Two-Family Duplex with Two
For Sale
$449,999
91 Walnut, Fitchburg, MA 01420
Classic two-family offering two spacious 3-bedroom units, full basement, and 5 off-street parking spaces.
Property Size2,948 SF
Price / SF$152.65
Days on Market54
Property Features for 91 Walnut
General Information
Standard status
Active
Size
2,948 SF
Property subtype
2 Family - 2 Units Side by Side
Building Details
Year Built
1910
Listing Agency:
OWN IT
(508) 667-4931
Listed By:
Shay Vaezzadeh · License #RES.0827220
(225) 288-4109
Source:
Lockandkeyre
Added: Jul 15
Changed: Sep 5
Last Checked: Sep 5 at 7:12AM
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 OWN IT
Investment Insights
Based on property information with market context.
This classic Fitchburg two-family duplex offers nearly 3,000 square feet of income potential with two generous 3-bedroom units. Each unit provides flexible floor plan options, supported by a full basement that can support abundant storage and laundry use. The property also includes 5 off-street parking spaces.
Convenience is a key feature here, with the home described as minutes to downtown, Fitchburg State University, and the commuter rail, along with Route 2 access for commuting.
For investors and owner-occupants, the property’s practical configuration centers on a two-unit layout with both units sized as 3-bedroom homes, along with basement space and off-street parking.
Convenience is a key feature here, with the home described as minutes to downtown, Fitchburg State University, and the commuter rail, along with Route 2 access for commuting.
For investors and owner-occupants, the property’s practical configuration centers on a two-unit layout with both units sized as 3-bedroom homes, along with basement space and off-street parking.
Key Highlights
- Classic Fitchburg two‑family with nearly 3,000 sq ft total and two spacious 3‑bedroom units
- Two 3‑bedroom units offer flexible floor plans for house‑hacking or rental use
- Full basement provides abundant storage with laundry potential
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
$39,850
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
8.86%
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%
$797,000
$797.0K
Cap Rate 7%
$569,286
$569.3K
Cap Rate 9%
$442,778
$442.8K
Market Conditions
NOI Build-Up for 2,948 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
$58.4K $19.80/SF
− Vacancy
−$1.4K −$0.49/SF
EGI
$56.9K $19.31/SF
− OpEx
−$17.1K −$5.79/SF
NOI
$39.9K $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%
$797,000
Cap Rate 7%
$569,286
Cap Rate 9%
$442,778
Alternative Uses
Best Use
Multifamily LT 5
$569.3K
$498.1K – $664.2K
NOI $39,850 @ 7.0% cap · market cap 8.86%
Second Best
Apartment 5plus
$495.4K
$433.5K – $578.0K
NOI $34,680 @ 7.0% cap · market cap 7.71%
Theoretical Best
Office A
$1.01M
$880.9K – $1.17M
NOI $70,469 @ 7.0% cap · market cap 15.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
907
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 - Classic two-family offering two spacious 3-bedroom units, full basement, and 5 off-street parking spaces.
Where is this duplex located?
The property is located at 91 Walnut Fitchburg, MA.
What is the asking price?
The asking price for this property is $449,999.
What are key features of this property?
This property features: Classic Fitchburg two‑family with nearly 3,000 sq ft total and two spacious 3‑bedroom units; Two 3‑bedroom units offer flexible floor plans for house‑hacking or rental use; Full basement provides abundant storage with laundry potential
