Duplex with Workshop
34 Florence St, Springfield, MA 01105
For Sale
$399,999
The property has R2 zoning, two residential units, and finished attic space.
Property Size2,573 SF
Price / SF$155.46
Days on Market15
Property Features for 34 Florence St
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Site & Location
Neighborhood
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Stories
Listing Agency:
Gallagher Real Estate
Listed By:
New Homes Realty Group
(413) 301-6799
Source:
Insightrealtygroup
Added: Oct 26
Changed: Nov 8
Last Checked: Nov 8 at 2:09AM
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 Gallagher Real Estate
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Investment Insights
Based on property information with market context.
Built in 1900, this 2,573-square-foot duplex contains two residential units. The first-floor apartment has two bedrooms, one full bathroom, a half bathroom, and a laundry room. The second-floor unit has two bedrooms and has been updated; finished attic space could accommodate a third bedroom, subject to applicable requirements.
A three-car garage adds a workshop area, a separate electrical panel, and 220V outlets. The property is located at 34 Florence Street in Springfield, Massachusetts, and is zoned R2.
A three-car garage adds a workshop area, a separate electrical panel, and 220V outlets. The property is located at 34 Florence Street in Springfield, Massachusetts, and is zoned R2.
Key Highlights
- Two residential units in a 2,573‑square‑foot duplex
- First‑floor unit has 2 bedrooms, 1 full bathroom, a half bathroom, and a laundry room
- Updated second‑floor unit with 2 bedrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,879
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$677,580
$677.6K
Cap Rate 7%
$483,986
$484.0K
Cap Rate 9%
$376,433
$376.4K
Market Conditions
NOI Build-Up for 2,573 SF
Gross rent
$64.8K $25.20/SF
− Vacancy
−$3.2K −$1.26/SF
EGI
$61.6K $23.94/SF
− OpEx
−$27.7K −$10.77/SF
NOI
$33.9K $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 Rate 5%
$677,580
Cap Rate 7%
$483,986
Cap Rate 9%
$376,433
Alternative Uses
Best Use
Multifamily LT 5
$544.1K
$476.1K – $634.8K
NOI $38,085 @ 7.0% cap · market cap 9.52%
Second Best
Apartment 5plus
$484.0K
$423.5K – $564.7K
NOI $33,879 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$698.7K
$611.4K – $815.1K
NOI $48,908 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,540
Businesses Nearby
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Business Placement
Demographics for 01105, MA
12,051
Population
5,554
Households
2.2
Avg Household Size
33
Median Age
8%
College-Educated
64%
High-School Grad
1.2 sq mi
ZIP Area
10,043
Density / Sq Mi
$22,994
Median Household Income
$24,078
Median Earnings
$976
Median Rent
$238,400
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Springfield, MA
Properties on Market for Duplexes in Springfield
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - The property has R2 zoning, two residential units, and finished attic space.
Where is this duplex located?
The property is located at 34 Florence St Springfield, MA.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Two residential units in a 2,573‑square‑foot duplex; First‑floor unit has 2 bedrooms, 1 full bathroom, a half bathroom, and a laundry room; Updated second‑floor unit with 2 bedrooms
