Historic Firehouse Mixed-Use
For Sale
$599,999
1043 Sumner Ave, Springfield, MA 01118
Renovated historic firehouse with a residential unit upstairs and a ground-floor commercial unit; high ceilings and large windows.
Property Size4,000 SF
Price / SF$149
Days on Market90
Property Features for 1043 Sumner Ave
General Information
Standard status
Active
Size
4,000 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
OS
Net Operating Income
$20,400
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$13,411
Building Details
Building Size
4,000 SF
Year Built
1930
Stories
2
Listing Agency:
JMJ Commercial Realty, Inc.
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 8
Changed: Sep 4
Last Checked: Aug 11 at 12:54PM
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 JMJ Commercial Realty, Inc.
Investment Insights
Based on property information with market context.
Fully renovated historic firehouse offered for sale in East Forest Park. The building includes one residential unit upstairs and one commercial unit on the ground level, with multiple options for different uses or adjustments.
Interiors feature high ceilings and large windows throughout, bringing in abundant natural light. A basement of approximately 2,000 square feet provides storage and mechanical space.
The first-floor commercial unit is expected to be vacant. Tenants are currently in place, and please do not disturb them.
Interiors feature high ceilings and large windows throughout, bringing in abundant natural light. A basement of approximately 2,000 square feet provides storage and mechanical space.
The first-floor commercial unit is expected to be vacant. Tenants are currently in place, and please do not disturb them.
Key Highlights
- Renovated historic firehouse built in 1930 with 1 residential unit upstairs and 1 ground‑floor commercial unit
- High ceilings and giant windows with lots of natural light throughout
- Approx. 2,000 SF basement with storage and mechanicals, including a full basement and sump pump
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
$52,668
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
8.78%
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%
$1,053,360
$1.1M
Cap Rate 7%
$752,400
$752.4K
Cap Rate 9%
$585,200
$585.2K
Market Conditions
NOI Build-Up for 4,000 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
$100.8K $25.20/SF
− Vacancy
−$5.0K −$1.26/SF
EGI
$95.8K $23.94/SF
− OpEx
−$43.1K −$10.77/SF
NOI
$52.7K $13.17/SF
Area
Springfield, MA
Vacancy
5.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,053,360
Cap Rate 7%
$752,400
Cap Rate 9%
$585,200
Alternative Uses
Best Use
Multifamily LT 5
$845.8K
$740.1K – $986.8K
NOI $59,207 @ 7.0% cap · market cap 9.87%
Second Best
Apartment 5plus
$752.4K
$658.4K – $877.8K
NOI $52,668 @ 7.0% cap · market cap 8.78%
Theoretical Best
Office A
$1.09M
$950.4K – $1.27M
NOI $76,032 @ 7.0% cap · market cap 12.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
511
Businesses Nearby
Explore this area
Business Placement
Demographics for 01118, MA
14,296
Population
5,787
Households
2.5
Avg Household Size
40
Median Age
30%
College-Educated
91%
High-School Grad
3.6 sq mi
ZIP Area
3,971
Density / Sq Mi
$80,906
Median Household Income
$48,486
Median Earnings
$1,220
Median Rent
$243,800
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 - Renovated historic firehouse with a residential unit upstairs and a ground-floor commercial unit; high ceilings and large windows.
Where is this duplex located?
The property is located at 1043 Sumner Ave Springfield, MA.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: Renovated historic firehouse built in 1930 with 1 residential unit upstairs and 1 ground‑floor commercial unit; High ceilings and giant windows with lots of natural light throughout; Approx. 2,000 SF basement with storage and mechanicals, including a full basement and sump pump
