Duplex with Mixed-Use Plumbing
For Sale
$675,000
381 Summer Street, Fitchburg, MA 01420
Residential Income, Fitchburg, MA
Property Size2,018 SF
Lot Size0.23 Acres
Price / SF$334.49
Days on Market51
Property Features for 381 Summer Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CBD
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 2
Parking
12
Directions
John Fitch Highway to Summer Street
Standard status
Active
APN
1508376
Size
2,018 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7414
Building Details
Year built
2015
Floors in Building
2
Number of units
2
Listing Agency:
Keller Williams Realty North Central
(978) 840-9000
Listed By:
Rochelle Jonswold
(978) 840-9000
Added: Jul 1
Changed: Aug 19
Last Checked: Aug 20 at 8:06AM
MLS# 73543685
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Duplex-style mixed-use building with a build year of 2015 and a large exterior footprint. The property has an oversized 2-car garage and tons of off-street parking. The first floor is currently occupied by a plumbing company and includes bathroom space that could be reconfigured, including two half baths with one potentially convertible to a full bath. This unit could be arranged to support two bedrooms. The upper floor is a one-bedroom apartment with hardwood, stainless steel appliances, recessed lighting, mini splits, and ample closet space.
Zoned CBD, the property is located at 381 Summer Street in Fitchburg, Massachusetts (01420). The lot size is 0.23 acres and the building size is 2,018 SF.
The combination of an occupied first-floor use and a separate upper apartment layout can support a variety of occupant-and-living options within the same building.
Zoned CBD, the property is located at 381 Summer Street in Fitchburg, Massachusetts (01420). The lot size is 0.23 acres and the building size is 2,018 SF.
The combination of an occupied first-floor use and a separate upper apartment layout can support a variety of occupant-and-living options within the same building.
Key Highlights
- 2015 duplex‑style mixed‑use building with upper one‑bedroom apartment
- First floor occupied by a plumbing company with two half baths
- Oversized 2‑car garage plus tons of off‑street parking
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
$27,279
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
4.04%
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%
$545,580
$545.6K
Cap Rate 7%
$389,700
$389.7K
Cap Rate 9%
$303,100
$303.1K
Market Conditions
NOI Build-Up for 2,018 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
$40.0K $19.80/SF
− Vacancy
−$987 −$0.49/SF
EGI
$39.0K $19.31/SF
− OpEx
−$11.7K −$5.79/SF
NOI
$27.3K $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%
$545,580
Cap Rate 7%
$389,700
Cap Rate 9%
$303,100
Alternative Uses
Best Use
Multifamily LT 5
$389.7K
$341.0K – $454.7K
NOI $27,279 @ 7.0% cap · market cap 4.04%
Second Best
Apartment 5plus
$339.1K
$296.8K – $395.7K
NOI $23,740 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$689.1K
$603.0K – $804.0K
NOI $48,238 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
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 - Duplex-style mixed-use building with large off-street parking, an oversized 2-car garage, and an occupied first-floor plumbing space.
Where is this duplex located?
The property is located at 381 Summer 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: 2015 duplex‑style mixed‑use building with upper one‑bedroom apartment; First floor occupied by a plumbing company with two half baths; Oversized 2‑car garage plus tons of off‑street parking
