Updated Three-Unit
New
For Sale
$499,999
335 Oakland St, Springfield, MA 01108
Three two-bedroom units with separate utilities, updated interiors, and two vacant apartments.
Property Size3,000 SF
Days on Market6
Property Features for 335 Oakland St
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Investment
Units
Unit Mix
3 x 2BR
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,676
Building Details
Building Size
3,000 SF
Year Built
1957
Stories
3
Units
3
Listing Agency:
Property Investors & Advisors, LLC
Listed By:
Olotu J. Wariebi · License #9578131
(508) 335-5076
Source:
Elliman
Added: Sep 10
Last Checked: Sep 15 at 5:42AM
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 Property Investors & Advisors, LLC
Investment Insights
Based on property information with market context.
This triplex contains 2900+ square feet of living space arranged as three two-bedroom units. Two apartments are vacant, while improvements include updated kitchens and bathrooms, newer flooring, replacement windows, aluminum siding, and a rubber roof. Each unit has its own gas heat, electric panel, and hot water tank, supporting separate utility management. Gas furnaces and water heaters are in place throughout the property.
The parcel at 335 Oakland St includes a broad paved driveway and a spacious backyard. Built in 1957, the property is positioned in a walkable Springfield setting with a Walk Score of 81, a Transit Score of 58, and a Bike Score of 39. The combination of three similarly configured units and two available apartments provides flexibility for an owner-occupant or multifamily investor.
The parcel at 335 Oakland St includes a broad paved driveway and a spacious backyard. Built in 1957, the property is positioned in a walkable Springfield setting with a Walk Score of 81, a Transit Score of 58, and a Bike Score of 39. The combination of three similarly configured units and two available apartments provides flexibility for an owner-occupant or multifamily investor.
Key Highlights
- Three‑unit property with 2900+ square feet of living space
- Three 2‑bedroom units with two apartments currently vacant
- Separate gas heat, electric panels, and hot water tanks for each unit
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
$44,406
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
8.88%
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%
$888,120
$888.1K
Cap Rate 7%
$634,371
$634.4K
Cap Rate 9%
$493,400
$493.4K
Market Conditions
NOI Build-Up for 3,000 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
$66.6K $22.20/SF
− Vacancy
−$3.2K −$1.05/SF
EGI
$63.4K $21.15/SF
− OpEx
−$19.0K −$6.34/SF
NOI
$44.4K $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%
$888,120
Cap Rate 7%
$634,371
Cap Rate 9%
$493,400
Alternative Uses
Best Use
Multifamily LT 5
$634.4K
$555.1K – $740.1K
NOI $44,406 @ 7.0% cap · market cap 8.88%
Second Best
Apartment 5plus
$564.3K
$493.8K – $658.4K
NOI $39,501 @ 7.0% cap · market cap 7.90%
Theoretical Best
Office A
$814.6K
$712.8K – $950.4K
NOI $57,024 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,032
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
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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?
Triplex - Three two-bedroom units with separate utilities, updated interiors, and two vacant apartments.
Where is this triplex located?
The property is located at 335 Oakland St Springfield, MA.
What is the asking price?
The asking price for this property is $499,999.
What are key features of this property?
This property features: Three‑unit property with 2900+ square feet of living space; Three 2‑bedroom units with two apartments currently vacant; Separate gas heat, electric panels, and hot water tanks for each unit
