Seven-Unit Apartment
For Sale
$1,229,000
44 Winter St, Fitchburg, MA 01420
Seven-unit multifamily asset with six one-bedrooms, one two-bedroom, and off-street parking plus a garage.
Property Size4,188 SF
Price / SF$293.46
Days on Market128
Property Features for 44 Winter St
General Information
Standard status
Active
Size
4,188 SF
Total Parking Spaces
16
Property subtype
Multi-Family
Zoning
RC
Net Operating Income
$85,466
Additional Details
Business Included
Yes
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$7,191
Building Details
Building Size
4,188 SF
Year Built
1920
Stories
5
Tenancy
Multi
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 1
Changed: Sep 4
Last Checked: Sep 4 at 4:03AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
44 Winter Street is a seven-unit apartment building featuring six one-bedroom units and one two-bedroom unit. The property is described as well-maintained, with five units noted as fully renovated.
Reported improvements completed by current ownership include a full electrical upgrade with individual panels and meters, heating system replacements in most units, a renovated laundry room, and updated exterior egress and emergency lighting. Additional work includes a new garage roof and door and comprehensive landscaping.
The information provided states that most units are individually gas metered, with separation infrastructure in place for the remaining units requiring final connection. The property includes fourteen off-street parking spaces plus a garage.
Reported improvements completed by current ownership include a full electrical upgrade with individual panels and meters, heating system replacements in most units, a renovated laundry room, and updated exterior egress and emergency lighting. Additional work includes a new garage roof and door and comprehensive landscaping.
The information provided states that most units are individually gas metered, with separation infrastructure in place for the remaining units requiring final connection. The property includes fourteen off-street parking spaces plus a garage.
Key Highlights
- Seven‑unit multifamily in Fitchburg (44 Winter St), with six 1‑bedroom units and one 2‑bedroom unit
- Capital improvements include full electrical upgrade with individual panels and meters
- Heating system replacements completed in most units
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
$49,268
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
4.01%
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%
$985,360
$985.4K
Cap Rate 7%
$703,829
$703.8K
Cap Rate 9%
$547,422
$547.4K
Market Conditions
NOI Build-Up for 4,188 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
$92.0K $21.96/SF
− Vacancy
−$2.4K −$0.57/SF
EGI
$89.6K $21.39/SF
− OpEx
−$40.3K −$9.63/SF
NOI
$49.3K $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 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%
$985,360
Cap Rate 7%
$703,829
Cap Rate 9%
$547,422
Alternative Uses
Best Use
Apartment 5plus
$703.8K
$615.9K – $821.1K
NOI $49,268 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,110 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
824
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?
Apartment building - Seven-unit multifamily asset with six one-bedrooms, one two-bedroom, and off-street parking plus a garage.
Where is this apartment building located?
The property is located at 44 Winter St Fitchburg, MA.
What is the asking price?
The asking price for this property is $1,229,000.
What are key features of this property?
This property features: Seven‑unit multifamily in Fitchburg (44 Winter St), with six 1‑bedroom units and one 2‑bedroom unit; Capital improvements include full electrical upgrade with individual panels and meters; Heating system replacements completed in most units
