Two-Unit Duplex with
For Sale
$439,900
38 Whitman St, Chicopee, MA 01013
Two residential units include flexible living areas, basement storage, and an attached shed.
Property Size3,276 SF
Price / SF$134.28
Days on Market139
Property Features for 38 Whitman St
General Information
Standard status
Active
Size
3,276 SF
Total Parking Spaces
10
Property subtype
Multi-Family
Zoning
5
Net Operating Income
$21,600
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,744
Building Details
Building Size
3,276 SF
Year Built
1920
Buildings
1
Stories
2
Listing Agency:
The Collaborative Companies
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 16
Changed: Aug 30
Last Checked: Aug 31 at 2:30PM
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 The Collaborative Companies
Investment Insights
Based on property information with market context.
Built in 1920, this 3,276-square-foot duplex at 38 Whitman St includes two residential units with distinct layouts. The first-floor apartment is vacant and offers a living room, eat-in kitchen, two bedrooms, a bonus room, and an oversized mudroom that adds practical storage or adaptable space. The upper residence occupies the second and third floors in a townhouse-style arrangement, with a living room, eat-in kitchen, and additional rooms across both levels.
Property features include a full basement, an oversized two-car garage, and an attached shed for storage, equipment, or hobby use. The property is located in Chicopee, MA 01013, and carries zoning designation 5.
Property features include a full basement, an oversized two-car garage, and an attached shed for storage, equipment, or hobby use. The property is located in Chicopee, MA 01013, and carries zoning designation 5.
Key Highlights
- 3,276‑square‑foot duplex built in 1920
- First‑floor unit is vacant and includes two bedrooms plus a bonus room
- Upper unit spans the second and third floors in a townhouse‑style layout
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
$39,765
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
9.04%
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%
$795,300
$795.3K
Cap Rate 7%
$568,071
$568.1K
Cap Rate 9%
$441,833
$441.8K
Market Conditions
NOI Build-Up for 3,276 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
$76.3K $23.28/SF
− Vacancy
−$4.0K −$1.21/SF
EGI
$72.3K $22.07/SF
− OpEx
−$32.5K −$9.93/SF
NOI
$39.8K $12.14/SF
Area
Hampden County, MA
Vacancy
5.20%
Lease Rate
$23.28 /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%
$795,300
Cap Rate 7%
$568,071
Cap Rate 9%
$441,833
Alternative Uses
Best Use
Multifamily LT 5
$613.0K
$536.4K – $715.1K
NOI $42,908 @ 7.0% cap · market cap 9.75%
Second Best
Apartment 5plus
$568.1K
$497.1K – $662.8K
NOI $39,765 @ 7.0% cap · market cap 9.04%
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,335 @ 7.0% cap · market cap 32.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
379
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 residential units include flexible living areas, basement storage, and an attached shed.
Where is this duplex located?
The property is located at 38 Whitman St Chicopee, MA.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: 3,276‑square‑foot duplex built in 1920; First‑floor unit is vacant and includes two bedrooms plus a bonus room; Upper unit spans the second and third floors in a townhouse‑style layout
