Two-Family Residence with Flex
24 Hiawatha Street Springfield, MA 01108
24 Hiawatha Street, Springfield, MA, 01108
$529,900
For Sale
$529,900
Spacious two-family home with one occupied unit and a vacant unit to support flexible living or rental plans.
Property Size3,181 SF
Price / SF$166.58
Days on Market91
Property Features for 24 Hiawatha Street
General Information
- Standard status
- Active
- Size
- 3,181 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1912
Listing agency
Century 21 North East
Listed by
Fermin Group
(413) 527-3375
Source
Taylorrealtors
Added: Apr 22 Updated: Jul 21 at 5:03AM Checked: Jul 21 at 5:03AM
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 Century 21 North East
Investment Insights
Based on property information with market context.
This two-family residence offers a flexible layout with Unit 1 featuring a well-sized 2-bedroom configuration that is currently leased. Unit 2 spans two levels with 5 bedrooms and is expected to be delivered vacant after 5/15, creating an immediate opportunity for an owner-occupant or new tenancy.
Recent exterior updates include driveway resurfacing, chimney repairs, and concrete repairs around the basement foundation. The property also has a Letter of Full Deleading Compliance.
The home is positioned for convenience to parks, schools, shopping, and major routes, supporting everyday accessibility for both residents and future tenants.
Recent exterior updates include driveway resurfacing, chimney repairs, and concrete repairs around the basement foundation. The property also has a Letter of Full Deleading Compliance.
The home is positioned for convenience to parks, schools, shopping, and major routes, supporting everyday accessibility for both residents and future tenants.
Key Highlights
- Two‑family home built in 1912 with flexible layout for owner‑occupant or investment use
- Unit 1: 2‑bedroom unit currently leased at $2,000/month
- Unit 2: two‑level, 5‑bedroom layout (townhouse‑style); delivered vacant after 5/15
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $70.6k | $22.20 |
| − Vacancy | −$3.4k | −$1.05 |
| EGI | $67.3k | $21.15 |
| − OpEx | −$20.2k | −$6.34 |
| NOI | $47.1k | $14.80 |
3,181 SF · lease $22.20/SF/yr · vacancy 4.75% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$672.6K
$588.6K – $784.8K
NOI $47,085 @ 7.0% cap · market cap 8.89%
Second Best
Apartment 5plus
$598.3K
$523.6K – $698.1K
NOI $41,884 @ 7.0% cap · market cap 7.90%
Theoretical Best
Office A
$863.8K
$755.8K – $1.01M
NOI $60,464 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Spacious two-family home with one occupied unit and a vacant unit to support flexible living or rental plans.
Where is this duplex located?
The property is located at 24 Hiawatha Street Springfield, MA.
What is the asking price?
The asking price for this property is $529,900.
What are key features of this property?
This property features: Two‑family home built in 1912 with flexible layout for owner‑occupant or investment use; Unit 1: 2‑bedroom unit currently leased at $2,000/month; Unit 2: two‑level, 5‑bedroom layout (townhouse‑style); delivered vacant after 5/15
