Springfield Multifamily Property Near
For Sale
$439,000
38 Byers Street, Springfield, MA 01105
Three-family property (legally four) near Union Station and MGM.
Property Size2,888 SF
Price / SF$152.01
Days on Market182
Property Features for 38 Byers Street
General Information
Standard status
Active
Size
2,888 SF
Property subtype
Multi-family
Building Details
Year Built
1899
Listing Agency:
Red Tree Real Estate
Listed By:
Lincoln Peart
(413) 789-9830
Source:
Parksquarerealty
Added: Feb 19
Changed: Aug 8
Last Checked: Aug 8 at 6:57AM
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 Red Tree Real Estate
Investment Insights
Based on property information with market context.
This Springfield property is legally a four-family dwelling, currently configured as a three-family with a gutted fourth unit. The building features high ceilings and large windows that provide ample natural light. The renovated units include stainless steel appliances and granite countertops. One unit is currently leased. Units #1 and #2 each have three bedrooms and one bathroom. Unit #3 is an open, gutted space, and Unit #1B has two bedrooms. The property is situated minutes from Union Station, MGM Springfield, and downtown Springfield. The property size is 2888 square feet.
Key Highlights
- Legally a four‑family property
- Minutes from Union Station
- Renovated units with stainless steel appliances and granite countertops
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
$38,026
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
8.66%
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%
$760,520
$760.5K
Cap Rate 7%
$543,229
$543.2K
Cap Rate 9%
$422,511
$422.5K
Market Conditions
NOI Build-Up for 2,888 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
$72.8K $25.20/SF
− Vacancy
−$3.6K −$1.26/SF
EGI
$69.1K $23.94/SF
− OpEx
−$31.1K −$10.77/SF
NOI
$38.0K $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%
$760,520
Cap Rate 7%
$543,229
Cap Rate 9%
$422,511
Alternative Uses
Best Use
Multifamily LT 5
$610.7K
$534.4K – $712.5K
NOI $42,748 @ 7.0% cap · market cap 9.74%
Second Best
Apartment 5plus
$543.2K
$475.3K – $633.8K
NOI $38,026 @ 7.0% cap · market cap 8.66%
Theoretical Best
Office A
$784.2K
$686.2K – $914.9K
NOI $54,895 @ 7.0% cap · market cap 12.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,723
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-family property (legally four) near Union Station and MGM.
Where is this triplex located?
The property is located at 38 Byers Street Springfield, MA.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Legally a four‑family property; Minutes from Union Station; Renovated units with **stainless steel appliances and granite countertops**
