Two-Family Home with
New
For Sale
$369,000
11-13 Palmyra St, Springfield, MA 01118
Vacant duplex with separate unit layouts, shared basement access, and a backyard deck.
Property Size1,776 SF
Price / SF$207.77
Days on Market1
Property Features for 11-13 Palmyra St
General Information
Standard status
Active
Size
1,776 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR
Multifamily Units
2
Amenities
backyard deck
Building Details
Year Built
1935
Listing Agency:
Patriot Living Group, Lock And Key Realty Inc
Listed By:
Home and Key Real Estate
(508) 817-4284
Source:
Bristolcountyhomesforsale
Added: Sep 6
Last Checked: Sep 6 at 7:03AM
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 Patriot Living Group, Lock And Key Realty Inc
Investment Insights
Based on property information with market context.
This 1,776-square-foot duplex, built in 1935, includes two distinct residential units. The larger unit uses two levels, with its kitchen and living room on the first floor and two bedrooms plus a full bathroom upstairs. The second unit is arranged for single-level living and includes one bedroom and a living room. Both units are vacant, providing flexibility for an owner-occupant or investor.
The property at 11-13 Palmyra St is located in Springfield’s East Forest Park neighborhood and is zoned R2. Exterior amenities include a backyard deck. A freshly painted basement is accessible from both units and offers storage space along with additional usable area.
The property at 11-13 Palmyra St is located in Springfield’s East Forest Park neighborhood and is zoned R2. Exterior amenities include a backyard deck. A freshly painted basement is accessible from both units and offers storage space along with additional usable area.
Key Highlights
- 1,776 SF duplex with two separate residential units
- Larger unit includes 2 bedrooms and 1 full bathroom across two floors
- Second unit offers 1‑bedroom, single‑level living
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
$26,288
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
7.12%
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%
$525,760
$525.8K
Cap Rate 7%
$375,543
$375.5K
Cap Rate 9%
$292,089
$292.1K
Market Conditions
NOI Build-Up for 1,776 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
$39.4K $22.20/SF
− Vacancy
−$1.9K −$1.05/SF
EGI
$37.6K $21.15/SF
− OpEx
−$11.3K −$6.34/SF
NOI
$26.3K $14.80/SF
Area
Springfield, MA
Vacancy
4.75%
Lease Rate
$22.20 /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%
$525,760
Cap Rate 7%
$375,543
Cap Rate 9%
$292,089
Alternative Uses
Best Use
Multifamily LT 5
$375.5K
$328.6K – $438.1K
NOI $26,288 @ 7.0% cap · market cap 7.12%
Second Best
Apartment 5plus
$334.1K
$292.3K – $389.8K
NOI $23,385 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$482.3K
$422.0K – $562.6K
NOI $33,758 @ 7.0% cap · market cap 9.15%
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
505
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 - Vacant duplex with separate unit layouts, shared basement access, and a backyard deck.
Where is this duplex located?
The property is located at 11-13 Palmyra St Springfield, MA.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: 1,776 SF duplex with two separate residential units; Larger unit includes 2 bedrooms and 1 full bathroom across two floors; Second unit offers 1‑bedroom, single‑level living
