Renovated Two-Family with
For Sale
$535,000
282 White Street, Springfield, MA 01108
Renovated legal two-family home with finished third-floor addition, new systems, and rear porches plus off-street parking.
Property Size3,560 SF
Price / SF$150.28
Days on Market57
Property Features for 282 White Street
General Information
Standard status
Active
Size
3,560 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1905
Tenancy
Multi
Listing Agency:
RE/MAX IGNITE
(413) 221-8070
Listed By:
Daisy Sanchez · License #9523217
(413) 665-3771
Source:
Cbcommunityrealtors
Added: Jun 30
Changed: Aug 24
Last Checked: Aug 23 at 8:42AM
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 RE/MAX IGNITE
Investment Insights
Based on property information with market context.
This fully vacant, move-in-ready legal two-family home has been completely renovated and includes a finished third-floor addition. The additional space provides three bedrooms, a dining area, and a full bath with a stand-up shower. Improvements include brand new kitchens, updated bathrooms, new flooring, fresh paint, updated electrical and plumbing, replacement windows, new water and gas meters, and two New Yorker gas boilers. The property also features new rear porches and a new roof installed in 2025.
A shared driveway provides access to a detached two-car garage and off-street rear parking located on the property. The home is set up for straightforward owner-occupant or investor use as a two-family residence.
The layout supports two-family living, and the third-floor work is noted as part of the finished addition rather than a legal third unit.
A shared driveway provides access to a detached two-car garage and off-street rear parking located on the property. The home is set up for straightforward owner-occupant or investor use as a two-family residence.
The layout supports two-family living, and the third-floor work is noted as part of the finished addition rather than a legal third unit.
Key Highlights
- Renovated legal 2‑family home with a finished 3rd‑floor addition adding 3 bedrooms, dining area, and a full bath with stand‑up shower
- New kitchens, updated bathrooms, new flooring, and fresh paint throughout
- Upgraded electrical and plumbing, including new water and gas meters
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
$46,875
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
8.76%
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%
$937,500
$937.5K
Cap Rate 7%
$669,643
$669.6K
Cap Rate 9%
$520,833
$520.8K
Market Conditions
NOI Build-Up for 3,560 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
$89.7K $25.20/SF
− Vacancy
−$4.5K −$1.26/SF
EGI
$85.2K $23.94/SF
− OpEx
−$38.4K −$10.77/SF
NOI
$46.9K $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%
$937,500
Cap Rate 7%
$669,643
Cap Rate 9%
$520,833
Alternative Uses
Best Use
Multifamily LT 5
$752.8K
$658.7K – $878.3K
NOI $52,695 @ 7.0% cap · market cap 9.85%
Second Best
Apartment 5plus
$669.6K
$585.9K – $781.3K
NOI $46,875 @ 7.0% cap · market cap 8.76%
Theoretical Best
Office A
$966.7K
$845.9K – $1.13M
NOI $67,668 @ 7.0% cap · market cap 12.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
963
Businesses Nearby
Explore this area
Business Placement
Demographics for 01108, MA
27,671
Population
11,332
Households
2.4
Avg Household Size
33
Median Age
21%
College-Educated
81%
High-School Grad
3.4 sq mi
ZIP Area
8,139
Density / Sq Mi
$51,851
Median Household Income
$34,539
Median Earnings
$1,224
Median Rent
$219,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Renovated legal two-family home with finished third-floor addition, new systems, and rear porches plus off-street parking.
Where is this duplex located?
The property is located at 282 White Street Springfield, MA.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Renovated legal 2‑family home with a finished 3rd‑floor addition adding 3 bedrooms, dining area, and a full bath with stand‑up shower; New kitchens, updated bathrooms, new flooring, and fresh paint throughout; Upgraded electrical and plumbing, including new water and gas meters
