Renovated Two-Family
For Sale
$439,000
Pending
229 Quincy Street, Springfield, MA 01109
Fully vacant two-family residence with renovated interiors and private second- and third-floor outdoor space.
Property Size2,576 SF
Days on Market28
Property Features for 229 Quincy Street
General Information
Standard status
Pending
Size
2,576 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
2
Amenities
porches/balconies
Building Details
Year Built
1904
Tenancy
Multi
Listing Agency:
Lock and Key Realty Inc.
Listed By:
Patriot Living Group
(978) 630-2070
Source:
Foster-healey
Added: Jul 24
Changed: Aug 18
Last Checked: Aug 17 at 8:45AM
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 Lock and Key Realty Inc.
Investment Insights
Based on property information with market context.
This beautifully renovated two-family home is fully vacant and positioned for immediate occupancy or rental use. Recent improvements include new vinyl siding, a new roof, new flooring throughout, renovated kitchens, new plumbing, new water heaters, updated electrical, fresh paint, and additional upgrades. Each unit is designed with a flexible 3-4 bedroom layout, including a room that can function as a living room or a fourth bedroom depending on the setup you prefer. The second-floor unit also includes an additional third-floor room, offering options for a primary suite or family space. Private second- and third-floor porches/balconies add outdoor living area for both levels.
The property is centrally located in Springfield and is described as convenient to parks, universities, shopping, restaurants, public transportation, and major highways.
The property is centrally located in Springfield and is described as convenient to parks, universities, shopping, restaurants, public transportation, and major highways.
Key Highlights
- Fully vacant two‑family home built in 1904 with move‑in‑ready renovations throughout
- Recent major updates: new vinyl siding, new roof, new flooring, fresh paint, and renovated kitchens
- Systems upgrades include new plumbing, water heaters, and updated electrical
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
$38,130
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
8.69%
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%
$762,600
$762.6K
Cap Rate 7%
$544,714
$544.7K
Cap Rate 9%
$423,667
$423.7K
Market Conditions
NOI Build-Up for 2,576 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
$57.2K $22.20/SF
− Vacancy
−$2.7K −$1.05/SF
EGI
$54.5K $21.15/SF
− OpEx
−$16.3K −$6.34/SF
NOI
$38.1K $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%
$762,600
Cap Rate 7%
$544,714
Cap Rate 9%
$423,667
Alternative Uses
Best Use
Multifamily LT 5
$544.7K
$476.6K – $635.5K
NOI $38,130 @ 7.0% cap · market cap 8.69%
Second Best
Apartment 5plus
$484.5K
$424.0K – $565.3K
NOI $33,918 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$699.5K
$612.1K – $816.1K
NOI $48,965 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,048
Businesses Nearby
Explore this area
Business Placement
Demographics for 01109, MA
30,968
Population
10,786
Households
2.9
Avg Household Size
30
Median Age
17%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
5,735
Density / Sq Mi
$46,821
Median Household Income
$34,971
Median Earnings
$1,112
Median Rent
$203,100
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 vacant two-family residence with renovated interiors and private second- and third-floor outdoor space.
Where is this duplex located?
The property is located at 229 Quincy Street Springfield, MA.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Fully vacant two‑family home built in 1904 with move‑in‑ready renovations throughout; Recent major updates: new vinyl siding, new roof, new flooring, fresh paint, and renovated kitchens; Systems upgrades include new plumbing, water heaters, and updated electrical
