Two-Family Property with
New
For Sale
$479,900
318-320 Goodwin Street, Springfield, MA 01151
Vacant delivery supports immediate owner occupancy or separate-unit leasing flexibility.
Property Size2,044 SF
Price / SF$234.78
Days on Market4
Property Features for 318-320 Goodwin Street
General Information
Standard status
Active
Size
2,044 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 2BR/1BA, 1 x 4BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
basement
vinyl fencing
composite decking
energy-efficient windows
Building Details
Year Built
1926
Listing Agency:
Signature Realty
Listed By:
Rafael Fontanez
(413) 665-3771
Source:
Cbcommunityrealtors
Added: Aug 19
Changed: Aug 21
Last Checked: Aug 21 at 7:13AM
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 Signature Realty
Investment Insights
Based on property information with market context.
This two-family property at 318-320 Goodwin Street includes 2,044 square feet and was built in 1926. The first residence has 2 bedrooms, 1 full bath, heated bathroom floors, a glass shower enclosure, Quartz work surfaces, upgraded cabinetry, recessed lighting, luxury vinyl flooring, and laundry hookups. The second residence provides 4 bedrooms, with 3 located on the finished third floor, plus an open living, dining, and kitchen arrangement, Granite counters, recessed lighting, upgraded cabinetry, and dedicated laundry space.
Separate utilities serve the units. Building systems include newer gas boilers with automatic water feeders, newer hot water tanks, a newer roof, energy-efficient windows, and a full basement. The property also offers a two-car garage, a paved driveway with 6 off-street spaces, fencing, composite decking, and front and rear porches. It is near parks, shopping, and public transportation, and will be delivered fully vacant at closing.
Separate utilities serve the units. Building systems include newer gas boilers with automatic water feeders, newer hot water tanks, a newer roof, energy-efficient windows, and a full basement. The property also offers a two-car garage, a paved driveway with 6 off-street spaces, fencing, composite decking, and front and rear porches. It is near parks, shopping, and public transportation, and will be delivered fully vacant at closing.
Key Highlights
- Two‑family property with 2,044 square feet; built in 1926
- Unit 1 includes 2 bedrooms and 1 full bath with heated floors and a glass‑enclosed shower
- Unit 2 offers 4 bedrooms, including 3 on the finished third floor
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
$30,255
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
6.30%
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%
$605,100
$605.1K
Cap Rate 7%
$432,214
$432.2K
Cap Rate 9%
$336,167
$336.2K
Market Conditions
NOI Build-Up for 2,044 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
$45.4K $22.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$43.2K $21.15/SF
− OpEx
−$13.0K −$6.34/SF
NOI
$30.3K $14.80/SF
Area
Springfield, MA
Vacancy
4.75%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$605,100
Cap Rate 7%
$432,214
Cap Rate 9%
$336,167
Alternative Uses
Best Use
Multifamily LT 5
$432.2K
$378.2K – $504.3K
NOI $30,255 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$384.5K
$336.4K – $448.6K
NOI $26,913 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$555.0K
$485.7K – $647.5K
NOI $38,852 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
470
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant delivery supports immediate owner occupancy or separate-unit leasing flexibility.
Where is this duplex located?
The property is located at 318-320 Goodwin Street Springfield, MA.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Two‑family property with 2,044 square feet; built in 1926; Unit 1 includes 2 bedrooms and 1 full bath with heated floors and a glass‑enclosed shower; Unit 2 offers 4 bedrooms, including 3 on the finished third floor
