Side-by-Side Duplex with River
For Sale
$324,000
Pending
2022-2024 Prospect Street, Palmer, MA 01080
Two-unit property with separate utilities, updated appliances, and a screened porch.
Property Size2,072 SF
Days on Market258
Property Features for 2022-2024 Prospect Street
General Information
Standard status
Pending
Size
2,072 SF
Total Parking Spaces
8
Property subtype
Multi-family / 2 Family - 2 Units Side by Side
Zoning
VC2
Net Operating Income
$10,800
Units
Unit Mix
1 x 3BR+den, 1 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,865
Amenities
screened porch
No
Wood, Carpet, Other
Range, Refrigerator, Washer, Dryer
4.0
Electric Dryer Hookup, Washer Hookup
Full, Interior Access, Unfinished Basement
Living Room, Kitchen, Office/Den
3
1
3.50
4
Scenic View(s), Yes
Shingle
Corner Lot, Sloped
Porch, Porch - Enclosed, Porch - Screened
River
Porch, Enclosed, Screened
Building Details
Year Built
1915
Buildings
1
Listing Agency:
Today Real Estate, Inc.
Listed By:
Karen St. Amand · License #9580785
(508) 398-0600
Source:
Compass
Added: Feb 18
Changed: Oct 25
Last Checked: Nov 1 at 8:43AM
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 Today Real Estate, Inc.
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Investment Insights
Based on property information with market context.
This side-by-side duplex was built in 1915 and includes two separately serviced units. The left residence has three bedrooms plus an office/den, while the right residence offers two bedrooms and two full baths. Interior features include wood and carpet flooring, a range, refrigerator, washer, and dryer. The property also includes an unfinished basement and a two-car garage.
Recent improvements include a roof installed in 2023, new carpeting, and updated appliances. Exterior features include landscaped grounds, a corner-lot setting, a screened porch, and river views. The property is zoned VC2 and includes separate utilities for the two units.
Recent improvements include a roof installed in 2023, new carpeting, and updated appliances. Exterior features include landscaped grounds, a corner-lot setting, a screened porch, and river views. The property is zoned VC2 and includes separate utilities for the two units.
Key Highlights
- Side‑by‑side duplex with separate utilities
- River views from a corner‑lot property
- Left unit includes 3 bedrooms and an office/den
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,138
Cap Rate
8.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$542,760
$542.8K
Cap Rate 7%
$387,686
$387.7K
Cap Rate 9%
$301,533
$301.5K
Market Conditions
NOI Build-Up for 2,072 SF
Gross rent
$41.0K $19.80/SF
− Vacancy
−$2.3K −$1.09/SF
EGI
$38.8K $18.71/SF
− OpEx
−$11.6K −$5.61/SF
NOI
$27.1K $13.10/SF
Area
Hampden County, MA
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$542,760
Cap Rate 7%
$387,686
Cap Rate 9%
$301,533
Alternative Uses
Best Use
Multifamily LT 5
$387.7K
$339.2K – $452.3K
NOI $27,138 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$359.3K
$314.4K – $419.2K
NOI $25,150 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,391 @ 7.0% cap · market cap 27.59%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
614
Businesses Nearby
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Business Placement
Demographics for 01080, MA
2,400
Population
1,097
Households
2.2
Avg Household Size
41
Median Age
17%
College-Educated
95%
High-School Grad
1.7 sq mi
ZIP Area
1,412
Density / Sq Mi
$87,188
Median Household Income
$47,616
Median Earnings
$1,115
Median Rent
$254,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with separate utilities, updated appliances, and a screened porch.
Where is this duplex located?
The property is located at 2022-2024 Prospect Street Palmer, MA.
What is the asking price?
The asking price for this property is $324,000.
What are key features of this property?
This property features: Side‑by‑side duplex with separate utilities; River views from a corner‑lot property; Left unit includes 3 bedrooms and an office/den
