Two-Family Home with Double
For Sale
$399,900
Pending
148-150 Cedar Street, Springfield, MA 01105
Two-family residence with one tax bill on a double lot, offering a vacant first-floor unit at closing and a tenant-occupied second-floor unit.
Property Size2,300 SF
Days on Market98
Property Features for 148-150 Cedar Street
General Information
Standard status
Pending
Size
2,300 SF
Total Parking Spaces
6
Property subtype
Multi Family Home
Zoning
R2
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,722
Building Details
Building Size
2,300 SF
Year Built
1897
Stories
3
Units
2
Listing Agency:
Lock and Key Realty Inc.
(413) 557-8869
Listed By:
Yadira Pacheco
(413) 557-8869
Source:
Aucoinryanrealty
Added: May 19
Changed: Aug 8
Last Checked: Jul 23 at 6:44AM
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.
Investment Insights
Based on property information with market context.
This two-family duplex at 148-150 Cedar Street offers two separate units on a double lot under one tax bill. The first-floor unit can be delivered vacant at closing, providing flexibility for an owner-occupant or an investor. The second-floor unit is tenant-occupied and will convey with the sale for immediate rental income.
The property is described as well-located in Springfield, close to MGM Casino, shopping, dining, schools, public transportation, and major routes.
As a residential income property, the layout supports two independent living spaces, with outdoor space provided by the double-lot configuration.
The property is described as well-located in Springfield, close to MGM Casino, shopping, dining, schools, public transportation, and major routes.
As a residential income property, the layout supports two independent living spaces, with outdoor space provided by the double-lot configuration.
Key Highlights
- 2‑family residence built in 1897
- Double lot with one tax bill, offering added outdoor space
- First‑floor unit can be delivered vacant at closing
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
$34,044
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
8.51%
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%
$680,880
$680.9K
Cap Rate 7%
$486,343
$486.3K
Cap Rate 9%
$378,267
$378.3K
Market Conditions
NOI Build-Up for 2,300 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
$51.1K $22.20/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$48.6K $21.15/SF
− OpEx
−$14.6K −$6.34/SF
NOI
$34.0K $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%
$680,880
Cap Rate 7%
$486,343
Cap Rate 9%
$378,267
Alternative Uses
Best Use
Multifamily LT 5
$486.3K
$425.6K – $567.4K
NOI $34,044 @ 7.0% cap · market cap 8.51%
Second Best
Apartment 5plus
$432.6K
$378.6K – $504.7K
NOI $30,284 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$624.5K
$546.5K – $728.6K
NOI $43,718 @ 7.0% cap · market cap 10.93%
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
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 - Two-family residence with one tax bill on a double lot, offering a vacant first-floor unit at closing and a tenant-occupied second-floor unit.
Where is this duplex located?
The property is located at 148-150 Cedar Street Springfield, MA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2‑family residence built in 1897; Double lot with one tax bill, offering added outdoor space; First‑floor unit can be delivered vacant at closing
