Remodeled Two-Family
For Sale
$619,000
15 Congress St, Fitchburg, MA 01420
Updated income property with two apartments, separate laundry areas, basement storage, and modernized building systems.
Property Size1,800 SF
Price / SF$343.89
Days on Market12
Property Features for 15 Congress St
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1960
Listing Agency:
The Journey Group, Remax Executive Realty
Listed By:
Team Blue
(978) 658-8828
Source:
Northofbostonhome
Added: Sep 16
Changed: Sep 26
Last Checked: Sep 26 at 7:10AM
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 The Journey Group, Remax Executive Realty
Investment Insights
Based on property information with market context.
This 1,800-square-foot duplex, built in 1960, contains two separately configured apartments. The first-floor residence offers three bedrooms, one bathroom, wood flooring, recessed lighting, and a renovated kitchen with granite countertops, stainless appliances, and extensive cabinetry. The second-floor apartment includes two bedrooms, one bathroom, wood floors, and a remodeled granite-counter kitchen. Laundry is provided in the basement for the first-floor unit and beside the second-floor kitchen.
Recent improvements include high-efficiency boilers, replacement windows, a new roof, vinyl siding, updated plumbing, and updated electrical systems. Basement storage adds functional utility. The property is adjacent to Fitchburg State University and minutes from the commuter train, providing convenient access to both destinations.
Recent improvements include high-efficiency boilers, replacement windows, a new roof, vinyl siding, updated plumbing, and updated electrical systems. Basement storage adds functional utility. The property is adjacent to Fitchburg State University and minutes from the commuter train, providing convenient access to both destinations.
Key Highlights
- Two apartments with a 3‑bedroom first‑floor unit and 2‑bedroom second‑floor unit
- 1,800 SF duplex built in 1960
- Renovated kitchens with granite countertops; first‑floor kitchen has stainless appliances
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
$24,332
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
3.93%
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%
$486,640
$486.6K
Cap Rate 7%
$347,600
$347.6K
Cap Rate 9%
$270,356
$270.4K
Market Conditions
NOI Build-Up for 1,800 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
$35.6K $19.80/SF
− Vacancy
−$880 −$0.49/SF
EGI
$34.8K $19.31/SF
− OpEx
−$10.4K −$5.79/SF
NOI
$24.3K $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%
$486,640
Cap Rate 7%
$347,600
Cap Rate 9%
$270,356
Alternative Uses
Best Use
Multifamily LT 5
$347.6K
$304.2K – $405.5K
NOI $24,332 @ 7.0% cap · market cap 3.93%
Second Best
Apartment 5plus
$302.5K
$264.7K – $352.9K
NOI $21,175 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$614.7K
$537.8K – $717.1K
NOI $43,027 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
956
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated income property with two apartments, separate laundry areas, basement storage, and modernized building systems.
Where is this duplex located?
The property is located at 15 Congress St 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: Two apartments with a 3‑bedroom first‑floor unit and 2‑bedroom second‑floor unit; 1,800 SF duplex built in 1960; Renovated kitchens with granite countertops; first‑floor kitchen has stainless appliances
