Renovated Three-Unit
For Sale
$669,900
21 Read St, Fitchburg, MA 01420
Units one and two feature complete renovations, with open kitchens, pantries, and built-in details.
Property Size3,954 SF
Price / SF$169.42
Days on Market10
Property Features for 21 Read St
General Information
Standard status
Active
Size
3,954 SF
Property subtype
3 Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR, 1 x 3BR
Multifamily Units
3
Building Details
Building Size
3,954 SF
Year Built
1910
Buildings
1
Listing Agency:
IVerty Realty, LLC
(413) 786-0584
Listed By:
Mela Dieujuste · License #452508574
(413) 786-0584
Source:
Iverty
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 29 at 9:55AM
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 IVerty Realty, LLC
Investment Insights
Based on property information with market context.
This 3,954-square-foot triplex contains three residential units with bedroom counts of 2, 3, and 2. Units one and two have been completely renovated. Across the property, the interiors include bright living and dining areas, built-in features, open kitchens, and pantry space. The home was built in 1910.
Set on a private dead-end street in Fitchburg’s West Side, the property offers ample off-street parking and convenient access to Route 2. Shopping, restaurants, public transportation, and local universities are nearby, providing a range of surrounding services and amenities.
Set on a private dead-end street in Fitchburg’s West Side, the property offers ample off-street parking and convenient access to Route 2. Shopping, restaurants, public transportation, and local universities are nearby, providing a range of surrounding services and amenities.
Key Highlights
- 3,954‑square‑foot triplex with three residential units
- Unit bedroom counts are 2, 3, and 2
- Units one and two have been completely renovated
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
$53,449
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
7.98%
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%
$1,068,980
$1.1M
Cap Rate 7%
$763,557
$763.6K
Cap Rate 9%
$593,878
$593.9K
Market Conditions
NOI Build-Up for 3,954 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
$78.3K $19.80/SF
− Vacancy
−$1.9K −$0.49/SF
EGI
$76.4K $19.31/SF
− OpEx
−$22.9K −$5.79/SF
NOI
$53.4K $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%
$1,068,980
Cap Rate 7%
$763,557
Cap Rate 9%
$593,878
Alternative Uses
Best Use
Multifamily LT 5
$763.6K
$668.1K – $890.8K
NOI $53,449 @ 7.0% cap · market cap 7.98%
Second Best
Apartment 5plus
$664.5K
$581.4K – $775.3K
NOI $46,515 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,516 @ 7.0% cap · market cap 14.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
319
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 - Units one and two feature complete renovations, with open kitchens, pantries, and built-in details.
Where is this triplex located?
The property is located at 21 Read St Fitchburg, MA.
What is the asking price?
The asking price for this property is $669,900.
What are key features of this property?
This property features: 3,954‑square‑foot triplex with three residential units; Unit bedroom counts are 2, 3, and 2; Units one and two have been completely renovated
