Two-Family Residential Income
For Sale
$495,000
22-24 Sorrento St, Springfield, MA 01108
Fully occupied two-family home with two 3-bedroom, 2.5-bath units plus off-street parking and a shared backyard.
Property Size2,368 SF
Price / SF$209.04
Days on Market51
Property Features for 22-24 Sorrento St
General Information
Standard status
Active
Size
2,368 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
2
Building Details
Building Size
2,368 SF
Year Built
2006
Tenancy
Multi
Listing Agency:
Real Broker MA, LLC
(413) 273-1381
Listed By:
Team ROVI
(413) 213-3472
Source:
Iverty
Added: Jul 17
Changed: Sep 4
Last Checked: Sep 5 at 6:58AM
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 Real Broker MA, LLC
Investment Insights
Based on property information with market context.
This well-maintained two-family home is fully occupied and income-producing, with two spacious units featuring functional layouts. Each unit offers three bedrooms and 2.5 bathrooms, along with bright living areas and kitchens with ample cabinet space. In addition, the lower level of each unit includes two extra rooms that can be used as bedrooms, home offices, fitness rooms, or other flexible living space.
The property includes off-street parking and a shared backyard for tenant convenience. It is located near Forest Park, schools, shopping, restaurants, public transportation, and major commuter routes including Route 5 and I-91.
The building is configured for two separate residential units and is currently tenant occupied, supporting immediate rental income.
The property includes off-street parking and a shared backyard for tenant convenience. It is located near Forest Park, schools, shopping, restaurants, public transportation, and major commuter routes including Route 5 and I-91.
The building is configured for two separate residential units and is currently tenant occupied, supporting immediate rental income.
Key Highlights
- Two‑family home built in 2006 with both units fully tenant occupied
- Each unit features 3 bedrooms and 2.5 bathrooms with functional layouts
- Lower level includes two additional rooms in each unit for flexible bonus space
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
$35,051
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
7.08%
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%
$701,020
$701.0K
Cap Rate 7%
$500,729
$500.7K
Cap Rate 9%
$389,456
$389.5K
Market Conditions
NOI Build-Up for 2,368 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
$52.6K $22.20/SF
− Vacancy
−$2.5K −$1.05/SF
EGI
$50.1K $21.15/SF
− OpEx
−$15.0K −$6.34/SF
NOI
$35.1K $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%
$701,020
Cap Rate 7%
$500,729
Cap Rate 9%
$389,456
Alternative Uses
Best Use
Multifamily LT 5
$500.7K
$438.1K – $584.2K
NOI $35,051 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$445.4K
$389.7K – $519.7K
NOI $31,179 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$643.0K
$562.6K – $750.2K
NOI $45,011 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
947
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 - Fully occupied two-family home with two 3-bedroom, 2.5-bath units plus off-street parking and a shared backyard.
Where is this duplex located?
The property is located at 22-24 Sorrento St Springfield, MA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two‑family home built in 2006 with both units fully tenant occupied; Each unit features 3 bedrooms and 2.5 bathrooms with functional layouts; Lower level includes two additional rooms in each unit for flexible bonus space
