This property features: Two residential units, each with 2 bedrooms and 1 bath; Both residential units are currently rented; Small commercial space operating as a beauty salon
