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    Property profile & analytics

    29 Main St Leominster, MA 01453

    • Office buildings
    • 10,448 SF
    • 0.47 lot acres
    For Lease
    View listing
    Last Sale
    Nov 17, 2020
    $1,150,000
    Value Estimations
    $1,375,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1158103
    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

    • Source One Staffing Solutions / Employment Agency
    • GreenBridge Innovative Advisors / Financial Advisor
    • Guardian Angel Senior Services Inc / Home Health Care Service
    • Colleen M. Harrington, LIC / Alternative Medicine Practice / Acupuncture
    • Inspire Counseling and Support Center - Leominster / Crisis Center / Medical Clinic

    Property Details for 29 Main St

    Year built
    1955
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.47 lot acres
    Property size
    10,448 SF
    Property type
    Office buildings
    APN
    LEOM M:0019 B:0004 L:0000
    APU
    LEOMM0019B0004L0000

    Description

    This exceptional executive office suite, totaling 1,200 square feet, is available for lease at 29 Main Street in the heart of Leominster, Massachusetts. Located in a Class C building constructed in 1955, this space is part of a larger 14,000 square foot multi-tenant office building offering a variety of suite sizes. The property boasts ample parking, a significant advantage in a downtown location. The suite is ideal for businesses seeking a prominent address in a vibrant commercial district. Leominster offers a strong local economy and convenient access to major transportation routes. This is a rare opportunity to secure a well-located, spacious office suite with ample parking in a thriving Massachusetts community. The building is situated at 29 Main Street, Leominster, MA 01453, in Worcester County. The available space is part of a larger building with multiple tenants, providing a collaborative and dynamic work environment. The building's central location provides easy access to local amenities and services. Don't miss this chance to establish your business in a prime Leominster location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,690,000
      ML approach
      $1,580,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,418,000
      Market price range: $852k - $2.01M
      AI Estimate
      $1,258,000
      Market price range: $543k - $2.17M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,495,000
      Current use
      RESTAURANT
      $1,970,000
      Change: +32% Conversion: Moderate
      RETAIL STORES
      $1,640,000
      Change: +10% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,605,000
      Change: +7% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,320,000
      Change: -12% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,255,000
      Change: -16% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,200,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Leominster
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.7588
    Latitude
    42.5269
    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
    $16,014
    $371,100
    $732,560
    $1,103,660
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $505,000
      9,048 SF

      145 Central St

      OFFICE BUILDING • 9,048 SF
      145 Central St, Leominster, MA 01453-6181
      View Details
    • Value Estimation
      $575,000
      3,199 SF

      142 Main St

      OFFICE BUILDING • 3,199 SF
      142 Main St, Leominster, MA 01453-5532
      View Details
    • Value Estimation
      $705,000
      8,142 SF

      12 Main St

      OFFICE BUILDING • 8,142 SF
      12 Main St, Leominster, MA 01453-5517
      View Details
    • Value Estimation by Request
      3,997 SF

      55 Mead St

      OFFICE BUILDING • 3,997 SF
      55 Mead St, Leominster, MA 01453-2965
      View Details
    • Value Estimation
      $1,265,000
      18,314 SF

      2 Monument Sq

      OFFICE BUILDING • 18,314 SF
      2 Monument Sq, Leominster, MA 01453-5712
      View Details
    • Value Estimation by Request
      1,751 SF

      48 Nelson St

      OFFICE BUILDING • 1,751 SF
      48 Nelson St, Leominster, MA 01453-2134
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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      Retail and Multifamily Investment Opportunity

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    Similar Nearby for Lease

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    29 Main St
    Leominster, MA 01453
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    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
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