Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    229 Lancaster St Leominster, MA 01453-3857

    • Retail space
    • 1,664 SF
    • 0.25 lot acres
    OFF-MARKET
    Value Estimations
    $305,000
    Show details
    Cap Rate Potential
    8.2%
    Retail space
    Location Intelligence
    Property ID
    US38-0800539
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • J & M Plumbing Heating & Supply / Heating Contractor
    • Perfect Endings Hair and Nail Salon / Beauty Salon / Nail Salon

    Property Details for 229 Lancaster St

    Year built
    1937
    Construction
    FRAME
    Lot size
    0.25 lot acres
    Property size
    1,664 SF
    Property type
    Retail space
    APN
    LEOM M:0166 B:0025 L:0000
    APU
    LEOMM0166B0025L0000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $300,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $380,000
      6.5%
      $350,000
      7%
      $325,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $423,000
      Market price range: $117k - $423k
      AI Estimate
      $237,000
      Market price range: $65.9k - $237k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Leominster
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.7512
    Latitude
    42.5171
    CBSA code
    49340
    CBSA name
    WORCESTER, MA-CT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $4,938
    $248,300
    $92,000
    $340,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $360,000
      8,744 SF

      1089 Central St

      RETAIL STORES (PERSONAL SERVICES) • 8,744 SF
      1089 Central St, Leominster, MA 01453-4807
      View Details
    • Value Estimation
      $750,000
      4,272 SF

      752 Main St

      RETAIL STORES (PERSONAL SERVICES) • 4,272 SF
      752 Main St, Leominster, MA 01453-1416
      View Details
    • Value Estimation
      $295,000
      3,869 SF

      24 Columbia St

      RETAIL STORES (PERSONAL SERVICES) • 3,869 SF
      24 Columbia St, Leominster, MA 01453-3389
      View Details
    • Value Estimation
      $320,000
      3,080 SF

      279 Lancaster St

      RETAIL STORES (PERSONAL SERVICES) • 3,080 SF
      279 Lancaster St, Leominster, MA 01453-4327
      View Details
    • Value Estimation
      $315,000
      6,530 SF

      145 Lancaster St

      RETAIL STORES (PERSONAL SERVICES) • 6,530 SF
      145 Lancaster St, Leominster, MA 01453-4376
      View Details
    • Value Estimation
      $630,000
      15,032 SF

      236 Lancaster St

      RETAIL STORES (PERSONAL SERVICES) • 15,032 SF
      236 Lancaster St, Leominster, MA 01453-4326
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,047 SF

      Retail and Multifamily Investment Opportunity

      Retail spaces and multifamily units near retail plazas.
      614 N Main St, Leominster, MA 01453
      View Details
    • $124,900

      Established Pasta Business Opportunity

      Profitable pasta business with loyal customer base for sale.
      557 Lancaster St, Leominster, MA 01453
      View Details
    • $95,000

      Established Restaurant Opportunity For Sale

      Fully equipped restaurant with loyal clientele in high-traffic area.
      301 Lancaster St, Leominster, MA 01453
      View Details
    • $999,900

      Leominster Multifamily Investment Opportunity

      Five-unit property with value-add potential and low overhead.
      25 Union St, Leominster, MA 01453
      View Details
    • $499,900

      Leominster Three-Family Property

      Three-family property with spacious units, yard, and two-car garage.
      284 Mechanic St, Leominster, MA 01453
      View Details
    • $475,000

      Paved Corner Lot For Sale

      Corner lot in excellent location with high traffic and density.
      718 Central St, Leominster, MA 01453
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,967 SF

      Retail Space in Leominster Center

      Retail space in regional shopping destination near Route 2.
      489-493 N Main St, Leominster, MA 01453
      View Details
    • $1,100 /Mo

      Retail Space in Leominster Mall

      Retail or office space available in a busy strip mall.
      853 North Main A103, Leominster, MA 01453
      View Details
    • Contact for pricing
      3,360 SF

      Prime Leominster Retail Space

      3,360 SF Retail Space For Lease
      80 Orchard Hill Park Dr, Leominster, MA 01453
      View Details
    • Contact for pricing
      5,800 SF

      Retail Pad Site Available

      5,800 SF freestanding retail pad site for lease.
      9 Orchard Hill Park Dr, Leominster, MA 01453
      View Details
    • Contact for pricing
      2,400 SF

      Retail Space in Leominster Center

      Retail space available in a busy Leominster shopping center.
      9-31 Sack Blvd, Leominster, MA 01453
      View Details
    • Contact for pricing
      623,962 SF

      Whitney Field Retail Spaces Available

      Leominster Retail Center: Multiple Spaces
      100 Commercial Rd, Leominster, MA 01453
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    229 Lancaster St
    Leominster, MA 01453-3857
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.