Two-Family Home with
248 Lyman St, Holyoke, MA 01040
For Sale
$349,000
The first-floor apartment has a renter in place, while the upstairs unit is vacant.
Property Size1,890 SF
Price / SF$193.89
Days on Market8
Property Features for 248 Lyman St
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Lease Term
Additional Details
Multifamily Units
Tenant in Place
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Gallagher Real Estate
(413) 536-7232
Listed By:
New Homes Realty Group
(413) 301-6799
Source:
Iverty
Added: Nov 2
Changed: Nov 8
Last Checked: Nov 8 at 6:45AM
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 Gallagher Real Estate
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Investment Insights
Based on property information with market context.
This 1,800-square-foot duplex contains two apartments, each arranged with an open-concept layout. The first-floor unit is occupied by a renter; the second-floor apartment is vacant. Its spiral staircase connects to two additional finished rooms. A two-car garage provides on-site parking and storage. Improvements include newer windows, a newer roof, and updated electrical with recessed lighting throughout. The property was built in 1890 and is zoned DR.
Key Highlights
- Two apartments within an 1,800‑square‑foot building
- First‑floor unit currently occupied by a renter; second‑floor unit is vacant
- Two‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,576
Cap Rate
6.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$471,520
$471.5K
Cap Rate 7%
$336,800
$336.8K
Cap Rate 9%
$261,956
$262.0K
Market Conditions
NOI Build-Up for 1,800 SF
Gross rent
$35.6K $19.80/SF
− Vacancy
−$2.0K −$1.09/SF
EGI
$33.7K $18.71/SF
− OpEx
−$10.1K −$5.61/SF
NOI
$23.6K $13.10/SF
Area
Hampden County, MA
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$471,520
Cap Rate 7%
$336,800
Cap Rate 9%
$261,956
Alternative Uses
Best Use
Multifamily LT 5
$336.8K
$294.7K – $392.9K
NOI $23,576 @ 7.0% cap · market cap 6.76%
Second Best
Apartment 5plus
$312.1K
$273.1K – $364.2K
NOI $21,849 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$1.11M
$970.7K – $1.29M
NOI $77,656 @ 7.0% cap · market cap 22.25%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,210
Businesses Nearby
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Business Placement
Demographics for 01040, MA
38,238
Population
17,057
Households
2.2
Avg Household Size
39
Median Age
24%
College-Educated
79%
High-School Grad
21.2 sq mi
ZIP Area
1,804
Density / Sq Mi
$51,892
Median Household Income
$41,801
Median Earnings
$1,016
Median Rent
$255,300
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Holyoke, MA
Properties on Market for Duplexes in Holyoke
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - The first-floor apartment has a renter in place, while the upstairs unit is vacant.
Where is this duplex located?
The property is located at 248 Lyman St Holyoke, MA.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two apartments within an 1,800‑square‑foot building; First‑floor unit currently occupied by a renter; second‑floor unit is vacant; Two‑car garage
