Three-Unit Student Housing
For Sale
$619,000
123 Myrtle Ave, Fitchburg, MA 01420
Leased three-unit property with separate utilities and recently replaced heating equipment.
Property Size4,144 SF
Days on Market10
Property Features for 123 Myrtle Ave
General Information
Standard status
Active
Size
4,144 SF
Property subtype
Investment
Occupancy
100%
Financials
Gross Income
$72,000
Average Monthly Rent
$2,000
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,213
Building Details
Building Size
4,144 SF
Year Built
1910
Stories
3
Units
3
Listing Agency:
(508) 846-5584
Listed By:
Paula Valente · License #454502600
(508) 846-5584
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 19 at 12:15PM
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 Paula Valente
Investment Insights
Based on property information with market context.
This 1910 triplex contains three residential units, each configured with four bedrooms. The apartments are leased to college students, and all units are occupied with leases in place. Separate utility systems serve each unit, while the property also has new hot water heaters and heating systems.
The property is located at 123 Myrtle Ave in Fitchburg, near Fitchburg State University and the MBTA commuter rail station. MART bus routes, shopping, restaurants, coffee shops, churches, and other local amenities are also nearby. Walk Score is 66, Bike Score is 46, and Transit Score is 47.
The property is located at 123 Myrtle Ave in Fitchburg, near Fitchburg State University and the MBTA commuter rail station. MART bus routes, shopping, restaurants, coffee shops, churches, and other local amenities are also nearby. Walk Score is 66, Bike Score is 46, and Transit Score is 47.
Key Highlights
- Three‑unit property with 4 bedrooms in each unit
- All units occupied with leases in place
- Separate utilities for each unit
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
$56,017
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
9.05%
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%
$1,120,340
$1.1M
Cap Rate 7%
$800,243
$800.2K
Cap Rate 9%
$622,411
$622.4K
Market Conditions
NOI Build-Up for 4,144 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
$82.1K $19.80/SF
− Vacancy
−$2.0K −$0.49/SF
EGI
$80.0K $19.31/SF
− OpEx
−$24.0K −$5.79/SF
NOI
$56.0K $13.52/SF
Area
Worcester County, MA
Vacancy
2.47%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,120,340
Cap Rate 7%
$800,243
Cap Rate 9%
$622,411
Alternative Uses
Best Use
Multifamily LT 5
$800.2K
$700.2K – $933.6K
NOI $56,017 @ 7.0% cap · market cap 9.05%
Second Best
Apartment 5plus
$696.4K
$609.4K – $812.5K
NOI $48,750 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,058 @ 7.0% cap · market cap 16.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
836
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?
Triplex - Leased three-unit property with separate utilities and recently replaced heating equipment.
Where is this triplex located?
The property is located at 123 Myrtle Ave Fitchburg, MA.
What is the asking price?
The asking price for this property is $619,000.
What are key features of this property?
This property features: Three‑unit property with 4 bedrooms in each unit; All units occupied with leases in place; Separate utilities for each unit
