Side-by-Side
For Sale
$425,000
21-23 Carew St, South Hadley, MA 01075
Two spacious units feature open first floors, newer kitchens and baths, replacement windows, and private basement walkouts.
Property Size2,094 SF
Price / SF$202.96
Days on Market76
Property Features for 21-23 Carew St
General Information
Standard status
Active
Size
2,094 SF
Property subtype
Multi-Family
Zoning
RB
Net Operating Income
$33,600
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,931
Building Details
Building Size
2,094 SF
Year Built
1850
Buildings
1
Stories
6
Listing Agency:
Atlantic Commercial Real Estate, LLC
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 16
Changed: Aug 29
Last Checked: Aug 29 at 10:50PM
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 Atlantic Commercial Real Estate, LLC
Investment Insights
Based on property information with market context.
Built in 1850, this side-by-side duplex includes two three-floor units with four bedrooms per unit. Each residence offers a spacious layout, an open first floor, vinyl replacement windows, newer kitchens and baths, and a full basement with a walkout to the backyard. Natural gas hot water heating systems support each unit, while vinyl siding helps reduce exterior maintenance needs.
The property is located on Carew Street in South Hadley, near shopping and schools. RB zoning supports the property's duplex configuration, with separate residential spaces arranged for practical ownership and occupancy.
The property is located on Carew Street in South Hadley, near shopping and schools. RB zoning supports the property's duplex configuration, with separate residential spaces arranged for practical ownership and occupancy.
Key Highlights
- Side‑by‑side duplex with 4 bedrooms in each unit
- Two three‑floor units with open first‑floor layouts
- Full basement areas for both units with backyard walkouts
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
$30,249
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
7.12%
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%
$604,980
$605.0K
Cap Rate 7%
$432,129
$432.1K
Cap Rate 9%
$336,100
$336.1K
Market Conditions
NOI Build-Up for 2,094 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
$45.2K $21.60/SF
− Vacancy
−$2.0K −$0.96/SF
EGI
$43.2K $20.64/SF
− OpEx
−$13.0K −$6.19/SF
NOI
$30.2K $14.45/SF
Area
Hampshire County, MA
Vacancy
4.46%
Lease Rate
$21.60 /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%
$604,980
Cap Rate 7%
$432,129
Cap Rate 9%
$336,100
Alternative Uses
Best Use
Multifamily LT 5
$432.1K
$378.1K – $504.2K
NOI $30,249 @ 7.0% cap · market cap 7.12%
Second Best
Apartment 5plus
$395.1K
$345.7K – $461.0K
NOI $27,659 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,265 @ 7.0% cap · market cap 21.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
Explore this area
Business Placement
Demographics for 01075, MA
18,168
Population
7,597
Households
2.4
Avg Household Size
41
Median Age
50%
College-Educated
96%
High-School Grad
17.7 sq mi
ZIP Area
1,026
Density / Sq Mi
$93,646
Median Household Income
$46,960
Median Earnings
$1,264
Median Rent
$324,800
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 - Two spacious units feature open first floors, newer kitchens and baths, replacement windows, and private basement walkouts.
Where is this duplex located?
The property is located at 21-23 Carew St South Hadley, MA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Side‑by‑side duplex with 4 bedrooms in each unit; Two three‑floor units with open first‑floor layouts; Full basement areas for both units with backyard walkouts
