3-Unit Multifamily
For Sale
$499,000
29 Leete Street, Springfield, MA 01108
Three residences offer open layouts, spacious bedrooms, and modern kitchens equipped with stainless steel appliances.
Property Size3,247 SF
Price / SF$153.68
Days on Market165
Property Features for 29 Leete Street
General Information
Standard status
Active
Size
3,247 SF
Total Parking Spaces
6
Property subtype
Multi-family / 3 Family
Zoning
R2
Net Operating Income
$39,600
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,079
Amenities
No
Tile, Carpet, Varies
Water Treatment, ENERGY STAR Qualified Refrigerator, ENERGY STAR Qualified Dryer, ENERGY STAR Qualified Washer, Rangetop - ENERGY STAR
3.0
Electric Dryer Hookup, Washer Hookup
Full
Internet Available - Fiber-Optic, Walk-In Closet(s), Bathroom With Tub & Shower, Open Floorplan, Kitchen, Laundry Room, Living RM/Dining RM Combo, Mudroom
3
3.00
Fenced/Enclosed
Frame
Shingle
Level
Balcony/Deck, Porch
Porch
Building Details
Year Built
1914
Listing Agency:
Century 21 XSELL REALTY
(774) 772-7072
Listed By:
Sara Waldina Ventura · License #9538379
(774) 772-7072
Source:
Compass
Added: Mar 19
Changed: Aug 29
Last Checked: Aug 29 at 7:26PM
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 Century 21 XSELL REALTY
Investment Insights
Based on property information with market context.
This three-unit multifamily property includes residences with open-concept layouts, spacious bedrooms, and kitchens fitted with stainless steel appliances. Additional features include walk-in closets, laundry areas, mudroom space, porches or decks, and two newer water heaters. The property also has a fenced area, a level setting, and a large parking area accommodating six plus vehicles.
Located in Springfield, the property provides access to major highways and public transportation, with shopping and dining nearby. Downtown Springfield, MGM Casino, hotels, historic museums, the Basketball Hall of Fame, and Six Flags are among the area destinations identified in the property information. R2 zoning and the three-family configuration support its established multifamily use.
Located in Springfield, the property provides access to major highways and public transportation, with shopping and dining nearby. Downtown Springfield, MGM Casino, hotels, historic museums, the Basketball Hall of Fame, and Six Flags are among the area destinations identified in the property information. R2 zoning and the three-family configuration support its established multifamily use.
Key Highlights
- Three‑family property with 3,247 square feet
- R2 zoning and three residential units
- Large parking area with space for six plus vehicles
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
$42,753
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
8.57%
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%
$855,060
$855.1K
Cap Rate 7%
$610,757
$610.8K
Cap Rate 9%
$475,033
$475.0K
Market Conditions
NOI Build-Up for 3,247 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
$81.8K $25.20/SF
− Vacancy
−$4.1K −$1.26/SF
EGI
$77.7K $23.94/SF
− OpEx
−$35.0K −$10.77/SF
NOI
$42.8K $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%
$855,060
Cap Rate 7%
$610,757
Cap Rate 9%
$475,033
Alternative Uses
Best Use
Multifamily LT 5
$686.6K
$600.8K – $801.0K
NOI $48,062 @ 7.0% cap · market cap 9.63%
Second Best
Apartment 5plus
$610.8K
$534.4K – $712.6K
NOI $42,753 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$881.7K
$771.5K – $1.03M
NOI $61,719 @ 7.0% cap · market cap 12.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
899
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three residences offer open layouts, spacious bedrooms, and modern kitchens equipped with stainless steel appliances.
Where is this triplex located?
The property is located at 29 Leete Street Springfield, MA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Three‑family property with 3,247 square feet; R2 zoning and three residential units; Large parking area with space for six plus vehicles
