Renovated Two-Family
For Sale
$439,000
229 Quincy St, Springfield, MA 01109
Fully vacant two-family residence with renovated interiors and private second- and third-floor outdoor space.
Property Size2,576 SF
Price / SF$170.42
Days on Market73
Property Features for 229 Quincy St
General Information
Standard status
Active
Size
2,576 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
porches/balconies
Building Details
Year Built
1904
Tenancy
Multi
Listing Agency:
Lock and Key Realty Inc.
Listed By:
Patriot Living Group
(413) 282-8080
Source:
Nrgrealestate
Added: Jul 26
Changed: Sep 21
Last Checked: Oct 5 at 9:31PM
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 beautifully renovated two-family home is fully vacant and positioned for immediate occupancy or rental use. Recent improvements include new vinyl siding, a new roof, new flooring throughout, renovated kitchens, new plumbing, new water heaters, updated electrical, fresh paint, and additional upgrades. Each unit is designed with a flexible 3-4 bedroom layout, including a room that can function as a living room or a fourth bedroom depending on the setup you prefer. The second-floor unit also includes an additional third-floor room, offering options for a primary suite or family space. Private second- and third-floor porches/balconies add outdoor living area for both levels.
The property is centrally located in Springfield and is described as convenient to parks, universities, shopping, restaurants, public transportation, and major highways.
The property is centrally located in Springfield and is described as convenient to parks, universities, shopping, restaurants, public transportation, and major highways.
Key Highlights
- Fully vacant two‑family home built in 1904 with move‑in‑ready renovations throughout
- Recent major updates: new vinyl siding, new roof, new flooring, fresh paint, and renovated kitchens
- Systems upgrades include new plumbing, water heaters, and updated electrical
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,130
Cap Rate
8.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$762,600
$762.6K
Cap Rate 7%
$544,714
$544.7K
Cap Rate 9%
$423,667
$423.7K
Market Conditions
NOI Build-Up for 2,576 SF
Gross rent
$57.2K $22.20/SF
− Vacancy
−$2.7K −$1.05/SF
EGI
$54.5K $21.15/SF
− OpEx
−$16.3K −$6.34/SF
NOI
$38.1K $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%
$762,600
Cap Rate 7%
$544,714
Cap Rate 9%
$423,667
Alternative Uses
Best Use
Multifamily LT 5
$544.7K
$476.6K – $635.5K
NOI $38,130 @ 7.0% cap · market cap 8.69%
Second Best
Apartment 5plus
$484.5K
$424.0K – $565.3K
NOI $33,918 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$699.5K
$612.1K – $816.1K
NOI $48,965 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,048
Businesses Nearby
Explore this area
Business Placement
Demographics for 01109, MA
30,968
Population
10,786
Households
2.9
Avg Household Size
30
Median Age
17%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
5,735
Density / Sq Mi
$46,821
Median Household Income
$34,971
Median Earnings
$1,112
Median Rent
$203,100
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
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Frequently Asked Questions
What type of property is this?
Duplex - Fully vacant two-family residence with renovated interiors and private second- and third-floor outdoor space.
Where is this duplex located?
The property is located at 229 Quincy 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: Fully vacant two‑family home built in 1904 with move‑in‑ready renovations throughout; Recent major updates: new vinyl siding, new roof, new flooring, fresh paint, and renovated kitchens; Systems upgrades include new plumbing, water heaters, and updated electrical
