Multi-Family Home with Updated
For Sale
$408,900
Pending
23-25 Prentice St, Springfield, MA 01104
Two units, each with three bedrooms and updated gas heat.
Property Size2,456 SF
Days on Market165
Property Features for 23-25 Prentice St
General Information
Standard status
Pending
Size
2,456 SF
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$4,746
Building Details
Building Size
2,456 SF
Year Built
1929
Stories
2
Units
2
Listing Agency:
ERA M Connie Laplante Real Estate
Listed By:
Darlene Forget · License #9527284
(413) 531-9062
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 8 at 7:02AM
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 ERA M Connie Laplante Real Estate
Investment Insights
Based on property information with market context.
This multi-family property features two units, each containing three bedrooms, a kitchen with a pantry, a living room, and a dining room. Hardwood flooring is present throughout most of the home. The property benefits from updated gas heat. A third floor offers the potential for an additional bedroom. Off-street parking is available via a driveway, and there is a backyard suitable for recreational use. The location provides convenient access to area amenities, highways, and shopping. The bike score is 60, indicating bikeable surroundings. The walk score is 69, suggesting the area is somewhat walkable. The transit score is 54, reflecting good transit options.
Key Highlights
- Multi‑family property featuring two 3‑bedroom units – ideal for generating rental income or accommodating extended family.
- Updated gas heating system ensures energy efficiency.
- Hardwood flooring throughout most of the home adds character.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,353
Cap Rate
8.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$727,060
$727.1K
Cap Rate 7%
$519,329
$519.3K
Cap Rate 9%
$403,922
$403.9K
Market Conditions
NOI Build-Up for 2,456 SF
Gross rent
$54.5K $22.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$51.9K $21.15/SF
− OpEx
−$15.6K −$6.34/SF
NOI
$36.4K $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 Rate 5%
$727,060
Cap Rate 7%
$519,329
Cap Rate 9%
$403,922
Alternative Uses
Best Use
Multifamily LT 5
$519.3K
$454.4K – $605.9K
NOI $36,353 @ 7.0% cap · market cap 8.89%
Second Best
Apartment 5plus
$462.0K
$404.2K – $539.0K
NOI $32,338 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$666.9K
$583.6K – $778.1K
NOI $46,684 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
Explore this area
Business Placement
Demographics for 01104, MA
23,598
Population
9,562
Households
2.5
Avg Household Size
38
Median Age
13%
College-Educated
77%
High-School Grad
5.2 sq mi
ZIP Area
4,538
Density / Sq Mi
$47,530
Median Household Income
$37,463
Median Earnings
$1,004
Median Rent
$210,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 units, each with three bedrooms and updated gas heat.
Where is this duplex located?
The property is located at 23-25 Prentice St Springfield, MA.
What is the asking price?
The asking price for this property is $408,900.
What are key features of this property?
This property features: Multi‑family property featuring two 3‑bedroom units – ideal for generating rental income or accommodating extended family.; Updated gas heating system ensures energy efficiency.; Hardwood flooring throughout most of the home adds character.
