Updated Duplex with
New
For Sale
$415,000
132 Grover St, Springfield, MA 01104
Two residential units offer separate layouts, updated kitchens, and a vacant first-floor apartment.
Property Size2,604 SF
Price / SF$159.37
Days on Market5
Property Features for 132 Grover St
General Information
Standard status
Active
Size
2,604 SF
Total Parking Spaces
2
Property subtype
2 Family - 2 Units Up/Down
Units
Unit Mix
1 x 2BR/1BA, 1 x 5BR/1BA
Multifamily Units
2
Building Details
Building Size
2,604 SF
Year Built
1899
Listing Agency:
Naples Realty Group
(413) 218-0848
Listed By:
Ryan McDowell
(413) 218-0848
Source:
Iverty
Added: Aug 28
Changed: Aug 31
Last Checked: Aug 31 at 3:44PM
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 Naples Realty Group
Investment Insights
Based on property information with market context.
This two-family property contains 2,604 square feet across a first-floor apartment and a combined second- and third-floor unit. The lower apartment is vacant and includes 2 bedrooms, 1 full bathroom, hardwood flooring, fresh paint, vinyl replacement windows, and an updated kitchen. The upper residence is leased month to month and provides 5 bedrooms, 1 bathroom, hardwood and vinyl flooring, vinyl windows, and another updated kitchen.
The property also includes newer vinyl siding, gas heating, and a detached 2-car garage. Built in 1899, it is located at 132 Grover Street in Springfield, Massachusetts.
The property also includes newer vinyl siding, gas heating, and a detached 2-car garage. Built in 1899, it is located at 132 Grover Street in Springfield, Massachusetts.
Key Highlights
- 2,604‑square‑foot duplex with 2 residential units
- Vacant first‑floor unit with 2 bedrooms and 1 full bathroom
- Second- and third‑floor unit includes 5 bedrooms and 1 bathroom
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
$34,287
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
8.26%
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%
$685,740
$685.7K
Cap Rate 7%
$489,814
$489.8K
Cap Rate 9%
$380,967
$381.0K
Market Conditions
NOI Build-Up for 2,604 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
$65.6K $25.20/SF
− Vacancy
−$3.3K −$1.26/SF
EGI
$62.3K $23.94/SF
− OpEx
−$28.1K −$10.77/SF
NOI
$34.3K $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%
$685,740
Cap Rate 7%
$489,814
Cap Rate 9%
$380,967
Alternative Uses
Best Use
Multifamily LT 5
$550.6K
$481.8K – $642.4K
NOI $38,544 @ 7.0% cap · market cap 9.29%
Second Best
Apartment 5plus
$489.8K
$428.6K – $571.5K
NOI $34,287 @ 7.0% cap · market cap 8.26%
Theoretical Best
Office A
$707.1K
$618.7K – $825.0K
NOI $49,497 @ 7.0% cap · market cap 11.93%
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
500
Businesses Nearby
Explore this area
Business Placement
Demographics for 01104, MA
23,598
Population
9,562
Households
2.5
Avg Household Size
38
Median Age
13%
College-Educated
77%
High-School Grad
5.2 sq mi
ZIP Area
4,538
Density / Sq Mi
$47,530
Median Household Income
$37,463
Median Earnings
$1,004
Median Rent
$210,800
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 separate layouts, updated kitchens, and a vacant first-floor apartment.
Where is this duplex located?
The property is located at 132 Grover St Springfield, MA.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 2,604‑square‑foot duplex with 2 residential units; Vacant first‑floor unit with 2 bedrooms and 1 full bathroom; Second- and third‑floor unit includes 5 bedrooms and 1 bathroom
