Discover an exceptional owner-occupant, or investor opportunity! This updated, 3-unit property is priced to move. The vacant first floor is fully renovated with new cabinets, granite counters, modern lighting, appliances, flooring, paint & blinds. The second floor features a reliable 15-year tenant, while the third floor was updated within the last few years with new cabinetry, appliances & tile work. Each of the three units offers 3 bedrooms, ensuring high rent potential. The building boasts 4-6 off-street parking spots and a durable slate roof in great condition. Situated in a prime location near local amenities & commuter routes. All utilities are separately metered & newer gas furnaces provide efficient heating. Similar properties are selling for 10% more, making this a smart investment. Don't miss this rare, income-generating gem with significant updates at a fantastic price.
This home has been viewed 12 times
Last Checked: December 13th, 2025 at 5:43pm (Source: MLS PIN #73461891)
Gross Income: $35,400
Gross Expenses: $6,034
Net Income Calc: $29,366
CAP Rate: 4.70%
Annual Expenses for 475 Water St, Fitchburg MA 01420
Total Gross Expenses (Calculated)$6,034/year
APOD AvailableNo
Heating
Electricity
Water
Gas
Insurance
Sewer
Trash Removal
Repair & Maintenance
Management
Miscellaneous
Real Estate Tax$6,034
Annual Income & Unit Breakdown for 475 Water St, Fitchburg MA 01420
Total Gross Income (Calculated)$35,400
Unit 1
Rental Income$0
LeaseN
Bedrooms3
Bathrooms1 Full
Floor1
Levels in Unit1
HeatingYes
Rent IncludesUnit 2(water)
Unit 2
Rental Income$1,300
LeaseN
Bedrooms3
Bathrooms1 Full
Floor2
Levels in Unit1
HeatingYes
Rent IncludesUnit 2(water)
Unit 3
Rental Income$1,650
LeaseN
Bedrooms3
Bathrooms1 Full
Floor3
Levels in Unit1
HeatingYes
Rent IncludesUnit 2(water)
General Information for 475 Water St, Fitchburg MA 01420
Listing ID73461891
Property TypeMulti Family / 3 Family
Price$625,000 ($178.21/SqFt)
Style3 Family
CityFitchburg
CountyWorcester
MLS Area
Neighborhood(s)
Approximate Living Area Total3,507 SqFt
Approximate Lot Size (Acres)0.09 acres
Total Parking6
Garage Parking
Year Built1902
Year Built SourcePublic Records
Year Renovated
Year Built DetailsActual
Water
Sewer
Electric
Hot Water
Roof Material
Basement
Construction MaterialsFrame
Lot FeaturesLevel
Foundation Area
Foundation DescriptionGranite
Accessible Features
Outdoor SpaceDeck
ZoningNB
Zoning Details
Water Views
Water Views Features
WaterfrontNo
Waterfront Features
Energy Features
Terms
Disclosures for 475 Water St, Fitchburg MA 01420
Lead Paint
UFFI
Living Area Includes BasementNo
Living Area DisclosureMeasurements are approximate and need to be verifi
Building Area SourcePublic Records
Title 5
Exclusions
Disclosures
Financial Data Source
Total Gross Expenses By Broker$0
Total Gross Income By Broker$35,400
Total Net Income By Broker$35,400
For Sale By OwnerNo
Short Sale / Forclosure (Bank Owned)
Buyer Agent Compensation
Facilitator Compensation
Sub-Agent Compensation
Compensation Based On
Financial Information for 475 Water St, Fitchburg MA 01420
Real Estate Taxes$6,034
Tax Year2025
Assessed Value$446,600
Financial Data Source
Total Gross Expenses By Broker$0
BostonRealEstate.com Gross Expenses
Total Gross Income By Broker$35,400
BostonRealEstate.com Gross Income
Total Net Income By Broker$35,400
BostonRealEstate.com Gross NOI
CAP Rate (based on Broker info)
CAP Rate (BostonRealEstate.com)4.70%
Location Information for 475 Water St, Fitchburg MA 01420
Elementary School
Middle School
High School
Neighborhood(s)
MLS Area
Area AmenitiesHighway Access, House Of Worship, Public School, Shopping, Medical Facility, Public Transportation
Contact Information for 475 Water St, Fitchburg MA 01420