Two-Unit Duplex with
For Sale
$399,900
37-39 Upland St, Springfield, MA 01104
Residential Income, Springfield, MA
Property Size2,174 SF
Lot Size0.12 Acres
Price / SF$183.95
Days on Market51
Property Features for 37-39 Upland St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 4, Bedroom 6, Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1
Parking
6
Directions
Off of Carew Street
Standard status
Active
APN
S:11760 P:0032,2609881
Size
2,174 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4130
Amenities
enclosed porch
balcony
front porch
fenced yard
patio
storage shed
Building Details
Year built
1920
Floors in Building
3
Number of units
2
Listing Agency:
Keller Williams Realty
(413) 642-8650
Listed By:
Laura Stevens
(413) 565-5478
Added: Aug 16
Changed: Oct 4
Last Checked: Oct 5 at 12:06PM
MLS# 73564327
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1920 duplex contains two residences, each with three bedrooms. The 2,174-square-foot property sits on a 0.1205-acre lot and is zoned R1. The upper unit has a finished walk-up attic, enclosed porch, and balcony; both units have updated kitchens and bathrooms. Appliances are included, and the upper residence is vacant.
Exterior features include a two-car garage with storage, fenced yard, patio, shed, and front porch. Recent work includes servicing both steam boilers, replacing an oil supply line, updating boiler and water-heater flue piping, and chimney cleaning and repairs. Smoke and CO detectors were brought into code compliance, and stove repairs and third-floor power ventilation corrections were completed.
Exterior features include a two-car garage with storage, fenced yard, patio, shed, and front porch. Recent work includes servicing both steam boilers, replacing an oil supply line, updating boiler and water-heater flue piping, and chimney cleaning and repairs. Smoke and CO detectors were brought into code compliance, and stove repairs and third-floor power ventilation corrections were completed.
Key Highlights
- Two residences, each with 3 bedrooms
- 2,174 square feet on a 0.1205‑acre lot
- Upper unit includes a finished walk‑up attic, enclosed porch, and balcony
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
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Open Analytics
Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate three-bedroom residences include updated kitchens and baths, and the upper unit is vacant.
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 residences, each with 3 bedrooms; 2,174 square feet on a 0.1205‑acre lot; Upper unit includes a finished walk‑up attic, enclosed porch, and balcony
