Two-Unit Residential Income
For Sale
$398,000
1386-1388 Worcester St, Springfield, MA 01151
Two-family property with two porches, off-street rear parking, and an unfinished walk-up third floor for added space.
Property Size1,886 SF
Price / SF$211.03
Days on Market125
Property Features for 1386-1388 Worcester St
General Information
Standard status
Active
Size
1,886 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
RES
Site & Location
Neighborhood
Indian Orchard
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$259,200
Building Details
Building Size
1,886 SF
Year Built
1900
Stories
3
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty - Western MA
(413) 567-8931
Listed By:
Marisol Franco · License #9538287
(413) 427-0151
Source:
Churchillprop
Added: Jun 24
Changed: Oct 25
Last Checked: Oct 24 at 2:10PM
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 Coldwell Banker Realty - Western MA
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Investment Insights
Based on property information with market context.
This two-family residential income property includes two separate units, each with 2 bedrooms, a living room, dining area, full bath, and a kitchen with stone countertops. Both units also have their own porches. An unfinished walk-up third floor provides three additional rooms that may be finished for extra living space, such as an office, bedrooms, or storage.
Off-street parking is located to the rear of the property. The home is described as being near shopping, restaurants, parks, public transportation, and major routes.
Major improvements noted include a roof approximately 6–7 years old, along with heating systems and mechanicals approximately 2–3 years old. Immediate occupancy is indicated, and an open house is scheduled for Saturday, June 27th from 11:30am–1:00pm.
Off-street parking is located to the rear of the property. The home is described as being near shopping, restaurants, parks, public transportation, and major routes.
Major improvements noted include a roof approximately 6–7 years old, along with heating systems and mechanicals approximately 2–3 years old. Immediate occupancy is indicated, and an open house is scheduled for Saturday, June 27th from 11:30am–1:00pm.
Key Highlights
- Two‑family property built in 1900 with 2 bedrooms, living room, dining area, full bath, and kitchen with stone countertops in each unit
- Each unit has its own porch for outdoor space
- Unfinished walk‑up third floor with three additional rooms for future living space, home office, bedrooms, or storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,916
Cap Rate
7.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$558,320
$558.3K
Cap Rate 7%
$398,800
$398.8K
Cap Rate 9%
$310,178
$310.2K
Market Conditions
NOI Build-Up for 1,886 SF
Gross rent
$41.9K $22.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$39.9K $21.15/SF
− OpEx
−$12.0K −$6.34/SF
NOI
$27.9K $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 Rate 5%
$558,320
Cap Rate 7%
$398,800
Cap Rate 9%
$310,178
Alternative Uses
Best Use
Multifamily LT 5
$398.8K
$349.0K – $465.3K
NOI $27,916 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$354.8K
$310.4K – $413.9K
NOI $24,833 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$512.1K
$448.1K – $597.5K
NOI $35,849 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
529
Businesses Nearby
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Business Placement
Demographics for 01151, MA
9,150
Population
3,959
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
77%
High-School Grad
2.4 sq mi
ZIP Area
3,813
Density / Sq Mi
$57,113
Median Household Income
$39,117
Median Earnings
$1,239
Median Rent
$219,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two-family property with two porches, off-street rear parking, and an unfinished walk-up third floor for added space.
Where is this duplex located?
The property is located at 1386-1388 Worcester St Springfield, MA.
What is the asking price?
The asking price for this property is $398,000.
What are key features of this property?
This property features: Two‑family property built in 1900 with 2 bedrooms, living room, dining area, full bath, and kitchen with stone countertops in each unit; Each unit has its own porch for outdoor space; Unfinished walk‑up third floor with three additional rooms for future living space, home office, bedrooms, or storage
