40-Unit Apartment
For Sale
Contact for pricing
238 Maple St, Agawam, MA 01001
Multistory property with predominantly two-bedroom layouts and off-street parking on a 1.70-acre parcel.
Property Size38,784 SF
Lot Size1.70 Acres
Price / SF$174.04
Days on Market136
Property Features for 238 Maple St
General Information
Standard status
Active
Size
38,784 SF
Lot size
1.70 Acres
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$484,544
Units
Unit Mix
39 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
40
Additional Details
Highway Access
Yes
Building Details
Year Built
1966
Buildings
1
Stories
3
Units
40
Listing Agency:
Horvath & Tremblay
(781) 776-4002
Listed By:
Michael Bradley · License #MA 1000571-RE-RB:
Source:
Crexi
Added: Apr 17
Changed: Aug 30
Last Checked: Aug 30 at 7:41AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
Elizabeth Manor is a 40-unit apartment property comprising 39 two-bedroom, one-bath units and one three-bedroom, one-bath unit. The multistory building contains 37,944 square feet of gross living area within 38,784 square feet of gross area and was constructed in 1966. The 1.70-acre parcel includes ample off-street parking.
The property is located on Maple Street in Agawam, with access to the area’s commercial corridors, nearby residential neighborhoods, and the broader Springfield metropolitan area. Interstate 91 and Route 57 connect the site with downtown Springfield, surrounding communities, employment centers across Western Massachusetts, and Northern Connecticut.
The property is located on Maple Street in Agawam, with access to the area’s commercial corridors, nearby residential neighborhoods, and the broader Springfield metropolitan area. Interstate 91 and Route 57 connect the site with downtown Springfield, surrounding communities, employment centers across Western Massachusetts, and Northern Connecticut.
Key Highlights
- 40 total apartment units: 39 two‑bedroom units and one three‑bedroom unit
- 37,944 square feet of gross living area within 38,784 square feet of gross area
- 1.70‑acre parcel with ample off‑street parking
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
$470,768
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
6.97%
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%
$9,415,360
$9.4M
Cap Rate 7%
$6,725,257
$6.7M
Cap Rate 9%
$5,230,756
$5.2M
Market Conditions
NOI Build-Up for 38,784 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
$902.9K $23.28/SF
− Vacancy
−$47.0K −$1.21/SF
EGI
$855.9K $22.07/SF
− OpEx
−$385.2K −$9.93/SF
NOI
$470.8K $12.14/SF
Area
Hampden County, MA
Vacancy
5.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$9,415,360
Cap Rate 7%
$6,725,257
Cap Rate 9%
$5,230,756
Alternative Uses
Best Use
Apartment 5plus
$6.73M
$5.88M – $7.85M
NOI $470,768 @ 7.0% cap · market cap 6.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$23.90M
$20.92M – $27.89M
NOI $1,673,235 @ 7.0% cap · market cap 24.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
40
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
Explore this area
Business Placement
Demographics for 01001, MA
16,984
Population
7,033
Households
2.4
Avg Household Size
46
Median Age
36%
College-Educated
92%
High-School Grad
11.3 sq mi
ZIP Area
1,503
Density / Sq Mi
$71,924
Median Household Income
$54,266
Median Earnings
$1,305
Median Rent
$270,300
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?
Apartment building - Multistory property with predominantly two-bedroom layouts and off-street parking on a 1.70-acre parcel.
Where is this apartment building located?
The property is located at 238 Maple St Agawam, MA.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: 40 total apartment units: 39 two‑bedroom units and one three‑bedroom unit; 37,944 square feet of gross living area within 38,784 square feet of gross area; 1.70‑acre parcel with ample off‑street parking
