Remodeled Duplex with Workshop
For Sale
$449,900
1016 Chestnut St., Palmer, MA 01069
Remodeled two-family home with enclosed porches, wood floors, and a separate workshop-style garage.
Property Size2,616 SF
Price / SF$171.98
Days on Market124
Property Features for 1016 Chestnut St.
General Information
Standard status
Active
Size
2,616 SF
Total Parking Spaces
10
Property subtype
Multi-Family
Zoning
tr
Net Operating Income
$19,200
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,957
Amenities
enclosed porches
workshop-style garage
Building Details
Building Size
2,616 SF
Year Built
1904
Stories
2
Listing Agency:
Coldwell Banker Realty - Boston
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 29
Changed: Aug 29
Last Checked: Aug 30 at 1:38PM
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 Coldwell Banker Realty - Boston
Investment Insights
Based on property information with market context.
Located at 1016 Chestnut St. in Palmer, MA, this 2,616-square-foot duplex is arranged across two levels, with three bedrooms on one level and two on the other. The remodeled interior includes refreshed kitchens and bathrooms, enclosed porches, and extensive wood flooring. The home is currently being used as a two-family residence, providing separate living arrangements within the existing structure.
A detached workshop-style garage measures 40 ft L x 26 ft wide and features 12-foot walls. The additional building may support workshop, storage, or other uses subject to buyer due diligence. Built in 1904 and identified with TR zoning, the property offers a flexible configuration for residential occupancy or multigenerational living, subject to verification of permitted use.
A detached workshop-style garage measures 40 ft L x 26 ft wide and features 12-foot walls. The additional building may support workshop, storage, or other uses subject to buyer due diligence. Built in 1904 and identified with TR zoning, the property offers a flexible configuration for residential occupancy or multigenerational living, subject to verification of permitted use.
Key Highlights
- 2,616‑square‑foot duplex with five bedrooms arranged across two levels
- Current two‑family use with three bedrooms on one level and two on the other
- Remodeled interior with refreshed kitchens and bathrooms
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
$34,264
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
7.62%
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%
$685,280
$685.3K
Cap Rate 7%
$489,486
$489.5K
Cap Rate 9%
$380,711
$380.7K
Market Conditions
NOI Build-Up for 2,616 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
$51.8K $19.80/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$48.9K $18.71/SF
− OpEx
−$14.7K −$5.61/SF
NOI
$34.3K $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%
$685,280
Cap Rate 7%
$489,486
Cap Rate 9%
$380,711
Alternative Uses
Best Use
Multifamily LT 5
$489.5K
$428.3K – $571.1K
NOI $34,264 @ 7.0% cap · market cap 7.62%
Second Best
Apartment 5plus
$453.6K
$396.9K – $529.2K
NOI $31,754 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,861 @ 7.0% cap · market cap 25.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Explore this area
Business Placement
Demographics for 01069, MA
8,428
Population
4,192
Households
2
Avg Household Size
47
Median Age
25%
College-Educated
86%
High-School Grad
28.1 sq mi
ZIP Area
300
Density / Sq Mi
$79,725
Median Household Income
$50,341
Median Earnings
$929
Median Rent
$251,300
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 - Remodeled two-family home with enclosed porches, wood floors, and a separate workshop-style garage.
Where is this duplex located?
The property is located at 1016 Chestnut St. Palmer, MA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 2,616‑square‑foot duplex with five bedrooms arranged across two levels; Current two‑family use with three bedrooms on one level and two on the other; Remodeled interior with refreshed kitchens and bathrooms
