Renovated Two-Unit
For Sale
$439,000
113-117 Cedar St, Springfield, MA 01105
Vacant multifamily property with separate driveways, fenced outdoor areas, and newly installed gas central heating.
Property Size2,456 SF
Price / SF$178.75
Days on Market241
Property Features for 113-117 Cedar St
General Information
Standard status
Active
Size
2,456 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
R2
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,963
Amenities
Contract
false
Window Unit(s)
Central, Forced Air, Electric, Natural Gas
Range, Refrigerator
Lead Certification Available, Storage, Bathroom With Tub & Shower, Walk-Up Attic, Living Room, Kitchen, Laundry Room, Mudroom
City View(s), City
Fenced/Enclosed, Fenced
No
Yes
Shingle
Rain Gutters, Garden
Public Transportation, Shopping, Park, Medical Facility, Highway Access, House of Worship, Private School, Public School, University, Sidewalks
for Gas Range, for Electric Range
6
Building Details
Year Built
1897
Stories
4
Listing Agency:
Witman Properties, Inc.
Listed By:
Nelson Acosta
Source:
Arborviewrealtyinc
Added: Jan 3
Changed: Aug 29
Last Checked: Apr 22 at 10:50AM
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 Witman Properties, Inc.
Investment Insights
Based on property information with market context.
This 2,456-square-foot duplex, built in 1897, contains two residential units with matching layouts. Each unit offers three bedrooms, one full bathroom, and one half bathroom. The property has undergone renovations and updates, including newly installed gas central heating. Both units are vacant and ready for occupancy, with Lead Paint Compliance Letters in place.
Each residence has its own large driveway for off-street parking and a separate large fenced backyard. The property is located minutes from Springfield Technical Community College, the Springfield Museums, Springfield MGM, and Baystate Medical Center.
Each residence has its own large driveway for off-street parking and a separate large fenced backyard. The property is located minutes from Springfield Technical Community College, the Springfield Museums, Springfield MGM, and Baystate Medical Center.
Key Highlights
- Two‑unit duplex with 2,456 SF of property size
- Each unit includes 3 bedrooms, 1 full bath, and 1 half bath
- New gas central heating has been installed
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
$36,353
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
8.28%
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%
$727,060
$727.1K
Cap Rate 7%
$519,329
$519.3K
Cap Rate 9%
$403,922
$403.9K
Market Conditions
NOI Build-Up for 2,456 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
$54.5K $22.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$51.9K $21.15/SF
− OpEx
−$15.6K −$6.34/SF
NOI
$36.4K $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%
$727,060
Cap Rate 7%
$519,329
Cap Rate 9%
$403,922
Alternative Uses
Best Use
Multifamily LT 5
$519.3K
$454.4K – $605.9K
NOI $36,353 @ 7.0% cap · market cap 8.28%
Second Best
Apartment 5plus
$462.0K
$404.2K – $539.0K
NOI $32,338 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$666.9K
$583.6K – $778.1K
NOI $46,684 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,313
Businesses Nearby
Explore this area
Business Placement
Demographics for 01105, MA
12,051
Population
5,554
Households
2.2
Avg Household Size
33
Median Age
8%
College-Educated
64%
High-School Grad
1.2 sq mi
ZIP Area
10,043
Density / Sq Mi
$22,994
Median Household Income
$24,078
Median Earnings
$976
Median Rent
$238,400
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 multifamily property with separate driveways, fenced outdoor areas, and newly installed gas central heating.
Where is this duplex located?
The property is located at 113-117 Cedar St Springfield, MA.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,456 SF of property size; Each unit includes 3 bedrooms, 1 full bath, and 1 half bath; New gas central heating has been installed
