Renovated Three-Unit Multifamily
For Sale
$509,000
815-819 River Street, Fitchburg, MA 01420
Three leased apartments offer updated interiors and varied bedroom configurations within a classic frame building.
Property Size2,972 SF
Price / SF$171.27
Days on Market168
Property Features for 815-819 River Street
General Information
Standard status
Active
Size
2,972 SF
Total Parking Spaces
5
Property subtype
Multi-family / 3 Family
Zoning
RB
Occupancy
100%
Net Operating Income
$37,200
Units
Unit Mix
1 x 3BR, 1 x 2BR, 1 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,719
Amenities
No, Yes, .00, Shared Driveway, Shared Driveway
No
Vinyl
Range, Microwave, Refrigerator, Washer/Dryer
4.0
Full
Living Room, Kitchen, Dining Room, Window AC
3
1
3.50
4
Frame
Shingle
Building Details
Year Built
1860
Listing Agency:
Berkshire Hathaway HomeServices Commonwealth Real Estate
(508) 834-1500
Listed By:
James Xarras · License #9579466
(508) 834-1500
Source:
Compass
Added: Mar 17
Changed: Aug 31
Last Checked: Aug 31 at 1:30AM
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 Berkshire Hathaway HomeServices Commonwealth Real Estate
Investment Insights
Based on property information with market context.
This three-unit multifamily property contains 2,972 square feet and has undergone recent renovation. The unit mix includes a two-level apartment with three bedrooms, a second two-level residence with two bedrooms, and a one-bedroom apartment with living, dining, and kitchen areas. Interior amenities include vinyl finishes, ranges, microwaves, refrigerators, washer/dryer equipment, full bathrooms, and window AC. The building has a frame structure with shingle exterior materials and was built in 1860.
All three units are currently leased. Located at 815-819 River Street in Fitchburg, Massachusetts, the property is identified as RB zoning. The configuration provides distinct residential layouts within one multifamily asset, with living, dining, and kitchen areas represented across the units.
All three units are currently leased. Located at 815-819 River Street in Fitchburg, Massachusetts, the property is identified as RB zoning. The configuration provides distinct residential layouts within one multifamily asset, with living, dining, and kitchen areas represented across the units.
Key Highlights
- 2,972‑square‑foot triplex with three residential units
- All units are currently leased
- Unit mix includes 3‑bedroom, 2‑bedroom, and 1‑bedroom apartments
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
$40,174
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
7.89%
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%
$803,480
$803.5K
Cap Rate 7%
$573,914
$573.9K
Cap Rate 9%
$446,378
$446.4K
Market Conditions
NOI Build-Up for 2,972 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
$58.8K $19.80/SF
− Vacancy
−$1.5K −$0.49/SF
EGI
$57.4K $19.31/SF
− OpEx
−$17.2K −$5.79/SF
NOI
$40.2K $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%
$803,480
Cap Rate 7%
$573,914
Cap Rate 9%
$446,378
Alternative Uses
Best Use
Multifamily LT 5
$573.9K
$502.2K – $669.6K
NOI $40,174 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$499.5K
$437.0K – $582.7K
NOI $34,963 @ 7.0% cap · market cap 6.87%
Theoretical Best
Office A
$1.01M
$888.0K – $1.18M
NOI $71,043 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
113
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?
Triplex - Three leased apartments offer updated interiors and varied bedroom configurations within a classic frame building.
Where is this triplex located?
The property is located at 815-819 River Street Fitchburg, MA.
What is the asking price?
The asking price for this property is $509,000.
What are key features of this property?
This property features: 2,972‑square‑foot triplex with three residential units; All units are currently leased; Unit mix includes 3‑bedroom, 2‑bedroom, and 1‑bedroom apartments
