Updated Two-Family
For Sale
$389,900
Pending
118-120 Commonwealth Ave, Springfield, MA 01108
Two three-bedroom units feature separate utilities, gas heat, and basement storage.
Property Size2,688 SF
Days on Market28
Property Features for 118-120 Commonwealth Ave
General Information
Standard status
Pending
Size
2,688 SF
Property subtype
2 Family - 2 Units Up/Down
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1922
Listing Agency:
Lock and Key Realty
Listed By:
Jordan Healy
(413) 717-0635
Source:
Lockandkeyre
Added: Sep 8
Changed: Oct 4
Last Checked: Oct 4 at 11:06AM
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
Investment Insights
Based on property information with market context.
Built in 1922, this two-family property contains 2,688 square feet arranged as two three-bedroom, one-bath units. Both residences include living space with hardwood flooring, updated layouts, and natural light. Separate utilities, gas heat, laundry hookups, and additional basement storage support practical multi-family operation. The property can accommodate an owner-occupant seeking a separate rental unit or a buyer pursuing a two-unit income property.
Recent work includes two newer gas furnaces installed in 2017, updated electrical service from 2017, updated plumbing, and a roof replacement completed in 2022. The property is located in Springfield’s Forest Park neighborhood, within blocks of Forest Park and near shopping, dining, public transit, and major routes.
Recent work includes two newer gas furnaces installed in 2017, updated electrical service from 2017, updated plumbing, and a roof replacement completed in 2022. The property is located in Springfield’s Forest Park neighborhood, within blocks of Forest Park and near shopping, dining, public transit, and major routes.
Key Highlights
- Two 3‑bedroom, 1‑bath units within 2,688 SF
- Two newer gas furnaces installed in 2017
- Updated electrical service from 2017 and updated plumbing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,393
Cap Rate
9.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$707,860
$707.9K
Cap Rate 7%
$505,614
$505.6K
Cap Rate 9%
$393,256
$393.3K
Market Conditions
NOI Build-Up for 2,688 SF
Gross rent
$67.7K $25.20/SF
− Vacancy
−$3.4K −$1.26/SF
EGI
$64.4K $23.94/SF
− OpEx
−$29.0K −$10.77/SF
NOI
$35.4K $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 Rate 5%
$707,860
Cap Rate 7%
$505,614
Cap Rate 9%
$393,256
Alternative Uses
Best Use
Multifamily LT 5
$568.4K
$497.3K – $663.1K
NOI $39,787 @ 7.0% cap · market cap 10.20%
Second Best
Apartment 5plus
$505.6K
$442.4K – $589.9K
NOI $35,393 @ 7.0% cap · market cap 9.08%
Theoretical Best
Office A
$729.9K
$638.7K – $851.6K
NOI $51,094 @ 7.0% cap · market cap 13.10%
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
789
Businesses Nearby
Explore this area
Business Placement
Demographics for 01108, MA
27,671
Population
11,332
Households
2.4
Avg Household Size
33
Median Age
21%
College-Educated
81%
High-School Grad
3.4 sq mi
ZIP Area
8,139
Density / Sq Mi
$51,851
Median Household Income
$34,539
Median Earnings
$1,224
Median Rent
$219,500
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 - Two three-bedroom units feature separate utilities, gas heat, and basement storage.
Where is this duplex located?
The property is located at 118-120 Commonwealth Ave Springfield, MA.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Two 3‑bedroom, 1‑bath units within 2,688 SF; Two newer gas furnaces installed in 2017; Updated electrical service from 2017 and updated plumbing
