Tenant-Occupied
New
For Sale
$450,000
15-17 Slater Avenue, Springfield, MA 01119
Duplex with tenants in place, rear paved parking, and convenient highway access.
Property Size1,715 SF
Price / SF$262.39
Days on Market4
Property Features for 15-17 Slater Avenue
General Information
Standard status
Active
Size
1,715 SF
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1989
Buildings
1
Listing Agency:
First Place Realty
Listed By:
Stephen Byrne
(413) 665-3771
Source:
Cbcommunityrealtors
Added: Sep 3
Changed: Sep 6
Last Checked: Sep 6 at 9:54AM
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 First Place Realty
Investment Insights
Based on property information with market context.
This duplex at 15-17 Slater Avenue offers 1,715 square feet of residential space and is being sold with the existing tenants remaining. The property was built in 1989 and includes a large paved parking area behind the building.
Located in Springfield, Massachusetts, the property provides access to nearby amenities and highway connections. Its occupied configuration and on-site parking offer a straightforward setup for buyers seeking a residential income property.
Located in Springfield, Massachusetts, the property provides access to nearby amenities and highway connections. Its occupied configuration and on-site parking offer a straightforward setup for buyers seeking a residential income property.
Key Highlights
- Tenants remain in place with the sale
- 1,715 SF duplex built in 1989
- Large paved parking lot at the rear
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
$25,385
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
5.64%
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%
$507,700
$507.7K
Cap Rate 7%
$362,643
$362.6K
Cap Rate 9%
$282,056
$282.1K
Market Conditions
NOI Build-Up for 1,715 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
$38.1K $22.20/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$36.3K $21.15/SF
− OpEx
−$10.9K −$6.34/SF
NOI
$25.4K $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%
$507,700
Cap Rate 7%
$362,643
Cap Rate 9%
$282,056
Alternative Uses
Best Use
Multifamily LT 5
$362.6K
$317.3K – $423.1K
NOI $25,385 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$322.6K
$282.3K – $376.4K
NOI $22,581 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$465.7K
$407.5K – $543.3K
NOI $32,599 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
333
Businesses Nearby
Explore this area
Business Placement
Demographics for 01119, MA
14,393
Population
5,517
Households
2.6
Avg Household Size
35
Median Age
20%
College-Educated
88%
High-School Grad
3.5 sq mi
ZIP Area
4,112
Density / Sq Mi
$59,172
Median Household Income
$45,179
Median Earnings
$1,181
Median Rent
$222,900
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 - Duplex with tenants in place, rear paved parking, and convenient highway access.
Where is this duplex located?
The property is located at 15-17 Slater Avenue Springfield, MA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Tenants remain in place with the sale; 1,715 SF duplex built in 1989; Large paved parking lot at the rear
