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113 Spruce St 6 Unit Apartment Building $899,000 ($149,833/Unit) 8.70% Cap Rate Leominster, MA 01453
Investment Highlights
- Offered at $937,500, an in-place NOI of $78,142 results in a going in cap rate of 8.34%.
- Leominster is a designated Gateway City with deep manufacturing and life-science ties, more than 120 companies in Leominster.
- 11.76% Cash-On-Cash Return at standard financing terms (75% LTV, 6% IR, 10 Year Term, 30 Year Am)
- Asset placed in a supply constrained market, Massachusetts State Executive Office of Housing states that Central MA needs to add 20,500 housing units.
Executive Summary
Marcus & Millichap is pleased to present 113 Spruce Street in Leominster, Massachusetts — a six-unit multifamily asset consisting of three one-bedroom units and three two-bedroom units. The property provides off-street parking for every unit, along with an on-site laundry room. Situated on a corner lot at Spruce St and Wells Court in Leominster's Frenchville neighborhood, the property overlooks Mechanic Street Park.
Tenants benefit from excellent connectivity and proximity to major demand drivers: the MBTA Fitchburg Line is just a five-minute drive (1.7 miles), providing commuter rail access to Boston; UMass Memorial Health Leominster is also a five minute drive away (1.7 miles); downtown Leominster is a short half-mile from the property; and the Mall at Whitney Field, home to national retailers, is also a five minute drive away (1.2 miles).
This asset delivers day-one cash flow with no near-term capital expenditure requirements, making it ideal for income-focused investors seeking durable returns without a heavy value-add component. Leominster's gateway-city positioning, established industry and employment base, and Central Massachusetts' documented regional housing shortfall of 20,500 units by 2035 support sustained renter demand and strong occupancy — favorable fundamentals for both current cash-on-cash performance and future exit liquidity.
Tenants benefit from excellent connectivity and proximity to major demand drivers: the MBTA Fitchburg Line is just a five-minute drive (1.7 miles), providing commuter rail access to Boston; UMass Memorial Health Leominster is also a five minute drive away (1.7 miles); downtown Leominster is a short half-mile from the property; and the Mall at Whitney Field, home to national retailers, is also a five minute drive away (1.2 miles).
This asset delivers day-one cash flow with no near-term capital expenditure requirements, making it ideal for income-focused investors seeking durable returns without a heavy value-add component. Leominster's gateway-city positioning, established industry and employment base, and Central Massachusetts' documented regional housing shortfall of 20,500 units by 2035 support sustained renter demand and strong occupancy — favorable fundamentals for both current cash-on-cash performance and future exit liquidity.
Property Facts
| Price | $899,000 | Building Class | C |
| Price Per Unit | $149,833 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 4,917 SF |
| Cap Rate | 8.70% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | Parking Ratio | 1.22/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Price | $899,000 |
| Price Per Unit | $149,833 |
| Sale Type | Investment |
| Cap Rate | 8.70% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 4,917 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1900 |
| Parking Ratio | 1.22/1,000 SF |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Sprinkler System
- Range
- Tub/Shower
- Smoke Free
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | - |
1 1
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | LEOM-000042-000014 | Improvements Assessment | $577,100 |
| Land Assessment | $108,900 | Total Assessment | $686,000 |
Property Taxes
Parcel Number
LEOM-000042-000014
Land Assessment
$108,900
Improvements Assessment
$577,100
Total Assessment
$686,000
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113 Spruce St