Renovated Mixed-Use
For Sale
$1,094,995
168 Lunenburg St, Fitchburg, MA 01420
Six occupied residential units accompany vacant ground-floor commercial space in this renovated income-producing property.
Property Size9,368 SF
Days on Market38
Property Features for 168 Lunenburg St
General Information
Standard status
Active
Size
9,368 SF
Property subtype
Residential Income
Zoning
RC
Additional Details
Gross Income
$125,256
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$7,142
Building Details
Building Size
9,368 SF
Year Built
1940
Buildings
1
Stories
3
Units
7
Listing Agency:
eXp Realty LLC
(978) 710-5616
Listed By:
Candor Investment Group
(978) 710-5616
Source:
Threehillsres
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 30 at 5:38PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This 9,368-square-foot mixed-use building, constructed in 1940, contains seven units overall. The residential portion includes six renovated apartments with a combined fourteen bedrooms, and all six units are currently occupied. A new roof has been installed, adding a recent building improvement.
The ground floor includes commercial space that is currently vacant. The property therefore combines an occupied residential component with an available commercial area within the same building. The residential units and commercial space provide distinct components for ongoing operation and future leasing activity.
The ground floor includes commercial space that is currently vacant. The property therefore combines an occupied residential component with an available commercial area within the same building. The residential units and commercial space provide distinct components for ongoing operation and future leasing activity.
Key Highlights
- 7‑unit mixed‑use building with 9,368 square feet
- Six renovated residential units with fourteen bedrooms
- All six residential units currently occupied
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
$84,488
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
7.72%
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%
$1,689,760
$1.7M
Cap Rate 7%
$1,206,971
$1.2M
Cap Rate 9%
$938,756
$938.8K
Market Conditions
NOI Build-Up for 9,368 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
$146.1K $15.60/SF
− Vacancy
−$11.0K −$1.17/SF
EGI
$135.2K $14.43/SF
− OpEx
−$50.7K −$5.41/SF
NOI
$84.5K $9.02/SF
Area
Worcester County, MA
Vacancy
7.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,689,760
Cap Rate 7%
$1,206,971
Cap Rate 9%
$938,756
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.38M – $1.84M
NOI $110,205 @ 7.0% cap · market cap 10.06%
Second Best
Mixed Use
$1.21M
$1.06M – $1.41M
NOI $84,488 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$3.20M
$2.80M – $3.73M
NOI $223,933 @ 7.0% cap · market cap 20.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
740
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?
Mixed-use property - Six occupied residential units accompany vacant ground-floor commercial space in this renovated income-producing property.
Where is this mixed-use property located?
The property is located at 168 Lunenburg St Fitchburg, MA.
What is the asking price?
The asking price for this property is $1,094,995.
What are key features of this property?
This property features: 7‑unit mixed‑use building with 9,368 square feet; Six renovated residential units with fourteen bedrooms; All six residential units currently occupied
