Remodeled 14-Bedroom Multifamily
For Sale
$1,150,000
86-88 Cottage St, Leominster, MA 01453
Three-story residential income property with remodeled living areas, updated kitchen appliances, laundry space, porches, and on-site parking.
Property Size6,171 SF
Price / SF$186.36
Days on Market169
Property Features for 86-88 Cottage St
General Information
Standard status
Active
Size
6,171 SF
Total Parking Spaces
12
Property subtype
Multi-Family
Zoning
RC
Net Operating Income
$115,200
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$10,029
Amenities
laundry room
porch
Building Details
Building Size
6,171 SF
Year Built
1890
Stories
3
Listing Agency:
Coldwell Banker Realty - Leominster
(978) 840-4014
Listed By:
Kate Jackson
(978) 790-0301
Source:
Churchillprop
Added: May 1
Changed: Oct 6
Last Checked: Oct 16 at 7:08AM
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 Coldwell Banker Realty - Leominster
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Investment Insights
Based on property information with market context.
Located at 86-88 Cottage St in Leominster, this three-story multifamily property provides 6,171 square feet of living space and was built in 1890. The building includes 14 bedrooms and 4 full bathrooms, with remodeled units and kitchens equipped with updated appliances. Dedicated laundry space and a porch for each unit add practical residential amenities, while on-site parking accommodates residents and guests.
The property is zoned RC and is near Barrett Park, Downtown, restaurants, the YMCA, MART transit, and laundry services. Its existing residential configuration and completed remodeling provide a defined physical layout for multifamily ownership or operation.
The property is zoned RC and is near Barrett Park, Downtown, restaurants, the YMCA, MART transit, and laundry services. Its existing residential configuration and completed remodeling provide a defined physical layout for multifamily ownership or operation.
Key Highlights
- 6,171‑square‑foot multifamily property built in 1890
- 14 bedrooms and 4 full bathrooms across 3 stories
- Remodeled units with updated kitchen appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,595
Cap Rate
6.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,451,900
$1.5M
Cap Rate 7%
$1,037,071
$1.0M
Cap Rate 9%
$806,611
$806.6K
Market Conditions
NOI Build-Up for 6,171 SF
Gross rent
$135.5K $21.96/SF
− Vacancy
−$3.5K −$0.57/SF
EGI
$132.0K $21.39/SF
− OpEx
−$59.4K −$9.63/SF
NOI
$72.6K $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 Rate 5%
$1,451,900
Cap Rate 7%
$1,037,071
Cap Rate 9%
$806,611
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$907.4K – $1.21M
NOI $72,595 @ 7.0% cap · market cap 6.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.11M
$1.84M – $2.46M
NOI $147,512 @ 7.0% cap · market cap 12.83%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,015
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
Frequently Asked Questions
What type of property is this?
Multifamily property - Three-story residential income property with remodeled living areas, updated kitchen appliances, laundry space, porches, and on-site parking.
Where is this multifamily property located?
The property is located at 86-88 Cottage St Leominster, MA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 6,171‑square‑foot multifamily property built in 1890; 14 bedrooms and 4 full bathrooms across 3 stories; Remodeled units with updated kitchen appliances
