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Multifamily Property with Income Potential

179 Pratt St, Fitchburg, MA 01420

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For Sale

$495,000

Multifamily property with income potential from parking lot.

Type:Multi Family Home

Property size:

3,000 SF

Price / SF:

$165/SF

HighLights

Income‑generating parking lot provides immediate revenue upon purchase.
Appraisal indicates potential value close to $900k upon completion of renovations.
Existing General Contractor (GC) and subcontractors available to continue the project.
Open permits are transferable to the new owner.
Multiple development options: potential for 2‑family multi‑unit or 2‑condo association.
Opportunity for further construction and development on the property.

We can help!

Listing Contact

Ymanol Arriola

Learn more

For Sale

$495,000

Multifamily property with income potential from parking lot.

Type:Multi Family Home

Property size:

3,000 SF

Price / SF:

$165/SF

Added:: Apr 23, 2026
Days on Market:: 50
Last Refresh:: Apr 23 at 9:04 am

Property Features for 179 Pratt St

General Information

Standard status: Active
Size: 3,000 SF
Property subtype: Multi Family Home

Building Details

Year Built: 1960

We can help!

Listing Contact

Ymanol Arriola

Listing agent Ymanol Arriola

Listing office Keller Williams Realty North Central

Listing date Apr 23, 2026

Source Alliancepartnersre

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 Keller Williams Realty North Central

HighLights

Income‑generating parking lot provides immediate revenue upon purchase.
Appraisal indicates potential value close to $900k upon completion of renovations.
Existing General Contractor (GC) and subcontractors available to continue the project.
Open permits are transferable to the new owner.
Multiple development options: potential for 2‑family multi‑unit or 2‑condo association.
Opportunity for further construction and development on the property.

Overview

This multifamily property presents several possibilities, including use as a two-family residence or a two-condo association. There is potential for additional construction on the site. The property currently generates income from the parking lot. The seller is divesting from this property to focus on other investment projects. The current general contractor and subcontractors are available to continue working on the project, which may facilitate adherence to the budget. Open permits may be transferred to the new owner if needed. An initial appraisal suggests a potential value close to $900,000 upon completion, as detailed in the provided construction budget. The property size is 3000 square feet.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$65.9k	$21.96
− Vacancy	−$1.7k	−$0.57
EGI	$64.2k	$21.39
− OpEx	−$28.9k	−$9.63
NOI	$35.3k	$11.76

3,000 SF · lease $21.96/SF/yr · vacancy 2.60% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$504.2K

$441.2K – $588.2K (±1% cap)

NOI $35,292 @ 7.0% cap · market cap 7.13%

Second Best

—

no second resolved use

Theoretical Best

Office A

$1.02M

$896.4K – $1.20M (±1% cap)

NOI $71,712 @ 7.0% cap · market cap 14.49%

Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Current Use by Public Records

Fitchburg Spanish SDA ... Church

Suggested Use

Location Insight

Map
Local Demand

City: Fitchburg
County: Worcester
State: Massachusetts
Longitude: -71.8121629
Latitude: 42.5756685

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What type of property is this?

Multifamily property - Multifamily property with income potential from parking lot.

Where is this multifamily property located?

The property is located at 179 Pratt St Fitchburg, MA.

What is the asking price?

The asking price for this property is $495,000.

What are key features of this property?

This property features: Income‑generating parking lot provides immediate revenue upon purchase.; Appraisal indicates potential value close to $900k upon completion of renovations.; Existing General Contractor (GC) and subcontractors available to continue the project.