Duplex with Hardwood
For Sale
$349,900
Pending
15 Norval Ave, Fitchburg, MA 01420
Two separate units include flexible laundry arrangements, private outdoor space, and substantial storage.
Property Size1,596 SF
Days on Market10
Property Features for 15 Norval Ave
General Information
Standard status
Pending
Size
1,596 SF
Total Parking Spaces
5
Property subtype
Residential Income
Zoning
RA
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,843
Amenities
hardwood floors
washer and dryer hookups
in-unit laundry hookups
spacious backyard
storage
Building Details
Building Size
1,596 SF
Year Built
1920
Buildings
1
Stories
2
Units
2
Listing Agency:
EXIT New Options Real Estate
(978) 870-7910
Listed By:
Diane Vella
(978) 870-7910
Source:
Janicemitchellre
Added: Aug 3
Changed: Aug 8
Last Checked: Aug 4 at 2:24PM
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 EXIT New Options Real Estate
Investment Insights
Based on property information with market context.
Built in 1920, this two-unit residential property features hardwood flooring throughout and a layout suited to separate household living. Laundry hookups are provided in the basement for the first-floor unit, while the upper unit has hookups within the apartment. The property is zoned RA.
Outdoor amenities include a private backyard with room for gardening, gatherings, or quiet use, along with extensive storage areas. The home is positioned near shopping, restaurants, highways, hiking trails, schools, and Coggshall Park. The property has remained under the same family’s ownership for 25 years and presents a duplex configuration for an owner-occupant or residential income property buyer.
Outdoor amenities include a private backyard with room for gardening, gatherings, or quiet use, along with extensive storage areas. The home is positioned near shopping, restaurants, highways, hiking trails, schools, and Coggshall Park. The property has remained under the same family’s ownership for 25 years and presents a duplex configuration for an owner-occupant or residential income property buyer.
Key Highlights
- Two‑family duplex built in 1920
- Hardwood flooring throughout the property
- First‑floor laundry hookups located in the basement
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
$21,574
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
6.17%
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%
$431,480
$431.5K
Cap Rate 7%
$308,200
$308.2K
Cap Rate 9%
$239,711
$239.7K
Market Conditions
NOI Build-Up for 1,596 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
$31.6K $19.80/SF
− Vacancy
−$781 −$0.49/SF
EGI
$30.8K $19.31/SF
− OpEx
−$9.2K −$5.79/SF
NOI
$21.6K $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%
$431,480
Cap Rate 7%
$308,200
Cap Rate 9%
$239,711
Alternative Uses
Best Use
Multifamily LT 5
$308.2K
$269.7K – $359.6K
NOI $21,574 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$268.2K
$234.7K – $312.9K
NOI $18,775 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$545.0K
$476.9K – $635.9K
NOI $38,151 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
224
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 separate units include flexible laundry arrangements, private outdoor space, and substantial storage.
Where is this duplex located?
The property is located at 15 Norval Ave Fitchburg, MA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two‑family duplex built in 1920; Hardwood flooring throughout the property; First‑floor laundry hookups located in the basement
