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 Market240
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
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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 / Yr
$38,026
Cap Rate
8.66%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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**
