Well-Maintained Two-Family
For Sale
$489,900
38 Bonner Street, Chicopee, MA 01013
Two units with hardwood floors, enclosed porches, and a fenced backyard with patio; delivered vacant at closing.
Property Size2,128 SF
Price / SF$230.22
Days on Market79
Property Features for 38 Bonner Street
General Information
Standard status
Active
Size
2,128 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Zoning
RES
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,028
Building Details
Building Size
2,128 SF
Year Built
1920
Stories
2
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 18
Changed: Sep 4
Last Checked: Sep 4 at 3:24AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
Well-maintained two-family home configured as a first-floor unit with two bedrooms and a second-floor unit with three bedrooms. Main living areas and bedrooms feature hardwood floors, and the home is equipped with electric baseboard heating and a gas water heater. Exterior and exterior-adjacent improvements include enclosed porches, vinyl siding, and a fenced-in backyard with a patio.
Located on a cozy lot in a quiet neighborhood with minimal through traffic, the property is conveniently near shopping, public transportation, medical facilities, and other everyday amenities.
The home will be delivered fully vacant at closing, offering flexibility for owner-occupancy or rental use across both units.
Located on a cozy lot in a quiet neighborhood with minimal through traffic, the property is conveniently near shopping, public transportation, medical facilities, and other everyday amenities.
The home will be delivered fully vacant at closing, offering flexibility for owner-occupancy or rental use across both units.
Key Highlights
- Two‑family home built in 1920 with a first‑floor 2‑bedroom unit and a second‑floor 3‑bedroom unit
- Hardwood floors in main living areas and bedrooms
- Electric baseboard heating and a gas water heater
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
$27,872
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
5.69%
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%
$557,440
$557.4K
Cap Rate 7%
$398,171
$398.2K
Cap Rate 9%
$309,689
$309.7K
Market Conditions
NOI Build-Up for 2,128 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
$42.1K $19.80/SF
− Vacancy
−$2.3K −$1.09/SF
EGI
$39.8K $18.71/SF
− OpEx
−$11.9K −$5.61/SF
NOI
$27.9K $13.10/SF
Area
Hampden County, MA
Vacancy
5.50%
Lease Rate
$19.80 /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%
$557,440
Cap Rate 7%
$398,171
Cap Rate 9%
$309,689
Alternative Uses
Best Use
Multifamily LT 5
$398.2K
$348.4K – $464.5K
NOI $27,872 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$369.0K
$322.9K – $430.5K
NOI $25,830 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,807 @ 7.0% cap · market cap 18.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
335
Businesses Nearby
Explore this area
Business Placement
Demographics for 01013, MA
23,656
Population
10,309
Households
2.3
Avg Household Size
38
Median Age
23%
College-Educated
87%
High-School Grad
5.7 sq mi
ZIP Area
4,150
Density / Sq Mi
$64,039
Median Household Income
$45,268
Median Earnings
$1,005
Median Rent
$249,300
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 units with hardwood floors, enclosed porches, and a fenced backyard with patio; delivered vacant at closing.
Where is this duplex located?
The property is located at 38 Bonner Street Chicopee, MA.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: Two‑family home built in 1920 with a first‑floor 2‑bedroom unit and a second‑floor 3‑bedroom unit; Hardwood floors in main living areas and bedrooms; Electric baseboard heating and a gas water heater
