Multifamily
113 Spruce St
113 Spruce St, Leominster, MA 01453
Listing Price: $937,500
Investment Overview
Marcus & Millichap is pleased to offer for sale 113 Spruce St, Leominster, MA. A 6-unit multifamily asset with three one-bedroom and three two-bedroom units. The property offers tenants off-street parking for each unit, and an on-site laundry room. The property rests on a corner lot off Spruce St and Wells Ct in the Frenchville neighborhood of Leominster, overlooking the Mechanic St park. Tenants can connect to Boston via the MBTA Fitchburg Line (5 minute drive, 1.7 Miles), large local employment centers and essential infrastructure such as Leominster UMass Memorial Health (5 minute drive, 1.7 Miles), easy access to downtown Leominster (0,5 Miles), as well as the Mall at Whitney Field with national retailers (5 minute drive, 1.2 Miles). This asset delivers day-one cash flow, with no near-term capital expenditures necessary -- ideal for income driven investors who don't want a heavy-value project to hit both current and pro-forma returns. Leominster's gateway city status, established manufacturing / med-device industry, and Central MA's documented housing shortfall of 20,500 units by 2035 point to sustained renter demand and occupancy durability, supportive fundamentals for both cash-on-cash performance today and exit liquidity for tomorrow.
113 Spruce St
Investment Highlights
- Offered at $937,500, an in-place NOI of $77,400 results in a going in cap rate of 8% and 10.44% Cash-On-Cash Return at standard financing terms (75% LTV, 6% IR, 10 Year Term, 30 Year Am)
- Leominster is a designated Gateway City with deep manufacturing and life-science ties, more than 120 companies in Leominster ranging from medical, military, household, and life science industries.
- Asset placed in a supply constrained market, Massachusetts State Executive Office of Housing states that Central MA needs to add 20,500 housing units in the next decade to meet housing demand.
Exclusively Listed By
Listing Price: $937,500
Investment Highlights
- Offered at $937,500, an in-place NOI of $77,400 results in a going in cap rate of 8% and 10.44% Cash-On-Cash Return at standard financing terms (75% LTV, 6% IR, 10 Year Term, 30 Year Am)
- Leominster is a designated Gateway City with deep manufacturing and life-science ties, more than 120 companies in Leominster ranging from medical, military, household, and life science industries.
- Asset placed in a supply constrained market, Massachusetts State Executive Office of Housing states that Central MA needs to add 20,500 housing units in the next decade to meet housing demand.
Investment Overview
Marcus & Millichap is pleased to offer for sale 113 Spruce St, Leominster, MA. A 6-unit multifamily asset with three one-bedroom and three two-bedroom units. The property offers tenants off-street parking for each unit, and an on-site laundry room. The property rests on a corner lot off Spruce St and Wells Ct in the Frenchville neighborhood of Leominster, overlooking the Mechanic St park. Tenants can connect to Boston via the MBTA Fitchburg Line (5 minute drive, 1.7 Miles), large local employment centers and essential infrastructure such as Leominster UMass Memorial Health (5 minute drive, 1.7 Miles), easy access to downtown Leominster (0,5 Miles), as well as the Mall at Whitney Field with national retailers (5 minute drive, 1.2 Miles). This asset delivers day-one cash flow, with no near-term capital expenditures necessary -- ideal for income driven investors who don't want a heavy-value project to hit both current and pro-forma returns. Leominster's gateway city status, established manufacturing / med-device industry, and Central MA's documented housing shortfall of 20,500 units by 2035 point to sustained renter demand and occupancy durability, supportive fundamentals for both cash-on-cash performance today and exit liquidity for tomorrow.
Exclusively Listed By
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