Mixed-Use Property with
For Sale
$625,000
381 Summer Street, Fitchburg, MA 01420
Two-level configuration combines commercial space with a one-bedroom apartment and substantial off-street parking.
Property Size2,018 SF
Price / SF$309.71
Days on Market56
Property Features for 381 Summer Street
General Information
Standard status
Active
Size
2,018 SF
Total Parking Spaces
12
Property subtype
Multi-Family
Zoning
CBD
Net Operating Income
$24,000
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,414
Building Details
Building Size
2,018 SF
Year Built
2015
Buildings
1
Stories
2
Listing Agency:
Keller Williams Realty North Central
(978) 840-9000
Listed By:
Kathleen Walsh · License #9058508
(978) 855-4076
Source:
Churchillprop
Added: Aug 11
Changed: Oct 1
Last Checked: Oct 4 at 8:10AM
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 Keller Williams Realty North Central
Investment Insights
Based on property information with market context.
Built in 2015, this 2,018-square-foot mixed-use property combines a commercial first floor with an upper-level one-bedroom apartment. The first-floor space includes two half baths, while the residential unit features hardwood flooring, stainless steel appliances, recessed lighting, mini-split systems, and extensive closet storage.
The property also includes an oversized 2-car garage and off-street parking. Its address is 381 Summer Street in Fitchburg, Massachusetts, providing a combined commercial and residential configuration within a single building.
The property also includes an oversized 2-car garage and off-street parking. Its address is 381 Summer Street in Fitchburg, Massachusetts, providing a combined commercial and residential configuration within a single building.
Key Highlights
- 2,018‑square‑foot mixed‑use property built in 2015
- Commercial first floor with 2 half baths
- Upper floor includes a 1‑bedroom apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,740
Cap Rate
3.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$474,800
$474.8K
Cap Rate 7%
$339,143
$339.1K
Cap Rate 9%
$263,778
$263.8K
Market Conditions
NOI Build-Up for 2,018 SF
Gross rent
$44.3K $21.96/SF
− Vacancy
−$1.2K −$0.57/SF
EGI
$43.2K $21.39/SF
− OpEx
−$19.4K −$9.63/SF
NOI
$23.7K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$474,800
Cap Rate 7%
$339,143
Cap Rate 9%
$263,778
Alternative Uses
Best Use
Apartment 5plus
$339.1K
$296.8K – $395.7K
NOI $23,740 @ 7.0% cap · market cap 3.80%
Second Best
Mixed Use
$260.0K
$227.5K – $303.3K
NOI $18,200 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$689.1K
$603.0K – $804.0K
NOI $48,238 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
395
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level configuration combines commercial space with a one-bedroom apartment and substantial off-street parking.
Where is this mixed-use property located?
The property is located at 381 Summer Street Fitchburg, MA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2,018‑square‑foot mixed‑use property built in 2015; Commercial first floor with 2 half baths; Upper floor includes a 1‑bedroom apartment
