Updated Duplex with
For Sale
$539,000
Pending
424 Carew, Springfield, MA 01104
Two-unit property with refreshed interiors, separate garage, and appliances included in each residence.
Property Size3,456 SF
Days on Market56
Property Features for 424 Carew
General Information
Standard status
Pending
Size
3,456 SF
Total Parking Spaces
2
Property subtype
2 Family - 2 Units Up/Down
Building Details
Year Built
1928
Listing Agency:
Lock and Key Realty Inc.
(413) 335-7323
Listed By:
Brittany Theroux
(413) 335-7323
Source:
Lockandkeyre
Added: Jul 8
Changed: Aug 31
Last Checked: Jul 20 at 12:21PM
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 Lock and Key Realty Inc.
Investment Insights
Based on property information with market context.
Built in 1928, this duplex occupies a corner property at 424 Carew in Springfield, Massachusetts. The building includes two residences, each with newer cabinetry and appliances that remain with the property. Interior improvements include refinished wood flooring along with new carpet and vinyl finishes.
Additional updates include fresh paint, a newer roof, and gas-fueled boilers. A detached two-car garage provides separate on-site parking and storage. The property is zoned r2 and may suit either an owner occupant or an investor, as reflected by its duplex configuration.
Additional updates include fresh paint, a newer roof, and gas-fueled boilers. A detached two-car garage provides separate on-site parking and storage. The property is zoned r2 and may suit either an owner occupant or an investor, as reflected by its duplex configuration.
Key Highlights
- Duplex with two residential units
- Detached 2 car garage
- Fresh paint and newer roof
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
$45,505
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
8.44%
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%
$910,100
$910.1K
Cap Rate 7%
$650,071
$650.1K
Cap Rate 9%
$505,611
$505.6K
Market Conditions
NOI Build-Up for 3,456 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
$87.1K $25.20/SF
− Vacancy
−$4.4K −$1.26/SF
EGI
$82.7K $23.94/SF
− OpEx
−$37.2K −$10.77/SF
NOI
$45.5K $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%
$910,100
Cap Rate 7%
$650,071
Cap Rate 9%
$505,611
Alternative Uses
Best Use
Multifamily LT 5
$730.8K
$639.4K – $852.6K
NOI $51,155 @ 7.0% cap · market cap 9.49%
Second Best
Apartment 5plus
$650.1K
$568.8K – $758.4K
NOI $45,505 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$938.5K
$821.2K – $1.09M
NOI $65,692 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,267
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
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-unit property with refreshed interiors, separate garage, and appliances included in each residence.
Where is this duplex located?
The property is located at 424 Carew Springfield, MA.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: Duplex with two residential units; Detached 2 car garage; Fresh paint and newer roof
