Updated Duplex with Two-Car
New
For Sale
$399,900
37-39 Upland St, Springfield, MA 01104
Two-unit property with renovated interiors, a finished attic, enclosed porch, fenced yard, and detached garage.
Property Size2,174 SF
Price / SF$183.95
Days on Market5
Property Features for 37-39 Upland St
General Information
Standard status
Active
Size
2,174 SF
Property subtype
2 Family - 2 Units Up/Down
Building Details
Year Built
1920
Listing Agency:
Keller Williams Realty
(413) 478-8213
Listed By:
Taylor Hildack
(413) 478-8213
Source:
Lockandkeyre
Added: Aug 16
Changed: Aug 20
Last Checked: Aug 20 at 6:36AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 1920 duplex includes two three-bedroom units with distinct interior improvements. The first unit offers hardwood flooring, a living room, stainless steel appliances, and an updated full bathroom with a new vanity and plumbing. The second unit is vacant and includes hardwood floors, a barn-door feature, a finished walk-up attic, an enclosed porch, and a balcony. Its kitchen has granite counters and vinyl flooring, while the bathroom has ceramic tile, a new tub, and a new vanity.
Exterior features include a freshly painted front porch, seal-coated driveway, fenced yard, patio, storage shed, and a two-car garage with additional storage space. All appliances remain with the property. Located at 37-39 Upland St in Springfield, Massachusetts, the duplex offers flexible two-unit residential income property configuration.
Exterior features include a freshly painted front porch, seal-coated driveway, fenced yard, patio, storage shed, and a two-car garage with additional storage space. All appliances remain with the property. Located at 37-39 Upland St in Springfield, Massachusetts, the duplex offers flexible two-unit residential income property configuration.
Key Highlights
- Two‑unit duplex with 3 bedrooms in each unit
- Second unit is vacant and move‑in ready
- Finished walk‑up attic provides additional usable space
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
$32,179
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
8.05%
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%
$643,580
$643.6K
Cap Rate 7%
$459,700
$459.7K
Cap Rate 9%
$357,544
$357.5K
Market Conditions
NOI Build-Up for 2,174 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
$48.3K $22.20/SF
− Vacancy
−$2.3K −$1.05/SF
EGI
$46.0K $21.15/SF
− OpEx
−$13.8K −$6.34/SF
NOI
$32.2K $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%
$643,580
Cap Rate 7%
$459,700
Cap Rate 9%
$357,544
Alternative Uses
Best Use
Multifamily LT 5
$459.7K
$402.2K – $536.3K
NOI $32,179 @ 7.0% cap · market cap 8.05%
Second Best
Apartment 5plus
$408.9K
$357.8K – $477.1K
NOI $28,625 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$590.3K
$516.5K – $688.7K
NOI $41,323 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
482
Businesses Nearby
Explore this area
Business Placement
Demographics for 01104, MA
23,598
Population
9,562
Households
2.5
Avg Household Size
38
Median Age
13%
College-Educated
77%
High-School Grad
5.2 sq mi
ZIP Area
4,538
Density / Sq Mi
$47,530
Median Household Income
$37,463
Median Earnings
$1,004
Median Rent
$210,800
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 - Two-unit property with renovated interiors, a finished attic, enclosed porch, fenced yard, and detached garage.
Where is this duplex located?
The property is located at 37-39 Upland St Springfield, MA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms in each unit; Second unit is vacant and move‑in ready; Finished walk‑up attic provides additional usable space
