Updated Triplex with Off-Street
New
For Sale
$575,000
347-349 Summer St, Fitchburg, MA 01420
Three apartments offer updated finishes, separate utilities, and a vacant second-floor unit ready for occupancy.
Property Size3,630 SF
Days on Market5
Property Features for 347-349 Summer St
General Information
Standard status
Active
Size
3,630 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR, 1 x 1BR + office
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,657
Amenities
off-street parking
Building Details
Building Size
3,630 SF
Year Built
1885
Stories
3
Units
3
Listing Agency:
Coldwell Banker Realty - Leominster
Listed By:
Lana Kopsala · License #454501243
(978) 855-9112
Source:
Elliman
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 15 at 6:43AM
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 Coldwell Banker Realty - Leominster
Investment Insights
Based on property information with market context.
Built in 1885, this three-unit property includes two two-bedroom apartments and a third-floor one-bedroom unit with a separate office. The first-floor residence has a newer gas heating system and a front room that can serve as a bedroom, office, or bonus area. Each apartment has been refreshed with contemporary finishes, including quartz countertops. The upper units use mini-split systems for heating and cooling, with gas stoves available as supplemental heat sources.
Separate utilities support individual apartment management, while off-street parking adds practical convenience. The vacant second-floor unit can be occupied by an owner or leased to a new tenant. The property is located in a mixed-use zoning district near shopping, restaurants, public transportation, commuter rail service, and major highway access. WalkScore is 63, TransitScore is 45, and bikeScore is 40.
Separate utilities support individual apartment management, while off-street parking adds practical convenience. The vacant second-floor unit can be occupied by an owner or leased to a new tenant. The property is located in a mixed-use zoning district near shopping, restaurants, public transportation, commuter rail service, and major highway access. WalkScore is 63, TransitScore is 45, and bikeScore is 40.
Key Highlights
- Three‑unit layout with two 2‑bedroom apartments and a 1‑bedroom third‑floor unit with separate office
- Updated interiors include quartz countertops and refreshed finishes
- Separate utilities for each apartment
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
$49,069
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
8.53%
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%
$981,380
$981.4K
Cap Rate 7%
$700,986
$701.0K
Cap Rate 9%
$545,211
$545.2K
Market Conditions
NOI Build-Up for 3,630 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
$71.9K $19.80/SF
− Vacancy
−$1.8K −$0.49/SF
EGI
$70.1K $19.31/SF
− OpEx
−$21.0K −$5.79/SF
NOI
$49.1K $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%
$981,380
Cap Rate 7%
$700,986
Cap Rate 9%
$545,211
Alternative Uses
Best Use
Multifamily LT 5
$701.0K
$613.4K – $817.8K
NOI $49,069 @ 7.0% cap · market cap 8.53%
Second Best
Apartment 5plus
$610.0K
$533.8K – $711.7K
NOI $42,703 @ 7.0% cap · market cap 7.43%
Theoretical Best
Office A
$1.24M
$1.08M – $1.45M
NOI $86,772 @ 7.0% cap · market cap 15.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
430
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 apartments offer updated finishes, separate utilities, and a vacant second-floor unit ready for occupancy.
Where is this triplex located?
The property is located at 347-349 Summer St Fitchburg, MA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Three‑unit layout with two 2‑bedroom apartments and a 1‑bedroom third‑floor unit with separate office; Updated interiors include quartz countertops and refreshed finishes; Separate utilities for each apartment
