Five-Unit Apartment
For Sale
$650,000
25 Leonard Ave, Westfield, MA 01085
Five-unit property with refreshed vacant apartments, separate utilities, parking, and a two-car garage.
Property Size3,576 SF
Days on Market8
Property Features for 25 Leonard Ave
General Information
Standard status
Active
Size
3,576 SF
Property subtype
Investment
Units
Unit Mix
5 x 2BR/1BA
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$6,919
Amenities
in-unit laundry
off-street parking
garage
basement laundry hookups
Building Details
Building Size
3,576 SF
Year Built
1880
Stories
5
Units
5
Listed By:
Stephanie Salerno
(860) 204-1955
Source:
Elliman
Added: Sep 19
Changed: Sep 25
Last Checked: Sep 24 at 11:23AM
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 Stephanie Salerno
Investment Insights
Based on property information with market context.
Built in 1880, this five-unit apartment property offers a consistent layout across the building, with two bedrooms and one full bath in each residence. Two units are vacant, and both have received updated kitchens, fresh paint, and new flooring. The vacant third-floor apartment adds an open kitchen-to-living arrangement and in-unit laundry.
Separate utilities support straightforward operations, while off-street parking and a two-car garage provide useful site improvements. Basement laundry hookups are also in place. Additional building updates include newer windows and two younger boilers. The property is near Westfield State University, Stanley Park, and downtown Westfield, with a walk score of 66 and a bike score of 48.
Separate utilities support straightforward operations, while off-street parking and a two-car garage provide useful site improvements. Basement laundry hookups are also in place. Additional building updates include newer windows and two younger boilers. The property is near Westfield State University, Stanley Park, and downtown Westfield, with a walk score of 66 and a bike score of 48.
Key Highlights
- Five‑unit apartment property with two bedrooms and one full bath per unit
- Two vacant apartments with updated kitchens, fresh paint, and new flooring
- Third‑floor vacant unit features an open kitchen‑to‑living layout and in‑unit laundry
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
$43,406
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
6.68%
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%
$868,120
$868.1K
Cap Rate 7%
$620,086
$620.1K
Cap Rate 9%
$482,289
$482.3K
Market Conditions
NOI Build-Up for 3,576 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
$83.2K $23.28/SF
− Vacancy
−$4.3K −$1.21/SF
EGI
$78.9K $22.07/SF
− OpEx
−$35.5K −$9.93/SF
NOI
$43.4K $12.14/SF
Area
Hampden County, MA
Vacancy
5.20%
Lease Rate
$23.28 /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%
$868,120
Cap Rate 7%
$620,086
Cap Rate 9%
$482,289
Alternative Uses
Best Use
Apartment 5plus
$620.1K
$542.6K – $723.4K
NOI $43,406 @ 7.0% cap · market cap 6.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.20M
$1.93M – $2.57M
NOI $154,277 @ 7.0% cap · market cap 23.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
Explore this area
Business Placement
Demographics for 01085, MA
41,529
Population
17,054
Households
2.4
Avg Household Size
41
Median Age
33%
College-Educated
92%
High-School Grad
59.7 sq mi
ZIP Area
696
Density / Sq Mi
$83,821
Median Household Income
$44,737
Median Earnings
$1,064
Median Rent
$296,300
Median Home Value
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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?
Apartment building - Five-unit property with refreshed vacant apartments, separate utilities, parking, and a two-car garage.
Where is this apartment building located?
The property is located at 25 Leonard Ave Westfield, MA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Five‑unit apartment property with two bedrooms and one full bath per unit; Two vacant apartments with updated kitchens, fresh paint, and new flooring; Third‑floor vacant unit features an open kitchen‑to‑living layout and in‑unit laundry
