Four-Unit Residential Income
For Sale
$675,000
Pending
62-A/D Grove Street, Fitchburg, MA 01420
Well-maintained four-unit property offers separately metered heat and electricity for each residence.
Property Size3,542 SF
Days on Market55
Property Features for 62-A/D Grove Street
General Information
Standard status
Pending
Size
3,542 SF
Property subtype
4 Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Be Live in Realty
Listed By:
Lia Carminati
(617) 460-9893
Source:
Lockandkeyre
Added: Jul 22
Changed: Sep 13
Last Checked: Sep 14 at 7:05AM
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 Be Live in Realty
Investment Insights
Based on property information with market context.
This well-maintained four-unit residential income property features four versatile apartments: one spacious bi-level 4-bedroom, 1-bath unit, two 2-bedroom, 1-bath units, and one 1-bedroom, 1-bath unit. Each unit has separately metered heat and electricity, supporting individual utility control.
The property is located just minutes from downtown Fitchburg and is about a 4-minute drive to Fitchburg State University.
All units are currently vacant, providing flexibility for immediate leasing or owner occupancy.
The property is located just minutes from downtown Fitchburg and is about a 4-minute drive to Fitchburg State University.
All units are currently vacant, providing flexibility for immediate leasing or owner occupancy.
Key Highlights
- Four‑unit multi‑family with one bi‑level 4‑bedroom/1‑bath unit plus two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
- Each unit has separately metered heat and electricity
- All units are vacant, offering immediate leasing or owner occupancy
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
$47,880
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
7.09%
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%
$957,600
$957.6K
Cap Rate 7%
$684,000
$684.0K
Cap Rate 9%
$532,000
$532.0K
Market Conditions
NOI Build-Up for 3,542 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
$70.1K $19.80/SF
− Vacancy
−$1.7K −$0.49/SF
EGI
$68.4K $19.31/SF
− OpEx
−$20.5K −$5.79/SF
NOI
$47.9K $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%
$957,600
Cap Rate 7%
$684,000
Cap Rate 9%
$532,000
Alternative Uses
Best Use
Multifamily LT 5
$684.0K
$598.5K – $798.0K
NOI $47,880 @ 7.0% cap · market cap 7.09%
Second Best
Apartment 5plus
$595.3K
$520.9K – $694.5K
NOI $41,668 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,668 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
813
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained four-unit property offers separately metered heat and electricity for each residence.
Where is this quadplex located?
The property is located at 62-A/D Grove 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: Four‑unit multi‑family with one bi‑level 4‑bedroom/1‑bath unit plus two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit; Each unit has separately metered heat and electricity; All units are vacant, offering immediate leasing or owner occupancy
