Updated Two-Family
For Sale
$399,900
44-46 Dawes St, Springfield, MA 01109
Two residential units offer a combination of owner-occupancy flexibility and ongoing rental income.
Property Size2,746 SF
Days on Market9
Property Features for 44-46 Dawes St
General Information
Standard status
Active
Size
2,746 SF
Total Parking Spaces
5
Property subtype
Investment
Units
Unit Mix
3BR, 5BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,549
Building Details
Building Size
2,746 SF
Year Built
1912
Stories
3
Units
2
Listing Agency:
(413) 301-6799
Listed By:
New Homes Realty Group
(413) 301-6799
Source:
Elliman
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 20 at 8:40AM
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 New Homes Realty Group
Investment Insights
Based on property information with market context.
This two-family property, built in 1912, contains two updated residential units with eight bedrooms in total. The first-floor residence has three bedrooms and will be delivered vacant, while the larger second-floor unit includes five bedrooms and two full bathrooms and is currently rented. Five off-street parking spaces serve the property.
Located at 44-46 Dawes St in Springfield, the property records a Walk Score of 80, a Bike Score of 59, and a Transit Score of 56. The layout supports both an owner-occupant seeking additional rental income and an investor seeking a two-unit residential asset.
Located at 44-46 Dawes St in Springfield, the property records a Walk Score of 80, a Bike Score of 59, and a Transit Score of 56. The layout supports both an owner-occupant seeking additional rental income and an investor seeking a two-unit residential asset.
Key Highlights
- Two‑family property with 8 total bedrooms
- First‑floor 3‑bedroom unit delivered vacant
- Second‑floor 5‑bedroom unit with 2 full baths is currently rented
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
$36,157
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
9.04%
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%
$723,140
$723.1K
Cap Rate 7%
$516,529
$516.5K
Cap Rate 9%
$401,744
$401.7K
Market Conditions
NOI Build-Up for 2,746 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
$69.2K $25.20/SF
− Vacancy
−$3.5K −$1.26/SF
EGI
$65.7K $23.94/SF
− OpEx
−$29.6K −$10.77/SF
NOI
$36.2K $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 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%
$723,140
Cap Rate 7%
$516,529
Cap Rate 9%
$401,744
Alternative Uses
Best Use
Multifamily LT 5
$580.7K
$508.1K – $677.4K
NOI $40,646 @ 7.0% cap · market cap 10.16%
Second Best
Apartment 5plus
$516.5K
$452.0K – $602.6K
NOI $36,157 @ 7.0% cap · market cap 9.04%
Theoretical Best
Office A
$745.7K
$652.5K – $869.9K
NOI $52,196 @ 7.0% cap · market cap 13.05%
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
715
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
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 residential units offer a combination of owner-occupancy flexibility and ongoing rental income.
Where is this duplex located?
The property is located at 44-46 Dawes St 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: Two‑family property with 8 total bedrooms; First‑floor 3‑bedroom unit delivered vacant; Second‑floor 5‑bedroom unit with 2 full baths is currently rented
