Renovated Multifamily
New
For Sale
$449,900
32-34 Vermont St, Springfield, MA 01108
Vacant, updated property near transit, shopping, schools, medical facilities, Forest Park, and major highways.
Property Size2,939 SF
Days on Market5
Property Features for 32-34 Vermont St
General Information
Standard status
Active
Size
2,939 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,985
Building Details
Building Size
2,939 SF
Year Built
1920
Stories
3
Units
2
Listing Agency:
(978) 397-3337
Listed By:
Alexander Baez
(978) 397-3337
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 25 at 7:42AM
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 Alexander Baez
Investment Insights
Based on property information with market context.
Located at 32-34 Vermont Street, this multifamily property was built in 1920 and has undergone a complete renovation. The residence is vacant and features updated living spaces with modern finishes, allowing prospective buyers to evaluate the property in its current condition.
The property is situated in Springfield’s Forest Park neighborhood, with public transportation, shopping, restaurants, schools, medical facilities, Forest Park, and major highways nearby. WalkScore is 89, indicating a very walkable setting; BikeScore is 55, and TransitScore is 59.
The property is situated in Springfield’s Forest Park neighborhood, with public transportation, shopping, restaurants, schools, medical facilities, Forest Park, and major highways nearby. WalkScore is 89, indicating a very walkable setting; BikeScore is 55, and TransitScore is 59.
Key Highlights
- Complete renovation with updated living spaces and modern finishes
- Vacant property at 32‑34 Vermont St, Springfield, MA 01108
- Located in Springfield’s Forest Park neighborhood
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
$38,698
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
8.60%
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%
$773,960
$774.0K
Cap Rate 7%
$552,829
$552.8K
Cap Rate 9%
$429,978
$430.0K
Market Conditions
NOI Build-Up for 2,939 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
$74.1K $25.20/SF
− Vacancy
−$3.7K −$1.26/SF
EGI
$70.4K $23.94/SF
− OpEx
−$31.7K −$10.77/SF
NOI
$38.7K $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%
$773,960
Cap Rate 7%
$552,829
Cap Rate 9%
$429,978
Alternative Uses
Best Use
Apartment 5plus
$552.8K
$483.7K – $645.0K
NOI $38,698 @ 7.0% cap · market cap 8.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$798.1K
$698.3K – $931.1K
NOI $55,865 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
968
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?
Multifamily property - Vacant, updated property near transit, shopping, schools, medical facilities, Forest Park, and major highways.
Where is this multifamily property located?
The property is located at 32-34 Vermont St Springfield, MA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Complete renovation with updated living spaces and modern finishes; Vacant property at 32‑34 Vermont St, Springfield, MA 01108; Located in Springfield’s Forest Park neighborhood
