Vacant Two-Unit
For Sale
$375,000
249-251 College Street, Springfield, MA 01109
Delivered vacant at closing, this duplex offers separate living spaces with oil heating and individual electric hot water tanks.
Property Size2,404 SF
Price / SF$155.99
Days on Market35
Property Features for 249-251 College Street
General Information
Standard status
Active
Size
2,404 SF
Property subtype
2 Family - 2 Units Up/Down
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1922
Listing Agency:
Lock and Key Realty Inc.
(413) 282-8080
Listed By:
Yadira Pacheco
(413) 557-8869
Source:
Lockandkeyre
Added: Sep 18
Changed: Oct 21
Last Checked: Oct 20 at 9:19PM
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 Lock and Key Realty Inc.
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Investment Insights
Based on property information with market context.
Built in 1922, this 2,404-square-foot duplex includes two residential units and will be vacant at closing. The first-floor residence has 2 bedrooms, a living room, dining room, kitchen, large pantry, and basement laundry hookups. A second residence spans the upper two floors and includes 6 bedrooms, a living room, dining room, kitchen, 1.5 baths, and laundry hookups in the pantry area.
Both units use oil heat and have individual electric hot water tanks. Berkshire Heating & Cooling services the heating systems annually, and the roof is approximately 12 years old. The property is located near public transportation, schools, colleges, universities, and local amenities at 249-251 College Street in Springfield, Massachusetts.
Both units use oil heat and have individual electric hot water tanks. Berkshire Heating & Cooling services the heating systems annually, and the roof is approximately 12 years old. The property is located near public transportation, schools, colleges, universities, and local amenities at 249-251 College Street in Springfield, Massachusetts.
Key Highlights
- Two‑unit duplex delivered vacant at closing
- 2,404 square feet built in 1922
- First‑floor unit includes 2 bedrooms and basement laundry hookups
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,653
Cap Rate
8.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$633,060
$633.1K
Cap Rate 7%
$452,186
$452.2K
Cap Rate 9%
$351,700
$351.7K
Market Conditions
NOI Build-Up for 2,404 SF
Gross rent
$60.6K $25.20/SF
− Vacancy
−$3.0K −$1.26/SF
EGI
$57.6K $23.94/SF
− OpEx
−$25.9K −$10.77/SF
NOI
$31.7K $13.17/SF
Area
Springfield, MA
Vacancy
5.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$633,060
Cap Rate 7%
$452,186
Cap Rate 9%
$351,700
Alternative Uses
Best Use
Multifamily LT 5
$508.3K
$444.8K – $593.1K
NOI $35,584 @ 7.0% cap · market cap 9.49%
Second Best
Apartment 5plus
$452.2K
$395.7K – $527.6K
NOI $31,653 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$652.8K
$571.2K – $761.6K
NOI $45,695 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
536
Businesses Nearby
Explore this area
Business Placement
Demographics for 01109, MA
30,968
Population
10,786
Households
2.9
Avg Household Size
30
Median Age
17%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
5,735
Density / Sq Mi
$46,821
Median Household Income
$34,971
Median Earnings
$1,112
Median Rent
$203,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Delivered vacant at closing, this duplex offers separate living spaces with oil heating and individual electric hot water tanks.
Where is this duplex located?
The property is located at 249-251 College Street Springfield, MA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑unit duplex delivered vacant at closing; 2,404 square feet built in 1922; First‑floor unit includes 2 bedrooms and basement laundry hookups
