Two-Unit Residential Income
For Sale
$319,900
278-280 Page Blvd, Springfield, MA 01104
Well-kept duplex with two leased two-bedroom units, hardwood floors, gas heat, and a two-car garage.
Property Size2,106 SF
Days on Market65
Property Features for 278-280 Page Blvd
General Information
Standard status
Active
Size
2,106 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$4,475
Building Details
Building Size
2,106 SF
Year Built
1925
Stories
2
Units
2
Listing Agency:
Keller Williams Realty
(413) 478-1153
Listed By:
Fred Miller · License #452509130
(413) 478-1153
Source:
Elliman
Added: Jun 17
Changed: Aug 12
Last Checked: Aug 19 at 10:16AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This well-maintained two-family home provides two separate two-bedroom units. Each unit features hardwood floors, a bright living room, gas heat, and a sun-filled dining area, offering a functional layout for everyday living. The property also includes a two-car garage along with additional off-street parking.
Conveniently located in a central area, the home is about one traffic light from Highway 291, supporting straightforward commuting. Nearby are shopping, restaurants, churches, and everyday amenities. BikeScore is 49 (somewhat bikeable), WalkScore is 75 (very walkable), and TransitScore is 46 (some transit). No showings are available until an Open House on Sunday, June 14, 2026 from 12:00 PM to 1:30 PM.
The units are fully rented, including one tenant who has been in place for over 25 years, which can appeal to buyers seeking a turnkey income setup. With two well-specified units, the property may fit investors looking for a straightforward duplex structure or an owner-occupant who wants rental income alongside a residential unit.
Conveniently located in a central area, the home is about one traffic light from Highway 291, supporting straightforward commuting. Nearby are shopping, restaurants, churches, and everyday amenities. BikeScore is 49 (somewhat bikeable), WalkScore is 75 (very walkable), and TransitScore is 46 (some transit). No showings are available until an Open House on Sunday, June 14, 2026 from 12:00 PM to 1:30 PM.
The units are fully rented, including one tenant who has been in place for over 25 years, which can appeal to buyers seeking a turnkey income setup. With two well-specified units, the property may fit investors looking for a straightforward duplex structure or an owner-occupant who wants rental income alongside a residential unit.
Key Highlights
- Well‑kept 2‑family home built in 1925 with two leased 2‑bedroom units
- Each unit features hardwood floors, a bright living room, gas heat, and a sun‑filled dining room
- Two‑car garage plus additional off‑street parking
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
$27,730
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
8.67%
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%
$554,600
$554.6K
Cap Rate 7%
$396,143
$396.1K
Cap Rate 9%
$308,111
$308.1K
Market Conditions
NOI Build-Up for 2,106 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
$53.1K $25.20/SF
− Vacancy
−$2.7K −$1.26/SF
EGI
$50.4K $23.94/SF
− OpEx
−$22.7K −$10.77/SF
NOI
$27.7K $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 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%
$554,600
Cap Rate 7%
$396,143
Cap Rate 9%
$308,111
Alternative Uses
Best Use
Multifamily LT 5
$445.3K
$389.7K – $519.6K
NOI $31,173 @ 7.0% cap · market cap 9.74%
Second Best
Apartment 5plus
$396.1K
$346.6K – $462.2K
NOI $27,730 @ 7.0% cap · market cap 8.67%
Theoretical Best
Office A
$571.9K
$500.4K – $667.2K
NOI $40,031 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
433
Businesses Nearby
Explore this area
Business Placement
Demographics for 01104, MA
23,598
Population
9,562
Households
2.5
Avg Household Size
38
Median Age
13%
College-Educated
77%
High-School Grad
5.2 sq mi
ZIP Area
4,538
Density / Sq Mi
$47,530
Median Household Income
$37,463
Median Earnings
$1,004
Median Rent
$210,800
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?
Duplex - Well-kept duplex with two leased two-bedroom units, hardwood floors, gas heat, and a two-car garage.
Where is this duplex located?
The property is located at 278-280 Page Blvd Springfield, MA.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Well‑kept 2‑family home built in 1925 with two leased 2‑bedroom units; Each unit features hardwood floors, a bright living room, gas heat, and a sun‑filled dining room; Two‑car garage plus additional off‑street parking
