Two-Family Residential Income
1644-1646 North Main Street Palmer, MA 01069
1644-1646 North Main Street, Palmer, MA, 01069
$369,000
For Sale
$369,000
Two-unit home with separate laundry hookups, enclosed porches, and updated roof and electrical systems.
Property Size2,054 SF
Price / SF$179.65
Days on Market41
Property Features for 1644-1646 North Main Street
General Information
- Standard status
- Active
- Size
- 2,054 SF
- Property subtype
- Multi-family / 2 Family
Building Details
- Year Built
- 1900
Listing agency
Lock and Key Realty Inc.
(413) 282-8080
Listed by
Patriot Living Group
(413) 282-8080
Source
Compass
Added: Jun 12 Updated: Jul 21 at 7:54AM Checked: Jul 21 at 7:54AM
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 Lock and Key Realty Inc.
Investment Insights
Based on property information with market context.
This well-maintained two-family home includes an occupied first-floor unit with 2 bedrooms and a vacant second-floor unit with 3 bedrooms. Both apartments feature spacious enclosed porches, separate laundry hookups in the basement, and ample storage. Updates include new vinyl siding, replacement vinyl windows throughout, LVP flooring and granite countertops in the vacant unit, and a new roof installed in 2024.
The property provides off-street parking and convenience to Baystate Wing Hospital and the Mass Pike, supporting easy access for residents and commuters.
Each unit is served by its own forced-air furnace, with both furnaces replaced within the last five years. Both electrical panels were replaced in 2024, providing additional recent improvements across the property.
The property provides off-street parking and convenience to Baystate Wing Hospital and the Mass Pike, supporting easy access for residents and commuters.
Each unit is served by its own forced-air furnace, with both furnaces replaced within the last five years. Both electrical panels were replaced in 2024, providing additional recent improvements across the property.
Key Highlights
- Two‑family home with a vacant second‑floor unit (3 bedrooms) and an occupied first‑floor unit (2 bedrooms)
- Enclosed porches for both units, plus separate laundry hookups in the full basement
- Updates include new vinyl siding and vinyl replacement windows throughout
Local 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 | $40.7k | $19.80 |
| − Vacancy | −$2.2k | −$1.09 |
| EGI | $38.4k | $18.71 |
| − OpEx | −$11.5k | −$5.61 |
| NOI | $26.9k | $13.10 |
2,054 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$384.3K
$336.3K – $448.4K
NOI $26,903 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$356.2K
$311.7K – $415.5K
NOI $24,932 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,614 @ 7.0% cap · market cap 24.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two-unit home with separate laundry hookups, enclosed porches, and updated roof and electrical systems.
Where is this duplex located?
The property is located at 1644-1646 North Main Street Palmer, MA.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Two‑family home with a vacant second‑floor unit (3 bedrooms) and an occupied first‑floor unit (2 bedrooms); Enclosed porches for both units, plus separate laundry hookups in the full basement; Updates include new vinyl siding and vinyl replacement windows throughout
