Mixed-Use Investment
For Sale
$689,000
26-28 Parker St, Springfield, MA 01151
Mixed-use property with storefronts and residential units for sale.
Property Size1,920 SF
Price / SF$358.85
Days on Market125
Property Features for 26-28 Parker St
General Information
Standard status
Active
Size
1,920 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
B1
Net Operating Income
$55,356
Taxes and HOA fees
Annual Taxes
$7,443
Building Details
Building Size
1,920 SF
Year Built
1920
Stories
5
Listing Agency:
REMAX Andrew Realty Services
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 28
Changed: Aug 28
Last Checked: Aug 29 at 5:54AM
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 REMAX Andrew Realty Services
Investment Insights
Based on property information with market context.
This mixed-use property presents a significant investment opportunity, featuring a total gross building area of approximately 9,494 square feet. The property includes two storefronts, three residential units located above the commercial space, and a separate two-family building at the rear, offering multiple income streams and long-term tenant stability. The left storefront is equipped with a large display window and two spacious rooms, and is heated by oil. The right storefront features a prominent display window and an open layout, and is heated by gas. The residential units above the storefronts include a three-bedroom, one-bath unit with oil heat, hardwood floors, and a rear porch; a vacant two-bedroom, one-bath unit with gas heat, hardwood floors, and both rear and side porches; and a one-bedroom, one-bath unit with gas heat, hardwood floors, and a porch. The separate two-family building in the rear comprises a three-bedroom, one-bath unit with a front porch and gas heat, and a two-bedroom, one-bath unit also with a front porch and gas heat. The property size is 1920 square feet.
Key Highlights
- Multiple income streams from two storefronts and five residential units.
- High gross building area of approximately 9,494 square feet.
- Mixed‑use property with both commercial and residential spaces.
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
$25,920
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
3.76%
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%
$518,400
$518.4K
Cap Rate 7%
$370,286
$370.3K
Cap Rate 9%
$288,000
$288.0K
Market Conditions
NOI Build-Up for 1,920 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
$46.1K $24.00/SF
− Vacancy
−$4.6K −$2.40/SF
EGI
$41.5K $21.60/SF
− OpEx
−$15.6K −$8.10/SF
NOI
$25.9K $13.50/SF
Area
Springfield, MA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$518,400
Cap Rate 7%
$370,286
Cap Rate 9%
$288,000
Alternative Uses
Best Use
Mixed Use
$370.3K
$324.0K – $432.0K
NOI $25,920 @ 7.0% cap · market cap 3.76%
Second Best
Retail
$318.0K
$278.2K – $371.0K
NOI $22,257 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$521.4K
$456.2K – $608.3K
NOI $36,495 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
652
Businesses Nearby
19k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Cumberland Farms
Shops & Services
7,379 visits/mo
0.1 miles
Family Dollar
Shops & Services
7,151 visits/mo
0.3 miles
Citizens Bank
Shops & Services
3,267 visits/mo
0.2 miles
Gulf Oil
Shops & Services
1,013 visits/mo
0.3 miles
Demographics for 01151, MA
9,150
Population
3,959
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
77%
High-School Grad
2.4 sq mi
ZIP Area
3,813
Density / Sq Mi
$57,113
Median Household Income
$39,117
Median Earnings
$1,239
Median Rent
$219,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with storefronts and residential units for sale.
Where is this mixed-use property located?
The property is located at 26-28 Parker St Springfield, MA.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: Multiple income streams from two storefronts and five residential units.; High gross building area of approximately 9,494 square feet.; Mixed‑use property with both commercial and residential spaces.
