Three-Story Multifamily
New
For Sale
$369,900
117-119 Groveland St, Springfield, MA 01108
Income-producing residential property with garage parking and flexible month-to-month tenancy.
Property Size2,189 SF
Lot Size0.12 Acres
Price / SF$168.98
Days on Market5
Property Features for 117-119 Groveland St
General Information
Standard status
Active
Size
2,189 SF
Total Parking Spaces
2
Lot size
0.12 Acres
Property subtype
Investment
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,191
Building Details
Building Size
2,189 SF
Year Built
1925
Stories
3
Units
2
Listing Agency:
(413) 478-2605
Listed By:
Dawn Rodgers · License #452513712
(413) 478-2605
Source:
Elliman
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 19 at 12:09PM
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 Dawn Rodgers
Investment Insights
Based on property information with market context.
This multifamily property contains 2,189 square feet of living area across three stories, with six bedrooms and three full bathrooms. Two dedicated garage spaces add secured off-street parking, while the 5,053-square-foot lot provides outdoor space around the residence. Constructed in 1925, the property offers a residential configuration suited to multiple occupants or extended household use.
Current tenants are up to date on rent and occupy the property under month-to-month leases. The residence is located near the East Longmeadow and Longmeadow line, with access to I-91 and nearby Forest Park, colleges, hospitals, and MGM.
Current tenants are up to date on rent and occupy the property under month-to-month leases. The residence is located near the East Longmeadow and Longmeadow line, with access to I-91 and nearby Forest Park, colleges, hospitals, and MGM.
Key Highlights
- 2,189 SF of living space across three stories
- Six bedrooms and three full bathrooms
- Two dedicated garage spaces
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
$32,401
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
8.76%
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%
$648,020
$648.0K
Cap Rate 7%
$462,871
$462.9K
Cap Rate 9%
$360,011
$360.0K
Market Conditions
NOI Build-Up for 2,189 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
$48.6K $22.20/SF
− Vacancy
−$2.3K −$1.05/SF
EGI
$46.3K $21.15/SF
− OpEx
−$13.9K −$6.34/SF
NOI
$32.4K $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%
$648,020
Cap Rate 7%
$462,871
Cap Rate 9%
$360,011
Alternative Uses
Best Use
Multifamily LT 5
$462.9K
$405.0K – $540.0K
NOI $32,401 @ 7.0% cap · market cap 8.76%
Second Best
Apartment 5plus
$411.8K
$360.3K – $480.4K
NOI $28,823 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$594.4K
$520.1K – $693.5K
NOI $41,609 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
531
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Income-producing residential property with garage parking and flexible month-to-month tenancy.
Where is this multifamily property located?
The property is located at 117-119 Groveland St Springfield, MA.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: 2,189 SF of living space across three stories; Six bedrooms and three full bathrooms; Two dedicated garage spaces
