Updated Two-Unit
For Sale
$385,000
Pending
38 Prospect St, Ludlow, MA 01056
Updated two-unit multifamily offering two-bedroom, one-bath units plus off-street parking and a detached two-car garage.
Property Size1,697 SF
Days on Market137
Property Features for 38 Prospect St
General Information
Standard status
Pending
Size
1,697 SF
Total Parking Spaces
6
Property subtype
Multi Family Home
Zoning
RES B
Taxes and HOA fees
Annual Taxes
$4,620
Building Details
Building Size
1,697 SF
Year Built
1919
Stories
2
Units
2
Listing Agency:
The LGCY Group LLC
Listed By:
Jaquaine Coe · License #423727
(508) 989-6943
Source:
Aucoinryanrealty
Added: Apr 23
Changed: Aug 7
Last Checked: Aug 6 at 1:19PM
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 The LGCY Group LLC
Investment Insights
Based on property information with market context.
38 Prospect St presents a meticulously maintained two-unit multifamily property in Ludlow, offering updated interiors and a functional layout across both units. Each unit features a 2-bedroom, 1-bath configuration, providing consistent living space for occupants.
The property sits on a 5,009 square foot lot with off-street parking, a shed, and a detached 2-car garage. Long-term tenants at will are already in place, supporting immediate occupancy.
Showings are scheduled for the open house on 4/18/26.
The property sits on a 5,009 square foot lot with off-street parking, a shed, and a detached 2-car garage. Long-term tenants at will are already in place, supporting immediate occupancy.
Showings are scheduled for the open house on 4/18/26.
Key Highlights
- Updated 2‑unit multifamily built in 1919 in Ludlow, offering 1,697 sqft total living space
- Each unit features a 2‑bed, 1‑bath layout
- Set on a 5,009 sqft lot with off‑street parking
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
$22,227
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
5.77%
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%
$444,540
$444.5K
Cap Rate 7%
$317,529
$317.5K
Cap Rate 9%
$246,967
$247.0K
Market Conditions
NOI Build-Up for 1,697 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
$33.6K $19.80/SF
− Vacancy
−$1.8K −$1.09/SF
EGI
$31.8K $18.71/SF
− OpEx
−$9.5K −$5.61/SF
NOI
$22.2K $13.10/SF
Area
Hampden County, MA
Vacancy
5.50%
Lease Rate
$19.80 /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%
$444,540
Cap Rate 7%
$317,529
Cap Rate 9%
$246,967
Alternative Uses
Best Use
Multifamily LT 5
$317.5K
$277.8K – $370.5K
NOI $22,227 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$294.3K
$257.5K – $343.3K
NOI $20,599 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$1.05M
$915.2K – $1.22M
NOI $73,213 @ 7.0% cap · market cap 19.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
624
Businesses Nearby
Explore this area
Business Placement
Demographics for 01056, MA
21,002
Population
8,984
Households
2.3
Avg Household Size
46
Median Age
25%
College-Educated
89%
High-School Grad
27.2 sq mi
ZIP Area
772
Density / Sq Mi
$78,981
Median Household Income
$47,449
Median Earnings
$1,250
Median Rent
$303,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Updated two-unit multifamily offering two-bedroom, one-bath units plus off-street parking and a detached two-car garage.
Where is this duplex located?
The property is located at 38 Prospect St Ludlow, MA.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Updated 2‑unit multifamily built in 1919 in Ludlow, offering 1,697 sqft total living space; Each unit features a 2‑bed, 1‑bath layout; Set on a 5,009 sqft lot with off‑street parking
