28 Prescott St · Leominster, MA 01453

$1,275,000

72 bd · 8.0 ba · 4,410 sqft · MultiFamily public records · 37 Days on market

Built 1905 6,253 sqft lot $289/sqft · 96% above area

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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 +22.4/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +4.9/10.0
• Rent growth +3.7/5.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

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

Great investment opportunity in a prime location! This fully occupied 8-unit property is tucked away on a quiet side street just steps from downtown Leominster, offering convenience of shopping, restaurants and public transportation with strong tenant appeal. The building features 4 spacious 1-bedroom units, 2 oversized studio-style 2-room apartments, and 1 large 2-bedroom unit, all with great layouts, high ceilings, and abundant natural light. The units have been remodeled, providing updated interiors while maintaining character and charm. Ample off-street parking adds to the property’s desirability. Tenants pay their own electric (except unit 8) and heat, helping keep operating expenses low. Strong rental history with full occupancy makes this a solid addition to any investment portfolio! Rent roll and expenses available upon request.

Key facts

• Quiet side street
• Remodeled interiors
• Prime location

Tags

• PRIME LOCATION
• QUIET SIDE STREET
• REMODELED INTERIORS
• ABUNDANT NATURAL LIGHT
• AMPLE OFF-STREET PARKING
• STRONG RENTAL HISTORY

What this means for you Summary

Snapshot

• This is a 4×1bd/1ba + 4×2bd/1ba units multifamily listed at $1.27M.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $265/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 $1.26M (0.9% below list).
• Recommended offer: $1.24M (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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 $12,638/mo this rent would consume 180% 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 $9k of loan paydown is wiped out by about $38k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($1.24M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $457k; list at $1.27M implies a 179% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — 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 $1,236,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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 1905 — 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. 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.
8. 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.
9. 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: 0.99% ✗
• Cap rate: 8.29%
• Cash-on-cash: 7.12%
• DSCR: 1.32
• GRM: 8.4

CMA / ARV

• ARV (median comp): $651,575
• List price: $1,275,000
• Delta: 95.68%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.5%
• Equity multiple: 0.86×
• Total profit: $-48,366
• Equity at exit: $190,107

10-year hold

• IRR: 7.9%
• Equity multiple: 1.65×
• Total profit: $230,981
• Equity at exit: $110,239

Cash invested: $357,000 (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: 71.0×

Monthly cashflow live

• Estimated rent: $12,638 high
• Mortgage (P&I): −$6,686
• Tax from tax record: −$648 /mo · $7,775/yr
• Insurance: −$531
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,654
• Net cashflow: $2,119

Break-even live

Break-even rent $9,956

Max offer price $1,275,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,988
▸ 4× units	2	1	$6,648
Total (8 units)			$12,638

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: $318,750
• Closing costs: $38,250
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $1,275,000 Active 37 DOM
2. 2026-06-17
   days on market $1,275,000 Active 36 DOM
3. 2026-06-16
   days on market $1,275,000 Active 35 DOM
4. 2026-06-15
   days on market $1,275,000 Active 34 DOM
5. 2026-06-14
   days on market $1,275,000 Active 32 DOM
6. 2026-06-13
   days on market $1,275,000 Active 31 DOM
7. 2026-06-10
   days on market $1,275,000 Active 29 DOM
8. 2026-06-09
   days on market $1,275,000 Active 28 DOM
9. 2026-06-08
   days on market $1,275,000 Active 27 DOM
10. 2026-06-07
    days on market $1,275,000 Active 26 DOM
11. 2026-06-05
    days on market $1,275,000 Active 23 DOM
12. 2026-06-03
    days on market $1,275,000 Active 22 DOM
13. 2026-06-02
    days on market $1,275,000 Active 21 DOM
14. 2026-06-01
    days on market $1,275,000 Active 20 DOM
15. 2026-05-31
    days on market $1,275,000 Active 19 DOM
16. 2026-05-31
    days on market $1,275,000 Active 18 DOM
17. 2026-05-12
    listed $1,275,000 New 854-char remark

    Show marketing remark (854 chars)

    Great investment opportunity in a prime location! This fully occupied 8-unit property is tucked away on a quiet side street just steps from downtown Leominster, offering convenience of shopping, restaurants and public transportation with strong tenant appeal. The building features 4 spacious 1-bedroom units, 2 oversized studio-style 2-room apartments, and 1 large 2-bedroom unit, all with great layouts, high ceilings, and abundant natural light. The units have been remodeled, providing updated interiors while maintaining character and charm. Ample off-street parking adds to the property’s desirability. Tenants pay their own electric (except unit 8) and heat, helping keep operating expenses low. Strong rental history with full occupancy makes this a solid addition to any investment portfolio! Rent roll and expenses available upon request.

18. 2020-10-15
    soldstatus $456,900 Sold 647-char remark

    Show marketing remark (647 chars)

    "INCOME PRODUCING 8 UNIT MULTI FAMILY with over 4000 SQFT "Dont Miss Out on This Unique 8 Unit Investment Opportunity, in Downtown Leominster" This Exceptional property offers Eight units in total. Five- One Bedrooms/Two -Studios/One- Two Bedroom, fully rented long term rentals ,with a Gross Annual Income of $59,160.00. Features include individually metered electric, individual metered gas , residents are responsible for their own heat ,and electric .8 + space off street parking, remodeled units, strong rental history and low expenses. Currently offering a near 10% Cap Rate after expenses Inquire for full property details!

19. 2020-08-26
    status Under Agreement 647-char remark

    Show marketing remark (647 chars)

    "INCOME PRODUCING 8 UNIT MULTI FAMILY with over 4000 SQFT "Dont Miss Out on This Unique 8 Unit Investment Opportunity, in Downtown Leominster" This Exceptional property offers Eight units in total. Five- One Bedrooms/Two -Studios/One- Two Bedroom, fully rented long term rentals ,with a Gross Annual Income of $59,160.00. Features include individually metered electric, individual metered gas , residents are responsible for their own heat ,and electric .8 + space off street parking, remodeled units, strong rental history and low expenses. Currently offering a near 10% Cap Rate after expenses Inquire for full property details!

20. 2020-08-24
    listed $456,900 New 647-char remark

    Show marketing remark (647 chars)

    "INCOME PRODUCING 8 UNIT MULTI FAMILY with over 4000 SQFT "Dont Miss Out on This Unique 8 Unit Investment Opportunity, in Downtown Leominster" This Exceptional property offers Eight units in total. Five- One Bedrooms/Two -Studios/One- Two Bedroom, fully rented long term rentals ,with a Gross Annual Income of $59,160.00. Features include individually metered electric, individual metered gas , residents are responsible for their own heat ,and electric .8 + space off street parking, remodeled units, strong rental history and low expenses. Currently offering a near 10% Cap Rate after expenses Inquire for full property details!

21. 1989-12-20
    soldstatus $50,000

ⓘ 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: $7,775 · $648/mo
• Projected year-2 tax: $11,729 · $977/mo
• Expected delta: +$3,954/yr (+$329/mo · 50.9%)

ⓘ 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: $151,656
• − Mortgage interest: −$71,420
• − Property taxes: −$7,775
• − Insurance: −$6,375
• − Repairs & maintenance: −$12,132
• − Management: −$12,132
• − Depreciation: −$37,091
• Taxable income: $4,730
• Est. tax owed @ 24.0%: −$1,135
• After-tax cash flow: $24,288/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

+2450.0% since first listed

5 events — show timeline

• 2026-05-12 Listed $1,275,000 MLS PIN
• 2020-10-15 Sold (MLS) $456,900 MLS PIN
• 2020-08-26 Pending — MLS PIN
• 2020-08-24 Listed $456,900 MLS PIN
• 1989-12-20 Sold (Public Records) $50,000 Public Records

Property tax history

+5.7%/yr

Latest (2023): $7,775 · +5.9% YoY. Source: county tax records.