In the present work, the mechanical, thermal and electrical properties of CNT/polymer nanocomposites are computed using numerical and analytical models as functions of material parameters (CNT aspect ratio, CNT waviness, presence of the interphase) and processing factors (CNT volume fraction, formation of agglomerates and the number and arrangement of CNTs in the agglomerates). The computation is performed using representative unit cells (RUCs) of CNT agglomerates. The RUCs are solved numerically using the FE method and analytically using the Mori-Tanaka method. At the same time, homogenization is applied in the RUCs. The results from the parametric study reveal that the considered parameters and factors govern the reinforcement effectiveness and, under specific combinations, might counterbalance the multifunctionality of nanocomposites.