Vacant Two-Unit Residential
For Sale
$319,000
15-17 Santa Barbara Street, Springfield, MA 01104
Fully vacant duplex offers two 2BR/1BA units, with recent roof, furnaces, and mini split systems.
Property Size1,880 SF
Price / SF$169.68
Days on Market43
Property Features for 15-17 Santa Barbara Street
General Information
Standard status
Active
Size
1,880 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1927
Listing Agency:
Lowe & Lowe Realty Co.
(413) 799-3826
Listed By:
Jasmin Lowe
(413) 586-7000
Source:
Gogginsrealestate
Added: Jul 14
Changed: Aug 23
Last Checked: Aug 24 at 6:27AM
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.
Investment Insights
Based on property information with market context.
15-17 Santa Barbara St. presents a fully vacant two-unit residential income property. The building is configured as two separate apartments, each with two bedrooms and one full bath and functional layouts with lots of natural light. The second-floor unit includes a generous-sized pantry and two private porches, and the layout is described as potentially convertible to a three-bedroom configuration.
Major updates have been completed, including a roof approximately two years old and both furnaces plus all four mini split systems installed within the last two years. Both units are being delivered completely vacant, allowing the next owner to select tenants and establish rents.
Major updates have been completed, including a roof approximately two years old and both furnaces plus all four mini split systems installed within the last two years. Both units are being delivered completely vacant, allowing the next owner to select tenants and establish rents.
Key Highlights
- Fully vacant two‑unit duplex (15‑17 Santa Barbara St) in Springfield, MA, each unit offers 2 bedrooms and 1 full bath
- Both apartments feature functional layouts with lots of natural light
- 2nd‑floor unit includes a generous‑sized pantry and two private porches
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
$27,827
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
8.72%
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%
$556,540
$556.5K
Cap Rate 7%
$397,529
$397.5K
Cap Rate 9%
$309,189
$309.2K
Market Conditions
NOI Build-Up for 1,880 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
$41.7K $22.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$39.8K $21.15/SF
− OpEx
−$11.9K −$6.34/SF
NOI
$27.8K $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%
$556,540
Cap Rate 7%
$397,529
Cap Rate 9%
$309,189
Alternative Uses
Best Use
Multifamily LT 5
$397.5K
$347.8K – $463.8K
NOI $27,827 @ 7.0% cap · market cap 8.72%
Second Best
Apartment 5plus
$353.6K
$309.4K – $412.6K
NOI $24,754 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$510.5K
$446.7K – $595.6K
NOI $35,735 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
453
Businesses Nearby
Explore this area
Business Placement
Demographics for 01104, MA
23,598
Population
9,562
Households
2.5
Avg Household Size
38
Median Age
13%
College-Educated
77%
High-School Grad
5.2 sq mi
ZIP Area
4,538
Density / Sq Mi
$47,530
Median Household Income
$37,463
Median Earnings
$1,004
Median Rent
$210,800
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 - Fully vacant duplex offers two 2BR/1BA units, with recent roof, furnaces, and mini split systems.
Where is this duplex located?
The property is located at 15-17 Santa Barbara Street Springfield, MA.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: Fully vacant two‑unit duplex (15‑17 Santa Barbara St) in Springfield, MA, each unit offers 2 bedrooms and 1 full bath; Both apartments feature functional layouts with lots of natural light; 2nd‑floor unit includes a generous‑sized pantry and two private porches
