Two-Unit Residential Income
1386-1388 Worcester St Springfield, MA 01151
For Sale
$429,000
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$227.47
Days on Market31
Property Features for 1386-1388 Worcester St
General Information
- Standard status
- Active
- Size
- 1,886 SF
- Property subtype
- 2 Family - 2 Units Up/Down
Building Details
- Year Built
- 1900
Listing Agency:
Coldwell Banker Realty - Western MA
(413) 427-0151
Listed By:
Marisol Franco
(413) 427-0151
Source:
Lockandkeyre
Added: Jun 24
Changed: Jul 23
Last Checked: Jul 23 at 7:02AM
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
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 For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $41.9k | $22.20 |
| − Vacancy | −$2.0k | −$1.05 |
| EGI | $39.9k | $21.15 |
| − OpEx | −$12.0k | −$6.34 |
| NOI | $27.9k | $14.80 |
1,886 SF · lease $22.20/SF/yr · vacancy 4.75% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$398.8K
$349.0K – $465.3K
NOI $27,916 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$354.8K
$310.4K – $413.9K
NOI $24,833 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$512.1K
$448.1K – $597.5K
NOI $35,849 @ 7.0% cap · market cap 8.36%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
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 $429,000.
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
