345 West St · Leominster, MA 01453

$995,000

8 bd · 4.0 ba · 4,214 sqft · MultiFamily public records · 33 Days on market

Built 1871 7,725 sqft lot Est $716k · 39% over

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Why this score? — see what drove the F 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 +14.2/30.0
• DSCR +4.3/10.0
• Rent growth +3.7/5.0
• Livability +3.5/5.0
• 1% rule +3.3/10.0
• 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: 4 units. 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

Historical Four Family Located on Leominster's West Side! Once known as the Gibson Tavern. Home offers over 4200+ sq feet of living space and is sited on .17 acres. Each unit has two bedrooms, full bath, living room and kitchen. Four off-street parking and tenants pay own utilities.

Key facts

• Separate utilities
• Wall a/c units
• Turnkey multi-family

Tags

• CORNER LOT
• TURNKEY MULTI-FAMILY
• SEPARATE UTILITIES
• ENERGY-SAVING APPLIANCES
• WALL A/C UNITS
• ELECTRIC FIREPLACES

Property features AI

Finance

• Financial info: All four units currently leased

Exterior

• Parking: Paved off-street parking; Eight open parking spaces
• Utilities: Public water; Public sewer; Electric range hookup; Natural gas heating; Wall cooling units
• Home design: 4-family building; 4 stories
• Construction: Frame construction; Granite foundation; Shingle roof; Built (year per public records)
• Exterior features: Rain gutters; Corner lot; Level lot; Public road frontage

Interior

• Kitchen: Range; Range hood
• Bedrooms: Multiple units with bedrooms across single levels (units 1–4 are leased)
• Bathrooms: Four full bathrooms
• Interior features: Open floorplan; Cathedral/vaulted ceilings; Living room; Kitchen; Mudroom; Laundry room; Stone, granite or solid counters; Intercom
• Laundry & utility: ENERGY STAR qualified washer; ENERGY STAR qualified dryer

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $995k.

Deal economics

• At list price, monthly cash flow is $160 ($2k/yr) — positive. Per door: $40/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $828k (16.8% below list).
• Recommended offer: $828k (16.8% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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 $8,275/mo this rent would consume 118% 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 $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($965k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y 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 $285k; list at $995k implies a 249% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1871 — 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 $827,500 (16.8% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1871 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.83% ✗
• Cap rate: 6.49%
• Cash-on-cash: 0.69%
• DSCR: 1.03
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $716,380
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
239 West St	0.25mi	8/3.0	4,214 (0%)	10mo	$520,000	$123	76
31-33 Elm St	0.65mi	9/3.0 (+1)	4,146 (-2%)	15mo	$705,000	$170	46

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: -13.3%
• Equity multiple: 0.51×
• Total profit: $-135,735
• Equity at exit: $148,358

10-year hold

• IRR: -2.0%
• Equity multiple: 0.86×
• Total profit: $-39,755
• Equity at exit: $86,029

Cash invested: $278,600 (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: 40.1×

Monthly cashflow live

• Estimated rent: $8,275 high
• Mortgage (P&I): −$5,218
• Tax from tax record: −$745 /mo · $8,942/yr
• Insurance: −$415
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,738
• Net cashflow: $160

Break-even live

Break-even rent $8,073

Max offer price $995,000

Occupancy floor 93%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$8,276
Total (4 units)			$8,275

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: $248,750
• Closing costs: $29,850
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $995,000 Active 33 DOM
2. 2026-06-17
   days on market $995,000 Active 32 DOM
3. 2026-06-16
   days on market $995,000 Active 31 DOM
4. 2026-06-15
   days on market $995,000 Active 30 DOM
5. 2026-06-14
   days on market $995,000 Active 28 DOM
6. 2026-06-13
   days on market $995,000 Active 27 DOM
7. 2026-06-10
   days on market $995,000 Active 25 DOM
8. 2026-06-09
   days on market $995,000 Active 24 DOM
9. 2026-06-08
   days on market $995,000 Active 23 DOM
10. 2026-06-07
    days on market $995,000 Active 22 DOM
11. 2026-06-05
    days on market $995,000 Active 19 DOM
12. 2026-06-03
    days on market $995,000 Active 18 DOM
13. 2026-06-02
    days on market $995,000 Active 17 DOM
14. 2026-06-01
    days on market $995,000 Active 16 DOM
15. 2026-05-31
    days on market $995,000 Active 15 DOM
16. 2026-05-31
    days on market $995,000 Active 14 DOM
17. 2026-05-16
    listed $995,000 New
18. 2015-09-28
    soldstatus $285,000 Sold 287-char remark

    Show marketing remark (287 chars)

    Historical Four Family Located on Leominster's West Side! Once known as the Gibson Tavern. Home offers over 4200+ sq feet of living space and is sited on .17 acres. Each unit has two bedrooms, full bath, living room and kitchen. Four off-street parking and tenants pay own utilities.

19. 2015-07-22
    status Contingent 287-char remark

    Show marketing remark (287 chars)

    Historical Four Family Located on Leominster's West Side! Once known as the Gibson Tavern. Home offers over 4200+ sq feet of living space and is sited on .17 acres. Each unit has two bedrooms, full bath, living room and kitchen. Four off-street parking and tenants pay own utilities.

20. 2015-06-12
    listed $299,900 New 287-char remark

    Show marketing remark (287 chars)

    Historical Four Family Located on Leominster's West Side! Once known as the Gibson Tavern. Home offers over 4200+ sq feet of living space and is sited on .17 acres. Each unit has two bedrooms, full bath, living room and kitchen. Four off-street parking and tenants pay own utilities.

21. 2006-12-05
    soldstatus $390,000
22. 2006-12-01
    soldstatus $390,000 457-char remark

    Show marketing remark (457 chars)

    This large four family is truly a rare find in this prime west side location. Built in 1766 and totally remodeled in the 70's, this lovely home was the former Gibson Tavern and has been designated a historical landmark by Leominster's Historical society. Two units have fireplaces. Crown molding and built ins throughout. Recent updates include new flooring, new furnace, water heater, vinyl windows, separate gas meters, entrance intercom system. All TAW.

23. 2006-09-15
    historical 457-char remark

    Show marketing remark (457 chars)

    This large four family is truly a rare find in this prime west side location. Built in 1766 and totally remodeled in the 70's, this lovely home was the former Gibson Tavern and has been designated a historical landmark by Leominster's Historical society. Two units have fireplaces. Crown molding and built ins throughout. Recent updates include new flooring, new furnace, water heater, vinyl windows, separate gas meters, entrance intercom system. All TAW.

24. 2006-07-31
    listed $395,000 457-char remark

    Show marketing remark (457 chars)

    This large four family is truly a rare find in this prime west side location. Built in 1766 and totally remodeled in the 70's, this lovely home was the former Gibson Tavern and has been designated a historical landmark by Leominster's Historical society. Two units have fireplaces. Crown molding and built ins throughout. Recent updates include new flooring, new furnace, water heater, vinyl windows, separate gas meters, entrance intercom system. All TAW.

25. 2003-12-02
    soldstatus $350,000
26. 2003-12-01
    soldstatus $350,000
27. 2003-10-30
    historical
28. 2003-10-21
    listed $350,000

ⓘ 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: $8,942 · $745/mo
• Projected year-2 tax: $10,590 · $883/mo
• Expected delta: +$1,648/yr (+$137/mo · 18.4%)

ⓘ 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 3/10 Moderate 7 d/yr ≥95°F today · 16 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: $99,300
• − Mortgage interest: −$55,735
• − Property taxes: −$8,942
• − Insurance: −$4,975
• − Repairs & maintenance: −$7,944
• − Management: −$7,944
• − Depreciation: −$28,945
• Taxable loss: −$15,186
• Est. tax savings @ 24.0%: +$3,645
• After-tax cash flow: $5,560/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

+184.3% since first listed

12 events — show timeline

• 2026-05-16 Listed $995,000 MLS PIN
• 2015-09-28 Sold (MLS) $285,000 MLS PIN
• 2015-07-22 Pending — MLS PIN
• 2015-06-12 Listed $299,900 MLS PIN
• 2006-12-05 Sold (Public Records) $390,000 Public Records
• 2006-12-01 Sold (MLS) $390,000 MLS PIN
• 2006-09-15 Listing Removed — MLS PIN
• 2006-07-31 Listed $395,000 MLS PIN
• 2003-12-02 Sold (Public Records) $350,000 Public Records
• 2003-12-01 Sold (MLS) $350,000 MLS PIN
• 2003-10-30 Listing Removed — MLS PIN
• 2003-10-21 Listed $350,000 MLS PIN

Property tax history

+5.0%/yr

Latest (2023): $8,942 · +5.6% YoY. Source: county tax records.