Three-Unit Residential Income
For Sale
$569,000
21-23 Omena Pl, Fitchburg, MA 01420
Three-family home with separate utilities, updated vinyl exterior, and a vacant second-floor unit.
Property Size3,447 SF
Price / SF$165.07
Days on Market66
Property Features for 21-23 Omena Pl
General Information
Standard status
Active
Size
3,447 SF
Property subtype
3 Family - 3 Units Up/Down
Additional Details
Multifamily Units
3
Building Details
Building Size
3,447 SF
Year Built
1915
Tenancy
Multi
Listing Agency:
Francisco Cruz Real Estate
Listed By:
Francisco Cruz · License #9051661
(978) 828-2889
Source:
Iverty
Added: Jul 7
Changed: Sep 9
Last Checked: Sep 10 at 7:23AM
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 Francisco Cruz Real Estate
Investment Insights
Based on property information with market context.
This three-family residential income property features separate utilities and multiple updates completed over the years. Vinyl windows and vinyl siding are in place, and the interior has been freshly painted. Apt. #1 and Apt. #3 are currently rented, while the second-floor apartment is vacant and ready for owner occupancy or a new tenant.
The property includes a high-ceiling basement with both interior and exterior access. For showings, 24-hour notice is required.
The property includes a high-ceiling basement with both interior and exterior access. For showings, 24-hour notice is required.
Key Highlights
- 1915 three‑family home with a vacant second‑floor apartment ready for owner occupancy
- Apt #1 and Apt #3 are currently rented
- Separate utilities for the three units
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
$46,595
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
8.19%
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%
$931,900
$931.9K
Cap Rate 7%
$665,643
$665.6K
Cap Rate 9%
$517,722
$517.7K
Market Conditions
NOI Build-Up for 3,447 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
$68.3K $19.80/SF
− Vacancy
−$1.7K −$0.49/SF
EGI
$66.6K $19.31/SF
− OpEx
−$20.0K −$5.79/SF
NOI
$46.6K $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%
$931,900
Cap Rate 7%
$665,643
Cap Rate 9%
$517,722
Alternative Uses
Best Use
Multifamily LT 5
$665.6K
$582.4K – $776.6K
NOI $46,595 @ 7.0% cap · market cap 8.19%
Second Best
Apartment 5plus
$579.3K
$506.9K – $675.8K
NOI $40,550 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,397 @ 7.0% cap · market cap 14.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
843
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 - Three-family home with separate utilities, updated vinyl exterior, and a vacant second-floor unit.
Where is this triplex located?
The property is located at 21-23 Omena Pl Fitchburg, MA.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: 1915 three‑family home with a vacant second‑floor apartment ready for owner occupancy; Apt #1 and Apt #3 are currently rented; Separate utilities for the three units
