3-Unit Triplex with Updated
For Sale
$450,000
190 Oak Street, Springfield, MA 01151
Three residential apartments include separate kitchens and baths, with laundry connections and storage in the basement.
Property Size2,836 SF
Price / SF$158.67
Days on Market9
Property Features for 190 Oak Street
General Information
Standard status
Active
Size
2,836 SF
Property subtype
Multi-family
Lease Term
[]
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Building Details
Year Built
1916
Listing Agency:
Keller Williams Realty
Listed By:
Tanya Harvey Group
(413) 565-5478
Source:
Foster-healey
Added: Oct 13
Changed: Oct 21
Last Checked: Oct 20 at 11:42PM
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
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Investment Insights
Based on property information with market context.
This 2,836-square-foot triplex, built in 1916, contains three apartments. Units 1 and 2 each have two bedrooms, a formal living room, dining room, eat-in kitchen, and full bath. Unit 3 has a combined living and dining area, an eat-in kitchen, and a bathroom with a shower stall. Wood and tile flooring are present throughout. Two apartments have received lead treatment for Section 8 requirements.
The property has updated electrical, a newer furnace and hot water tanks, and a basement that was professionally air-sealed and insulated following a Mass Save Home Energy Assessment. The basement also provides separate washer and dryer connections and storage areas. Unit 2 is vacant, and the leases for Units 1 and 3 are nearing expiration.
The property is near shops, parks, public transportation, Route 20, and the Mass Pike. Outdoor features include a front yard and a larger yard for gathering.
The property has updated electrical, a newer furnace and hot water tanks, and a basement that was professionally air-sealed and insulated following a Mass Save Home Energy Assessment. The basement also provides separate washer and dryer connections and storage areas. Unit 2 is vacant, and the leases for Units 1 and 3 are nearing expiration.
The property is near shops, parks, public transportation, Route 20, and the Mass Pike. Outdoor features include a front yard and a larger yard for gathering.
Key Highlights
- Three apartments in a 2,836‑square‑foot building constructed in 1916
- Units 1 and 2 each have two bedrooms, a formal living room, dining room, eat‑in kitchen, and full bath
- Unit 3 has a combined living and dining area, eat‑in kitchen, and shower‑stall bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,342
Cap Rate
8.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$746,840
$746.8K
Cap Rate 7%
$533,457
$533.5K
Cap Rate 9%
$414,911
$414.9K
Market Conditions
NOI Build-Up for 2,836 SF
Gross rent
$71.5K $25.20/SF
− Vacancy
−$3.6K −$1.26/SF
EGI
$67.9K $23.94/SF
− OpEx
−$30.6K −$10.77/SF
NOI
$37.3K $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 Rate 5%
$746,840
Cap Rate 7%
$533,457
Cap Rate 9%
$414,911
Alternative Uses
Best Use
Multifamily LT 5
$599.7K
$524.7K – $699.6K
NOI $41,978 @ 7.0% cap · market cap 9.33%
Second Best
Apartment 5plus
$533.5K
$466.8K – $622.4K
NOI $37,342 @ 7.0% cap · market cap 8.30%
Theoretical Best
Office A
$770.1K
$673.8K – $898.5K
NOI $53,907 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
416
Businesses Nearby
Explore this area
Business Placement
Demographics for 01151, MA
9,150
Population
3,959
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
77%
High-School Grad
2.4 sq mi
ZIP Area
3,813
Density / Sq Mi
$57,113
Median Household Income
$39,117
Median Earnings
$1,239
Median Rent
$219,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three residential apartments include separate kitchens and baths, with laundry connections and storage in the basement.
Where is this triplex located?
The property is located at 190 Oak Street 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: Three apartments in a 2,836‑square‑foot building constructed in 1916; Units 1 and 2 each have two bedrooms, a formal living room, dining room, eat‑in kitchen, and full bath; Unit 3 has a combined living and dining area, eat‑in kitchen, and shower‑stall bathroom
