Four-Unit Two-Level
New
For Sale
$569,900
24 Dickinson St., Springfield, MA 01108
Residential units feature three-bedroom layouts, full baths, tiled bathroom finishes, and well-appointed kitchens.
Property Size2,201 SF
Days on Market3
Property Features for 24 Dickinson St.
General Information
Standard status
Active
Size
2,201 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
4 x 3BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,288
Building Details
Building Size
2,201 SF
Year Built
1922
Stories
4
Units
4
Listed By:
Euridices Dolores DeJesus
(954) 655-6381
Source:
Elliman
Added: Sep 13
Changed: Sep 14
Last Checked: Sep 15 at 7:50AM
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 Euridices Dolores DeJesus
Investment Insights
Based on property information with market context.
Located at 24 Dickinson St. in Springfield’s Forest Park neighborhood, this two-level quadplex contains four residential units. Each apartment includes three bedrooms, one full bath, a kitchen, tiled bathroom finishes, and naturally lit living areas. The property was built in 1922 and includes a roof that is 3 years old, along with newer furnaces.
All four units are currently rented. The location has a Walk Score of 81, a Transit Score of 58, and a Bike Score of 39, providing convenient access for residents who walk, use transit, or bike. The combination of four consistent unit layouts and recent building updates provides a straightforward multifamily configuration.
All four units are currently rented. The location has a Walk Score of 81, a Transit Score of 58, and a Bike Score of 39, providing convenient access for residents who walk, use transit, or bike. The combination of four consistent unit layouts and recent building updates provides a straightforward multifamily configuration.
Key Highlights
- Four‑unit quadplex at 24 Dickinson St. in Springfield, MA
- Each apartment includes 3 bedrooms and 1 full bath
- Two‑level property built in 1922
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
$32,579
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
5.72%
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%
$651,580
$651.6K
Cap Rate 7%
$465,414
$465.4K
Cap Rate 9%
$361,989
$362.0K
Market Conditions
NOI Build-Up for 2,201 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
$48.9K $22.20/SF
− Vacancy
−$2.3K −$1.05/SF
EGI
$46.5K $21.15/SF
− OpEx
−$14.0K −$6.34/SF
NOI
$32.6K $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%
$651,580
Cap Rate 7%
$465,414
Cap Rate 9%
$361,989
Alternative Uses
Best Use
Multifamily LT 5
$465.4K
$407.2K – $543.0K
NOI $32,579 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$414.0K
$362.3K – $483.0K
NOI $28,981 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$597.7K
$523.0K – $697.3K
NOI $41,837 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,346
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?
Quadplex - Residential units feature three-bedroom layouts, full baths, tiled bathroom finishes, and well-appointed kitchens.
Where is this quadplex located?
The property is located at 24 Dickinson St. Springfield, MA.
What is the asking price?
The asking price for this property is $569,900.
What are key features of this property?
This property features: Four‑unit quadplex at 24 Dickinson St. in Springfield, MA; Each apartment includes 3 bedrooms and 1 full bath; Two‑level property built in 1922
