Duplex Property with Detached
New
For Sale
$649,900
173-175 Johnson Street, Springfield, MA 01108
Two rented homes and a multi-door garage building provide residential income space with additional storage and parking.
Property Size3,300 SF
Price / SF$196.94
Days on Market2
Property Features for 173-175 Johnson Street
General Information
Standard status
Active
Size
3,300 SF
Total Parking Spaces
29
Property subtype
Residential Income
Zoning
R2
Occupancy
100%
Net Operating Income
$39,000
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,885
Building Details
Building Size
3,300 SF
Year Built
1901
Buildings
3
Tenancy
Multi
Listing Agency:
Class Realty, Inc.
Listed By:
Nikolay Yusenko · License #9035453
(413) 348-0950
Source:
413realestate
Added: Sep 9
Last Checked: Sep 9 at 2:13PM
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 Class Realty, Inc.
Investment Insights
Based on property information with market context.
This R2-zoned duplex property includes two single-family residences and a detached garage building. The homes share a practical layout with living rooms, kitchens, dining areas, three bedrooms, and full bathrooms. Interior and exterior features include hardwood floors, wood cabinetry, decks, vinyl siding, and gas heat. One residence also has a partially finished basement with two rooms and a bathroom. The property was built in 1901 and contains 3,300 square feet.
The detached garage building adds substantial utility, with eleven garage doors accommodating up to sixteen vehicles. A second-floor area provides additional storage. Both residences are currently occupied under month-to-month rental arrangements, creating multiple income-producing components at 173-175 Johnson Street in Springfield.
The detached garage building adds substantial utility, with eleven garage doors accommodating up to sixteen vehicles. A second-floor area provides additional storage. Both residences are currently occupied under month-to-month rental arrangements, creating multiple income-producing components at 173-175 Johnson Street in Springfield.
Key Highlights
- Two single‑family residences, each with three bedrooms and one full bathroom
- Detached garage building with eleven garage doors
- Garage capacity for up to sixteen vehicles
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
$48,846
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
7.52%
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%
$976,920
$976.9K
Cap Rate 7%
$697,800
$697.8K
Cap Rate 9%
$542,733
$542.7K
Market Conditions
NOI Build-Up for 3,300 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
$73.3K $22.20/SF
− Vacancy
−$3.5K −$1.05/SF
EGI
$69.8K $21.15/SF
− OpEx
−$20.9K −$6.34/SF
NOI
$48.8K $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%
$976,920
Cap Rate 7%
$697,800
Cap Rate 9%
$542,733
Alternative Uses
Best Use
Multifamily LT 5
$697.8K
$610.6K – $814.1K
NOI $48,846 @ 7.0% cap · market cap 7.52%
Second Best
Apartment 5plus
$620.7K
$543.1K – $724.2K
NOI $43,451 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$896.1K
$784.1K – $1.05M
NOI $62,726 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
973
Businesses Nearby
Explore this area
Business Placement
Demographics for 01108, MA
27,671
Population
11,332
Households
2.4
Avg Household Size
33
Median Age
21%
College-Educated
81%
High-School Grad
3.4 sq mi
ZIP Area
8,139
Density / Sq Mi
$51,851
Median Household Income
$34,539
Median Earnings
$1,224
Median Rent
$219,500
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 rented homes and a multi-door garage building provide residential income space with additional storage and parking.
Where is this duplex located?
The property is located at 173-175 Johnson Street Springfield, MA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Two single‑family residences, each with three bedrooms and one full bathroom; Detached garage building with eleven garage doors; Garage capacity for up to sixteen vehicles
