Side-by-Side Duplex with
New
For Sale
$359,900
146-148 King Street, Springfield, MA 01109
Two-bedroom layouts, private storage areas, and one currently occupied unit support flexible use.
Property Size1,944 SF
Price / SF$185.13
Days on Market6
Property Features for 146-148 King Street
General Information
Standard status
Active
Size
1,944 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
R2
Net Operating Income
$16,800
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,392
Building Details
Building Size
1,944 SF
Year Built
1988
Buildings
1
Stories
6
Listing Agency:
Lock and Key Realty Inc.
(413) 557-8869
Listed By:
Yadira Pacheco
Source:
Laerrealty
Added: Aug 15
Changed: Aug 19
Last Checked: Aug 20 at 4:36AM
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 Lock and Key Realty Inc.
Investment Insights
Based on property information with market context.
This 1,944-square-foot duplex at 146-148 King Street contains two side-by-side residences, each with 2 bedrooms and 1.5 bathrooms. Both units include private basement space, gas heat, and electric hot water. The property was built in 1988 and has a shared driveway with off-street parking.
Unit #148 is occupied by a Section 8 tenant, while Unit #146 is vacant. The separate occupancy status supports either continued rental use or an owner-occupancy arrangement, subject to applicable requirements. The property is zoned R2 and is near shopping centers, schools, restaurants, public transportation, and other everyday services.
Unit #148 is occupied by a Section 8 tenant, while Unit #146 is vacant. The separate occupancy status supports either continued rental use or an owner-occupancy arrangement, subject to applicable requirements. The property is zoned R2 and is near shopping centers, schools, restaurants, public transportation, and other everyday services.
Key Highlights
- Two side‑by‑side units, each with 2 bedrooms and 1.5 bathrooms
- 1,944 square feet on a 0.5? acre?
- Private basement space provided 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
$28,775
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
8.00%
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%
$575,500
$575.5K
Cap Rate 7%
$411,071
$411.1K
Cap Rate 9%
$319,722
$319.7K
Market Conditions
NOI Build-Up for 1,944 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
$43.2K $22.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$41.1K $21.15/SF
− OpEx
−$12.3K −$6.34/SF
NOI
$28.8K $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%
$575,500
Cap Rate 7%
$411,071
Cap Rate 9%
$319,722
Alternative Uses
Best Use
Multifamily LT 5
$411.1K
$359.7K – $479.6K
NOI $28,775 @ 7.0% cap · market cap 8.00%
Second Best
Apartment 5plus
$365.7K
$320.0K – $426.6K
NOI $25,597 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$527.9K
$461.9K – $615.9K
NOI $36,952 @ 7.0% cap · market cap 10.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,074
Businesses Nearby
Explore this area
Business Placement
Demographics for 01109, MA
30,968
Population
10,786
Households
2.9
Avg Household Size
30
Median Age
17%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
5,735
Density / Sq Mi
$46,821
Median Household Income
$34,971
Median Earnings
$1,112
Median Rent
$203,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom layouts, private storage areas, and one currently occupied unit support flexible use.
Where is this duplex located?
The property is located at 146-148 King Street Springfield, MA.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Two side‑by‑side units, each with 2 bedrooms and 1.5 bathrooms; 1,944 square feet on a 0.5? acre?; Private basement space provided for each unit
