Three-Unit Multifamily
New
For Sale
$425,000
62 Mechanic St., Leominster, MA 01453
Commercially zoned residential income property with off-street parking near downtown amenities and commuter routes.
Property Size2,100 SF
Price / SF$202.38
Days on Market3
Property Features for 62 Mechanic St.
General Information
Standard status
Active
Size
2,100 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
Com
Net Operating Income
$39,000
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,689
Amenities
off-street parking
Building Details
Building Size
2,100 SF
Year Built
1900
Stories
3
Listing Agency:
Park Square Realty
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 2:47PM
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 Park Square Realty
Investment Insights
Based on property information with market context.
This three-unit multifamily property contains 2,100 square feet and was built in 1900. The building is identified as a triplex and includes off-street parking, providing a defined residential income configuration within an established property setting.
The property is located at 62 Mechanic St. in Leominster, Massachusetts, near downtown, shopping, restaurants, schools, and major commuter routes. Commercial zoning is designated as Com.
The property is located at 62 Mechanic St. in Leominster, Massachusetts, near downtown, shopping, restaurants, schools, and major commuter routes. Commercial zoning is designated as Com.
Key Highlights
- Three‑unit multifamily property
- 2,100 square feet of property size
- Built in 1900
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
$28,387
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
6.68%
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%
$567,740
$567.7K
Cap Rate 7%
$405,529
$405.5K
Cap Rate 9%
$315,411
$315.4K
Market Conditions
NOI Build-Up for 2,100 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
$41.6K $19.80/SF
− Vacancy
−$1.0K −$0.49/SF
EGI
$40.6K $19.31/SF
− OpEx
−$12.2K −$5.79/SF
NOI
$28.4K $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%
$567,740
Cap Rate 7%
$405,529
Cap Rate 9%
$315,411
Alternative Uses
Best Use
Multifamily LT 5
$405.5K
$354.8K – $473.1K
NOI $28,387 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$352.9K
$308.8K – $411.7K
NOI $24,704 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$717.1K
$627.5K – $836.6K
NOI $50,198 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
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?
Triplex - Commercially zoned residential income property with off-street parking near downtown amenities and commuter routes.
Where is this triplex located?
The property is located at 62 Mechanic St. Leominster, MA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Three‑unit multifamily property; 2,100 square feet of property size; Built in 1900
