Two-Family Home with
For Sale
$369,000
Pending
11-13 Palmyra St, Springfield, MA 01118
Vacant duplex with separate unit layouts, shared basement access, and a backyard deck.
Property Size1,776 SF
Days on Market49
Property Features for 11-13 Palmyra St
General Information
Standard status
Pending
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
Building Size
1,776 SF
Year Built
1935
Listing Agency:
Lock and Key Realty Inc.
(413) 282-8080
Listed By:
Patriot Living Group
(413) 271-7511
Source:
Iverty
Added: Sep 4
Changed: Oct 21
Last Checked: Oct 20 at 10:25PM
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.
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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 / Yr
$26,288
Cap Rate
7.12%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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
