Two-Unit Duplex with Updated
1403 Worcester St., Springfield, MA 01151
For Sale
$349,999
Pending
One apartment is vacant at closing, while the upper unit has a long-term tenant who wishes to stay.
Property Size1,916 SF
Days on Market17
Property Features for 1403 Worcester St.
General Information
Standard status
Size
Property subtype
Lease Term
Site & Location
Neighborhood
Additional Details
Multifamily Units
Tenant in Place
Amenities
in-unit laundry
basement storage
front and back porches/deck
Building Details
Building Size
Year Built
Buildings
Stories
Listing Agency:
Lowe & Lowe Realty Co.
(413) 426-9749
Listed By:
Jasmin Lowe
(413) 799-3826
Source:
Iverty
Added: Oct 25
Changed: Nov 8
Last Checked: Nov 10 at 8:20AM
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 Lowe & Lowe Realty Co.
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Investment Insights
Based on property information with market context.
This 1,800-square-foot duplex contains two apartments. The first-floor unit has two bedrooms, an eat-in kitchen, a full bathroom, and in-unit laundry; it will be vacant at closing. The second-floor apartment includes three bedrooms, a combined living and dining room, and one full bathroom, with a long-term tenant who would like to remain. Improvements include hardwood flooring, newer carpet, updated bathrooms, a new roof, new hot water tanks, and front and rear porches or decks. Basement storage is also available.
Built in 1916, the property offers distinct two- and three-bedroom layouts, with laundry in the first-floor apartment and a tenant in place upstairs.
Built in 1916, the property offers distinct two- and three-bedroom layouts, with laundry in the first-floor apartment and a tenant in place upstairs.
Key Highlights
- Two‑unit duplex with 1,800 square feet
- First‑floor apartment has two bedrooms, an eat‑in kitchen, full bath, and in‑unit laundry; delivered vacant at closing
- Second‑floor apartment has three bedrooms, a living/dining room combination, and a full bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,643
Cap Rate
7.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$532,860
$532.9K
Cap Rate 7%
$380,614
$380.6K
Cap Rate 9%
$296,033
$296.0K
Market Conditions
NOI Build-Up for 1,800 SF
Gross rent
$40.0K $22.20/SF
− Vacancy
−$1.9K −$1.05/SF
EGI
$38.1K $21.15/SF
− OpEx
−$11.4K −$6.34/SF
NOI
$26.6K $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%
$532,860
Cap Rate 7%
$380,614
Cap Rate 9%
$296,033
Alternative Uses
Best Use
Multifamily LT 5
$380.6K
$333.0K – $444.1K
NOI $26,643 @ 7.0% cap · market cap 7.61%
Second Best
Apartment 5plus
$338.6K
$296.3K – $395.0K
NOI $23,701 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$488.8K
$427.7K – $570.2K
NOI $34,214 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
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
$219,800
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Springfield, MA
Properties on Market for Duplexes in Springfield
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - One apartment is vacant at closing, while the upper unit has a long-term tenant who wishes to stay.
Where is this duplex located?
The property is located at 1403 Worcester St. Springfield, MA.
What is the asking price?
The asking price for this property is $349,999.
What are key features of this property?
This property features: Two‑unit duplex with 1,800 square feet; First‑floor apartment has two bedrooms, an eat‑in kitchen, full bath, and in‑unit laundry; delivered vacant at closing; Second‑floor apartment has three bedrooms, a living/dining room combination, and a full bath
