113 Spruce St · Leominster, MA 01453

$937,500

9 bd · 6.0 ba · 4,917 sqft · MultiFamily public records · 52 Days on market

Built 1900 6,969 sqft lot $191/sqft · 22% above area Est $767k · 22% over

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.6/30.0
• DSCR +8.5/10.0
• 1% rule +6.2/10.0
• Rent growth +3.7/5.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

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 French Hill 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.

Key facts

• On-site laundry room
• Off-street parking
• Corner lot

Tags

• OFF-STREET PARKING
• ON-SITE LAUNDRY ROOM
• CORNER LOT
• OVERLOOKS MECHANIC STREET PARK
• COMMUTER RAIL ACCESS TO BOSTON

What this means for you Summary

Snapshot

• This is a 9-bed/6.0-bath multifamily listed at $938k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $938k).
• Recommended offer: $909k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 3.2% in Leominster — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 69/100 on livability (#139 in MA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety B+; Watch: schools C-, commute D+, cost of living D+.
• Leominster (suburban): math 25% / reading 38% proficiency, ranked #247 of 302 in MA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.8%/yr); 56 active listings in the ZIP; solid renter incomes; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $10,476/mo this rent would consume 149% of the median local household income ($84k/yr) (locally 1633% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.8% rent growth), your $262k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($909k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $625k; list at $938k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $909,375 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 9.14%
• Cash-on-cash: 10.16%
• DSCR: 1.45
• GRM: 7.5

CMA / ARV

• ARV (median comp): $766,947
• List price: $937,500
• Delta: 22.24%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17 Laurel St	0.10mi	10/3.0 (+1)	5,021 (+2%)	9mo	$800,000	$159	68
187 Mechanic St	0.18mi	9/4.0	4,680 (-5%)	20mo	$725,000	$155	59
200 Main St	0.51mi	8/3.0 (-1)	4,905 (-0%)	13mo	$635,000	$129	48
7 Cross St	0.47mi	9/3.0	4,567 (-7%)	21mo	$675,000	$148	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.83% rent growth · sell at horizon

5-year hold

• IRR: 0.9%
• Equity multiple: 1.03×
• Total profit: $9,167
• Equity at exit: $139,784

10-year hold

• IRR: 12.2%
• Equity multiple: 2.04×
• Total profit: $273,492
• Equity at exit: $81,058

Cash invested: $262,500 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 20 Strongly Tenant-Friendly
• State Massachusetts: 20 Strongly Tenant-Friendly · D+15
• County: — inherits STATE
• City: — inherits STATE

Cambridge / Boston historically rent-controlled (preempted 1994 but consideration ongoing); strong tenant protections; court backlogs.

Methodology + full state rankings →

ZIP-level market 01453

• Rents YoY: 4.8%
• Active inventory: 56
• Price-to-rent: 45.9×

Monthly cashflow live

• Estimated rent: $10,476 high
• Mortgage (P&I): −$4,916
• Tax from tax record: −$747 /mo · $8,960/yr
• Insurance: −$391
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,200
• Net cashflow: $2,222

Break-even live

Break-even rent $7,663

Max offer price $937,500

Occupancy floor 74%

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$5,109
▸ 3× units	2	1	$5,364
Total (6 units)			$10,476

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $234,375
• Closing costs: $28,125
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-01
   days on market $937,500 Active 52 DOM
2. 2026-05-31
   days on market $937,500 Active 51 DOM
3. 2026-05-31
   days on market $937,500 Active 50 DOM
4. 2026-04-10
   listed $937,500 New 908-char remark

   Show marketing remark (908 chars)

   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 French Hill 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.

5. 2025-01-21
   historical $1,350
6. 2024-12-06
   listed $1,350
7. 2024-09-12
   historical $1,450
8. 2024-08-27
   listed $1,450
9. 2021-12-09
   soldstatus $625,000 Sold 473-char remark

   Show marketing remark (473 chars)

   6 Unit Multi-Family in French Hill Location. Three - 2 bedroom apts. & Three - 1 bedroom apts. Tenants Pay Heat, Electric, Hot Water. Great Off Street Parking, 1 Car Garage, Super Clean Basement with Walk Out & Interior Access. Close to Downtown, Commuter Rtes and Public Transit. Low Maintenance Building with Vinyl Siding, Enclosed Porches, Gas Heat & Hot Water. Easy to Rent Apartments. BIG Demand for Quality Rentals in Leominster. Come See this Cash Cow...

10. 2021-10-06
    status Under Agreement 473-char remark

    Show marketing remark (473 chars)

    6 Unit Multi-Family in French Hill Location. Three - 2 bedroom apts. & Three - 1 bedroom apts. Tenants Pay Heat, Electric, Hot Water. Great Off Street Parking, 1 Car Garage, Super Clean Basement with Walk Out & Interior Access. Close to Downtown, Commuter Rtes and Public Transit. Low Maintenance Building with Vinyl Siding, Enclosed Porches, Gas Heat & Hot Water. Easy to Rent Apartments. BIG Demand for Quality Rentals in Leominster. Come See this Cash Cow...

11. 2021-09-29
    listed $599,900 New 473-char remark

    Show marketing remark (473 chars)

    6 Unit Multi-Family in French Hill Location. Three - 2 bedroom apts. & Three - 1 bedroom apts. Tenants Pay Heat, Electric, Hot Water. Great Off Street Parking, 1 Car Garage, Super Clean Basement with Walk Out & Interior Access. Close to Downtown, Commuter Rtes and Public Transit. Low Maintenance Building with Vinyl Siding, Enclosed Porches, Gas Heat & Hot Water. Easy to Rent Apartments. BIG Demand for Quality Rentals in Leominster. Come See this Cash Cow...

12. 2009-07-23
    soldstatus $186,000 Sold
13. 2009-05-15
    historical
14. 2009-04-21
    listed $200,000
15. 2006-06-16
    soldstatus $370,000
16. 2006-06-12
    soldstatus $370,000
17. 2006-03-14
    historical
18. 2006-01-25
    listed $410,000
19. 2003-09-29
    soldstatus $325,000
20. 1984-11-15
    soldstatus $90,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MA · Partial reset (capped growth)

• Current annual tax: $8,960 · $747/mo
• Projected year-2 tax: $10,246 · $854/mo
• Expected delta: +$1,286/yr (+$107/mo · 14.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $125,712
• − Mortgage interest: −$52,515
• − Property taxes: −$8,960
• − Insurance: −$4,688
• − Repairs & maintenance: −$10,057
• − Management: −$10,057
• − Depreciation: −$27,273
• Taxable income: $12,163
• Est. tax owed @ 24.0%: −$2,919
• After-tax cash flow: $23,750/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Leominster
• NCES district ID: 2506780
• Math proficiency: 25% ▼ -23.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $57,041
• Composite: 28.07/100
• National rank: #6836
• State rank: #247 of 302 in MA

Livability — Leominster

• Score: 69/100
• State rank: #139
• US rank: #8562

Category grades

Amenities F Commute D+ Cost of living D+ Crime D Employment B- Housing A+ Health & safety B+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leominster, MA
• County: Worcester County · 487,911 people
• City population: 43,851
• Metro: Worcester, MA-CT
• Population (ZIP): 43,851
• Household income: $84,296
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1633.0

Population outlook (Worcester County) Hauer SSP2

• Today (2025): 850,858 people
• By 2030: 860,403 · +1.1%
• By 2040: 869,902 · +2.2%
• By 2050: 869,110 · +2.1%
• By 2075: 870,120 · +2.3%
• By 2100: 829,703 · -2.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 17% Two or more races 12% Black 5% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8% Dominican 1%
• Common ancestry: Lithuanian 9% Estonian 2% Romanian 2%
• Foreign-born: 15% · Canada, South Korea, Jamaica
• Languages at home: 76% English-only · Spanish 13% Other Indo-European 5% French/Haitian/Cajun 1%

Political lean MEDSL · Worcester

• 2024 margin: D (+10.0) · D 53.9% · R 43.9% · Other 2.2%
• 2008→2024 swing: -3.8pp toward R · 2008: 13.8pp · 2024: 10.0pp
• All cycles: 2024: D+10.0 2020: D+17.8 2016: D+10.5 2012: D+9.2 2008: D+13.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -621.70%
• Current HPI: 296.2863
• Rent YoY: ▲ 4.83%
• Metro: Worcester, MA-CT
• State GDP YoY: ▲ 2.28%
• F500 in state: 38

Industry mix (Fortune 500 HQ in MA)

Industry	F500 HQs	Revenue
▸Technology	3	$17B
▸Insurance	2	$84B
▸Retail	2	$76B
▸Life Sciences	1	$43B
▸Energy Technology	1	$31B
▸Aerospace / Defense	1	$18B

Price history

+941.7% since first listed

17 events — show timeline

• 2026-04-10 Listed $937,500 MLS PIN
• 2025-01-21 Rental Removed $1,350 APPFOLIO
• 2024-12-06 Listed for Rent $1,350 APPFOLIO
• 2024-09-12 Rental Removed $1,450 APPFOLIO
• 2024-08-27 Listed for Rent $1,450 APPFOLIO
• 2021-12-09 Sold (MLS) $625,000 MLS PIN
• 2021-10-06 Pending — MLS PIN
• 2021-09-29 Listed $599,900 MLS PIN
• 2009-07-23 Sold (MLS) $186,000 MLS PIN
• 2009-05-15 Contingent — MLS PIN
• 2009-04-21 Listed $200,000 MLS PIN
• 2006-06-16 Sold (Public Records) $370,000 Public Records
• 2006-06-12 Sold (MLS) $370,000 MLS PIN
• 2006-03-14 Listing Removed — MLS PIN
• 2006-01-25 Listed $410,000 MLS PIN
• 2003-09-29 Sold (Public Records) $325,000 Public Records
• 1984-11-15 Sold (Public Records) $90,000 Public Records

Property tax history

+5.7%/yr

Latest (2023): $8,960 · +14.7% YoY. Source: county tax records.