Updated Duplex with Extra
New
For Sale
$510,000
24 Walnut St, Fitchburg, MA 01420
Two-unit property with an updated interior, separate bedroom layouts, and off-street parking for residents and guests.
Property Size2,064 SF
Days on Market4
Property Features for 24 Walnut St
General Information
Standard status
Active
Size
2,064 SF
Property subtype
Investment
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,281
Building Details
Building Size
2,064 SF
Year Built
1900
Buildings
1
Stories
3
Units
2
Listing Agency:
Citylight Homes LLC
(978) 660-4906
Listed By:
Michalann Cosme · License #9540166
(978) 660-4906
Source:
Elliman
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 9:25AM
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 Citylight Homes LLC
Investment Insights
Based on property information with market context.
This duplex at 24 Walnut St includes two residential units with distinct configurations. The first-floor residence has 2 bedrooms, while the upper residence is arranged across two levels and contains 3 bedrooms. Substantial updating has been completed, providing refreshed interiors for occupancy. The property was built in 1900 and includes an additional lot, along with off-street parking.
The Fitchburg setting places the property near downtown shops and restaurants, Fitchburg State University, commuter rail service, parks, schools, shopping, and medical services. Major routes are also nearby. Walk Score is 65, Bike Score is 34, and Transit Score is 43. The layout and existing improvements support consideration for either owner occupancy or an investment strategy.
The Fitchburg setting places the property near downtown shops and restaurants, Fitchburg State University, commuter rail service, parks, schools, shopping, and medical services. Major routes are also nearby. Walk Score is 65, Bike Score is 34, and Transit Score is 43. The layout and existing improvements support consideration for either owner occupancy or an investment strategy.
Key Highlights
- Two‑unit duplex with 2 bedrooms on the first floor and 3 bedrooms in the upper residence
- Upper unit is arranged across two levels
- Substantial updating has been completed
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
$27,900
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
5.47%
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%
$558,000
$558.0K
Cap Rate 7%
$398,571
$398.6K
Cap Rate 9%
$310,000
$310.0K
Market Conditions
NOI Build-Up for 2,064 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
$40.9K $19.80/SF
− Vacancy
−$1.0K −$0.49/SF
EGI
$39.9K $19.31/SF
− OpEx
−$12.0K −$5.79/SF
NOI
$27.9K $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%
$558,000
Cap Rate 7%
$398,571
Cap Rate 9%
$310,000
Alternative Uses
Best Use
Multifamily LT 5
$398.6K
$348.8K – $465.0K
NOI $27,900 @ 7.0% cap · market cap 5.47%
Second Best
Apartment 5plus
$346.9K
$303.5K – $404.7K
NOI $24,281 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$704.8K
$616.7K – $822.3K
NOI $49,338 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
962
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?
Duplex - Two-unit property with an updated interior, separate bedroom layouts, and off-street parking for residents and guests.
Where is this duplex located?
The property is located at 24 Walnut St Fitchburg, MA.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms on the first floor and 3 bedrooms in the upper residence; Upper unit is arranged across two levels; Substantial updating has been completed
