Mixed-Use Property with
For Sale
$625,000
381 Summer Street, Fitchburg, MA 01420
Residential Income, Fitchburg, MA
Property Size2,018 SF
Lot Size0.23 Acres
Price / SF$309.71
Days on Market97
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
Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 1
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
Amenities
Hardwood
stainless steel appliances
recessed lighting
mini splits
tons of closet space
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) 860-3609
Added: Jul 1
Changed: Sep 16
Last Checked: Oct 5 at 5:06PM
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.
Built in 2015, this 2,018-square-foot mixed-use property includes a commercial first floor and a one-bedroom apartment above. The lower level has two half baths and interior flexibility that may support bedroom conversion, while the apartment features hardwood floors, stainless steel appliances, recessed lighting, mini-split systems, and substantial closet storage.
The property occupies 0.23 acres in Fitchburg’s CBD zoning district at 381 Summer Street. Site improvements include off-street parking and an oversized two-car garage, adding useful support for the building’s combined commercial and residential configuration.
The property occupies 0.23 acres in Fitchburg’s CBD zoning district at 381 Summer Street. Site improvements include off-street parking and an oversized two-car garage, adding useful support for the building’s combined commercial and residential configuration.
Key Highlights
- 2,018 square feet on a 0.23‑acre lot
- Built in 2015 with mixed‑use commercial and residential configuration
- Upper‑level one‑bedroom apartment with hardwood floors and stainless steel appliances
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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Current Use
Lease Details
1
Office units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level building combines commercial space, an apartment, off-street parking, and flexible interior utility.
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 feet on a 0.23‑acre lot; Built in 2015 with mixed‑use commercial and residential configuration; Upper‑level one‑bedroom apartment with hardwood floors and stainless steel appliances
