Two-Family Investment
For Sale
$325,000
Pending
91 Winter St., Fitchburg, MA 01420
Two 3-bedroom units with off-street parking and a spacious yard, offered for sale as a value-add opportunity.
Property Size2,538 SF
Days on Market64
Property Features for 91 Winter St.
General Information
Standard status
Pending
Size
2,538 SF
Total Parking Spaces
6
Property subtype
Multi Family Home
Zoning
RB
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,139
Building Details
Building Size
2,538 SF
Year Built
1900
Stories
2
Units
2
Listing Agency:
RE/MAX Diverse
(774) 823-3441
Listed By:
Jenny Cote
(978) 930-2904
Source:
Aucoinryanrealty
Added: Jul 4
Changed: Aug 8
Last Checked: Jul 23 at 7:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Diverse
Investment Insights
Based on property information with market context.
This for-sale two-family property offers two separate apartments, each with three bedrooms. The home includes a spacious yard and off-street parking, and it is being offered in a condition that needs updates.
Showings are delayed until the open house. The seller indicates cash, rehab, and conventional financing are preferred.
The property is positioned as an investor, contractor, or owner-occupant opportunity to add value through updates.
Showings are delayed until the open house. The seller indicates cash, rehab, and conventional financing are preferred.
The property is positioned as an investor, contractor, or owner-occupant opportunity to add value through updates.
Key Highlights
- Two‑family property built in 1900 with two 3‑bedroom units
- Spacious yard plus off‑street parking
- Needs updates (value‑add/rehab required) and is being offered accordingly
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,857
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$597,140
$597.1K
Cap Rate 7%
$426,529
$426.5K
Cap Rate 9%
$331,744
$331.7K
Market Conditions
NOI Build-Up for 2,538 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$55.7K $21.96/SF
− Vacancy
−$1.4K −$0.57/SF
EGI
$54.3K $21.39/SF
− OpEx
−$24.4K −$9.63/SF
NOI
$29.9K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$597,140
Cap Rate 7%
$426,529
Cap Rate 9%
$331,744
Alternative Uses
Best Use
Multifamily LT 5
$490.1K
$428.9K – $571.8K
NOI $34,308 @ 7.0% cap · market cap 10.56%
Second Best
Apartment 5plus
$426.5K
$373.2K – $497.6K
NOI $29,857 @ 7.0% cap · market cap 9.19%
Theoretical Best
Office A
$866.7K
$758.4K – $1.01M
NOI $60,668 @ 7.0% cap · market cap 18.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
787
Businesses Nearby
Explore this area
Business Placement
Demographics for 01420, MA
41,940
Population
17,998
Households
2.3
Avg Household Size
37
Median Age
24%
College-Educated
87%
High-School Grad
30.1 sq mi
ZIP Area
1,393
Density / Sq Mi
$70,334
Median Household Income
$41,753
Median Earnings
$1,131
Median Rent
$294,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two 3-bedroom units with off-street parking and a spacious yard, offered for sale as a value-add opportunity.
Where is this duplex located?
The property is located at 91 Winter St. Fitchburg, MA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑family property built in 1900 with two 3‑bedroom units; Spacious yard plus off‑street parking; Needs updates (value‑add/rehab required) and is being offered accordingly
