Duplex with Vacant Second
For Sale
$399,900
17-19 Howes St, Springfield, MA 01118
Duplex built in 1929 with a tenant-occupied unit and a vacant second-floor 3-bedroom unit with remodeled bath.
Property Size2,612 SF
Price / SF$153.10
Days on Market53
Property Features for 17-19 Howes St
General Information
Standard status
Active
Size
2,612 SF
Property subtype
2 Family - 2 Units Up/Down
Building Details
Building Size
2,612 SF
Year Built
1929
Listing Agency:
Keller Williams Realty
(413) 374-6833
Listed By:
Heather Bennet
(413) 374-6833
Source:
Iverty
Added: Jul 10
Changed: Aug 8
Last Checked: Jul 31 at 5:39AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Constructed in 1929, this duplex offers a total of five bedrooms and two bathrooms across two units. The property includes a second-floor unit that is currently vacant, featuring a three-bedroom layout and a newly remodeled bathroom with a walk-in shower. That unit also provides access to a walk-up attic and loft area, and there is a storage unit on the first floor for additional convenience.
A spacious basement supports separate storage areas for each tenant or owner-occupant, and the exterior includes a two-car carport and a large backyard deck. One unit has long-standing tenants who have resided here for more than 15 years and are interested in continuing their residency.
Located in the East Forest Park area of Springfield, the duplex offers both an income-producing setup and an immediately available second-floor configuration for an owner-occupant or investor seeking optionality.
A spacious basement supports separate storage areas for each tenant or owner-occupant, and the exterior includes a two-car carport and a large backyard deck. One unit has long-standing tenants who have resided here for more than 15 years and are interested in continuing their residency.
Located in the East Forest Park area of Springfield, the duplex offers both an income-producing setup and an immediately available second-floor configuration for an owner-occupant or investor seeking optionality.
Key Highlights
- Duplex built in 1929 with 2,612 SF of living space
- 5 bedrooms and 2 bathrooms total
- Tenant‑occupied unit plus a vacant second‑floor 3‑bedroom 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
$34,392
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
8.60%
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%
$687,840
$687.8K
Cap Rate 7%
$491,314
$491.3K
Cap Rate 9%
$382,133
$382.1K
Market Conditions
NOI Build-Up for 2,612 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
$65.8K $25.20/SF
− Vacancy
−$3.3K −$1.26/SF
EGI
$62.5K $23.94/SF
− OpEx
−$28.1K −$10.77/SF
NOI
$34.4K $13.17/SF
Area
Springfield, MA
Vacancy
5.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$687,840
Cap Rate 7%
$491,314
Cap Rate 9%
$382,133
Alternative Uses
Best Use
Multifamily LT 5
$552.3K
$483.3K – $644.4K
NOI $38,662 @ 7.0% cap · market cap 9.67%
Second Best
Apartment 5plus
$491.3K
$429.9K – $573.2K
NOI $34,392 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$709.3K
$620.6K – $827.5K
NOI $49,649 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
626
Businesses Nearby
Explore this area
Business Placement
Demographics for 01118, MA
14,296
Population
5,787
Households
2.5
Avg Household Size
40
Median Age
30%
College-Educated
91%
High-School Grad
3.6 sq mi
ZIP Area
3,971
Density / Sq Mi
$80,906
Median Household Income
$48,486
Median Earnings
$1,220
Median Rent
$243,800
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 - Duplex built in 1929 with a tenant-occupied unit and a vacant second-floor 3-bedroom unit with remodeled bath.
Where is this duplex located?
The property is located at 17-19 Howes St Springfield, MA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Duplex built in 1929 with 2,612 SF of living space; 5 bedrooms and 2 bathrooms total; Tenant‑occupied unit plus a vacant second‑floor 3‑bedroom unit
