Two-Story Apartment
For Sale
$1,885,000
438 Springfield, Agawam, MA 01001
Fully rented apartment property with new heat pumps serving every unit.
Property Size7,680 SF
Lot Size0.31 Acres
Price / SF$245.44
Days on Market55
Property Features for 438 Springfield
General Information
Standard status
Active
Size
7,680 SF
Lot size
0.31 Acres
Property subtype
5+ Family - 5+ Units Up/Down
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$15,647
Building Details
Building Size
7,680 SF
Year Built
1965
Stories
2
Listing Agency:
Premier Choice Realty
(413) 537-0973
Listed By:
Russell J. Sabadosa · License #452501212
Source:
Donnellyandco
Added: Jun 15
Changed: Aug 3
Last Checked: Aug 8 at 9:00AM
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 Premier Choice Realty
Investment Insights
Based on property information with market context.
This two-story apartment building was constructed in 1965 and contains 7,680 square feet of improvements. The property includes 16 bedrooms and 16 full bathrooms, with new heat pumps installed throughout all units. Its current condition is described as meticulously maintained, and the property is fully rented.
Located at 438 Springfield in Agawam, Massachusetts, the building occupies a 13,440-square-foot lot. The combination of a two-story configuration, substantial bedroom and bathroom count, and current rental occupancy defines the property’s existing multifamily profile.
Located at 438 Springfield in Agawam, Massachusetts, the building occupies a 13,440-square-foot lot. The combination of a two-story configuration, substantial bedroom and bathroom count, and current rental occupancy defines the property’s existing multifamily profile.
Key Highlights
- 7,680‑square‑foot apartment building constructed in 1965
- 16 bedrooms and 16 full bathrooms
- Two‑story configuration on a 13,440‑square‑foot lot
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
$93,221
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
4.95%
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%
$1,864,420
$1.9M
Cap Rate 7%
$1,331,729
$1.3M
Cap Rate 9%
$1,035,789
$1.0M
Market Conditions
NOI Build-Up for 7,680 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
$178.8K $23.28/SF
− Vacancy
−$9.3K −$1.21/SF
EGI
$169.5K $22.07/SF
− OpEx
−$76.3K −$9.93/SF
NOI
$93.2K $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%
$1,864,420
Cap Rate 7%
$1,331,729
Cap Rate 9%
$1,035,789
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.17M – $1.55M
NOI $93,221 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.73M
$4.14M – $5.52M
NOI $331,334 @ 7.0% cap · market cap 17.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
290
Businesses Nearby
Explore this area
Business Placement
Demographics for 01001, MA
16,984
Population
7,033
Households
2.4
Avg Household Size
46
Median Age
36%
College-Educated
92%
High-School Grad
11.3 sq mi
ZIP Area
1,503
Density / Sq Mi
$71,924
Median Household Income
$54,266
Median Earnings
$1,305
Median Rent
$270,300
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?
Apartment building - Fully rented apartment property with new heat pumps serving every unit.
Where is this apartment building located?
The property is located at 438 Springfield Agawam, MA.
What is the asking price?
The asking price for this property is $1,885,000.
What are key features of this property?
This property features: 7,680‑square‑foot apartment building constructed in 1965; 16 bedrooms and 16 full bathrooms; Two‑story configuration on a 13,440‑square‑foot lot
