Duplex with Separate
New
For Sale
$579,900
97 Harrison St, Leominster, MA 01453
Two units have private driveways, covered porches, and individually metered utility systems.
Property Size2,328 SF
Days on Market4
Property Features for 97 Harrison St
General Information
Standard status
Active
Size
2,328 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,754
Amenities
covered front porch
backyard
walk-out basement
Building Details
Building Size
2,328 SF
Year Built
1900
Stories
3
Units
2
Listing Agency:
(978) 660-8268
Listed By:
Linda Anderson · License #454501089
(978) 660-8268
Source:
Elliman
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 9:34AM
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 Linda Anderson
Investment Insights
Based on property information with market context.
Built in 1900, this duplex includes two residential units with separate utility infrastructure. The property has two gas meters, two electric panels, two water heaters, two hot water boilers, and two town water meters. Each unit includes its own driveway and covered front porch, while the full walk-out basement provides storage and direct exterior access.
The property is located at 97 Harrison St in Leominster, near Doyle Field, walking trails, pickleball, shopping, and other area amenities. Route 2 is minutes away, and the surrounding setting is described as a neighborhood environment. The large, level backyard adds usable outdoor space to the property.
The property is located at 97 Harrison St in Leominster, near Doyle Field, walking trails, pickleball, shopping, and other area amenities. Route 2 is minutes away, and the surrounding setting is described as a neighborhood environment. The large, level backyard adds usable outdoor space to the property.
Key Highlights
- Duplex with two residential units
- Separate systems include two gas meters, two electric panels, two water heaters, two hot water boilers, and two town water meters
- Each unit has its own driveway and covered front porch
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
$31,469
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
5.43%
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%
$629,380
$629.4K
Cap Rate 7%
$449,557
$449.6K
Cap Rate 9%
$349,656
$349.7K
Market Conditions
NOI Build-Up for 2,328 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%
$629,380
Cap Rate 7%
$449,557
Cap Rate 9%
$349,656
Alternative Uses
Best Use
Multifamily LT 5
$449.6K
$393.4K – $524.5K
NOI $31,469 @ 7.0% cap · market cap 5.43%
Second Best
Apartment 5plus
$391.2K
$342.3K – $456.5K
NOI $27,387 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$795.0K
$695.6K – $927.5K
NOI $55,649 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
944
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 units have private driveways, covered porches, and individually metered utility systems.
Where is this duplex located?
The property is located at 97 Harrison St Leominster, MA.
What is the asking price?
The asking price for this property is $579,900.
What are key features of this property?
This property features: Duplex with two residential units; Separate systems include two gas meters, two electric panels, two water heaters, two hot water boilers, and two town water meters; Each unit has its own driveway and covered front porch
