Three-Family Corner Lot
For Sale
$675,000
21 Winthrop Street, Fitchburg, MA 01420
Well-maintained three-family with tenants paying all utilities, updated electrical service, newer water heaters, and off-street parking.
Property Size2,898 SF
Price / SF$232.92
Days on Market51
Property Features for 21 Winthrop Street
General Information
Standard status
Active
Size
2,898 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
Lock and Key Realty Inc.
Listed By:
Raquel Medina
(781) 933-7200
Source:
Jmulkerinrealty
Added: Jul 1
Changed: Aug 17
Last Checked: Aug 19 at 10:39AM
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 Lock and Key Realty Inc.
Investment Insights
Based on property information with market context.
This well-maintained three-family property offers a tenant-paid utilities setup intended to help control operating expenses. The home includes recent capital improvements such as an updated electrical service and newer water heaters. The exterior includes off-street parking and a large yard, and the property sits on a corner lot.
In addition to the primary lot, the adjacent lot is included, providing additional outdoor space and potential future possibilities; buyers should perform their own due diligence regarding permitted uses. The location is convenient to downtown Fitchburg, Route 2, the MBTA Commuter Rail, shopping, restaurants, schools, and local employers.
The property layout and outdoor space are designed to support tenant appeal, while the included adjacent lot expands the available area for future considerations.
In addition to the primary lot, the adjacent lot is included, providing additional outdoor space and potential future possibilities; buyers should perform their own due diligence regarding permitted uses. The location is convenient to downtown Fitchburg, Route 2, the MBTA Commuter Rail, shopping, restaurants, schools, and local employers.
The property layout and outdoor space are designed to support tenant appeal, while the included adjacent lot expands the available area for future considerations.
Key Highlights
- Three‑family property built in 1900 with tenants paying all utilities
- Recent capital improvements include updated electrical service and newer water heaters
- Off‑street parking plus a large yard for tenant appeal
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
$39,174
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
5.80%
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%
$783,480
$783.5K
Cap Rate 7%
$559,629
$559.6K
Cap Rate 9%
$435,267
$435.3K
Market Conditions
NOI Build-Up for 2,898 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
$57.4K $19.80/SF
− Vacancy
−$1.4K −$0.49/SF
EGI
$56.0K $19.31/SF
− OpEx
−$16.8K −$5.79/SF
NOI
$39.2K $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%
$783,480
Cap Rate 7%
$559,629
Cap Rate 9%
$435,267
Alternative Uses
Best Use
Multifamily LT 5
$559.6K
$489.7K – $652.9K
NOI $39,174 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$487.0K
$426.2K – $568.2K
NOI $34,092 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$989.6K
$865.9K – $1.15M
NOI $69,274 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
845
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 - Well-maintained three-family with tenants paying all utilities, updated electrical service, newer water heaters, and off-street parking.
Where is this triplex located?
The property is located at 21 Winthrop Street Fitchburg, MA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Three‑family property built in 1900 with tenants paying all utilities; Recent capital improvements include updated electrical service and newer water heaters; Off‑street parking plus a large yard for tenant appeal
