Renovated Two-Family
For Sale
$499,000
28 Institute St, Fitchburg, MA 01420
One unit is vacant, with private balconies and seller-owned solar panels conveyed to the new owner.
Property Size2,152 SF
Price / SF$231.88
Days on Market15
Property Features for 28 Institute St
General Information
Standard status
Active
Size
2,152 SF
Property subtype
Residential Income
Units
Unit Mix
2BR/1BA, 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,788
Amenities
private balconies
fire pit area
apple tree
solar panels
detached garage
Listing Agency:
eXp Realty LLC - Corporate Office
(888) 854-7493
Listed By:
Gabrielle Aguiar
(786) 502-6617
Source:
Exprealty
Added: Aug 20
Changed: Sep 1
Last Checked: Sep 2 at 6:53PM
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 eXp Realty LLC - Corporate Office
Investment Insights
Based on property information with market context.
This 2,152-square-foot duplex contains two residential units with distinct layouts. The first apartment has 2 bedrooms, 1 full bath, and basement laundry, while the second includes 3 bedrooms, 1 full bath, and laundry on the second floor. A finished bonus room occupies part of the walk-up attic. Recent property improvements include central heating, updated electrical service, and seller-owned solar panels that convey with the property.
Outdoor features include separate private balconies, a backyard fire pit area, an apple tree, a detached garage, and off-street parking accessed by the property's driveway. Additional parking is available across the street. Unit 1 is vacant, providing immediate flexibility for an owner-occupant or a new tenancy. The property is approximately 5 minutes from the T, near Fitchburg State University, and offers access to major commuter routes.
Outdoor features include separate private balconies, a backyard fire pit area, an apple tree, a detached garage, and off-street parking accessed by the property's driveway. Additional parking is available across the street. Unit 1 is vacant, providing immediate flexibility for an owner-occupant or a new tenancy. The property is approximately 5 minutes from the T, near Fitchburg State University, and offers access to major commuter routes.
Key Highlights
- 2,152‑square‑foot two‑family duplex
- Unit 1: 2 bedrooms, 1 full bath, and basement laundry
- Unit 2: 3 bedrooms, 1 full bath, and second‑floor laundry
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
$29,090
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
5.83%
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%
$581,800
$581.8K
Cap Rate 7%
$415,571
$415.6K
Cap Rate 9%
$323,222
$323.2K
Market Conditions
NOI Build-Up for 2,152 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
$42.6K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$41.6K $19.31/SF
− OpEx
−$12.5K −$5.79/SF
NOI
$29.1K $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%
$581,800
Cap Rate 7%
$415,571
Cap Rate 9%
$323,222
Alternative Uses
Best Use
Multifamily LT 5
$415.6K
$363.6K – $484.8K
NOI $29,090 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$361.7K
$316.5K – $421.9K
NOI $25,316 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$734.9K
$643.0K – $857.4K
NOI $51,441 @ 7.0% cap · market cap 10.31%
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
96
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 - One unit is vacant, with private balconies and seller-owned solar panels conveyed to the new owner.
Where is this duplex located?
The property is located at 28 Institute St Fitchburg, MA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,152‑square‑foot two‑family duplex; Unit 1: 2 bedrooms, 1 full bath, and basement laundry; Unit 2: 3 bedrooms, 1 full bath, and second‑floor laundry
