Two-Unit Duplex with
New
For Sale
$399,999
10 Lewis Street, Westfield, MA 01085
Each apartment has two bedrooms, one full bath, and in-unit laundry.
Property Size2,708 SF
Price / SF$147.71
Days on Market5
Property Features for 10 Lewis Street
General Information
Standard status
Active
Size
2,708 SF
Total Parking Spaces
4
Property subtype
2 Family - 2 Units Up/Down
Financials
Asking Price
$399,000
Gross Income
$31,200
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
fenced backyard
Building Details
Building Size
2,708 SF
Year Built
1897
Buildings
1
Tenancy
Multi
Listing Agency:
Lock and Key Realty Inc.
(413) 282-8080
Listed By:
Alessio Calabrese
(413) 454-7681
Source:
Iverty
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 7:53AM
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 Lock and Key Realty Inc.
Investment Insights
Based on property information with market context.
This up-and-down duplex in Westfield contains 2,708 square feet across two apartments, each with two bedrooms and one full bathroom. Both units have in-unit laundry; the first floor uses natural gas heat, while the second floor has electric heat. Electrical systems have been updated in both apartments, most windows have been replaced, and new gutters are in place. The second-floor apartment also has updated flooring, fresh paint, and attic storage. The home was built in 1897.
The first-floor resident is expected to remain through the sale. The second-floor apartment may be vacant at closing. Outside, the property has off-street parking for approximately four vehicles and a fenced backyard.
The first-floor resident is expected to remain through the sale. The second-floor apartment may be vacant at closing. Outside, the property has off-street parking for approximately four vehicles and a fenced backyard.
Key Highlights
- 2,708‑square‑foot duplex with two apartments, each offering 2 bedrooms and 1 full bathroom
- In‑unit laundry in both units; natural gas heat on the first floor and electric heat on the second
- Updated electrical systems in both apartments; most windows have been replaced
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
$35,469
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
8.87%
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%
$709,380
$709.4K
Cap Rate 7%
$506,700
$506.7K
Cap Rate 9%
$394,100
$394.1K
Market Conditions
NOI Build-Up for 2,708 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
$53.6K $19.80/SF
− Vacancy
−$2.9K −$1.09/SF
EGI
$50.7K $18.71/SF
− OpEx
−$15.2K −$5.61/SF
NOI
$35.5K $13.10/SF
Area
Hampden County, MA
Vacancy
5.50%
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%
$709,380
Cap Rate 7%
$506,700
Cap Rate 9%
$394,100
Alternative Uses
Best Use
Multifamily LT 5
$506.7K
$443.4K – $591.2K
NOI $35,469 @ 7.0% cap · market cap 8.87%
Second Best
Apartment 5plus
$469.6K
$410.9K – $547.8K
NOI $32,870 @ 7.0% cap · market cap 8.22%
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $116,830 @ 7.0% cap · market cap 29.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
981
Businesses Nearby
Explore this area
Business Placement
Demographics for 01085, MA
41,529
Population
17,054
Households
2.4
Avg Household Size
41
Median Age
33%
College-Educated
92%
High-School Grad
59.7 sq mi
ZIP Area
696
Density / Sq Mi
$83,821
Median Household Income
$44,737
Median Earnings
$1,064
Median Rent
$296,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Each apartment has two bedrooms, one full bath, and in-unit laundry.
Where is this duplex located?
The property is located at 10 Lewis Street Westfield, MA.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: 2,708‑square‑foot duplex with two apartments, each offering 2 bedrooms and 1 full bathroom; In‑unit laundry in both units; natural gas heat on the first floor and electric heat on the second; Updated electrical systems in both apartments; most windows have been replaced
