10-Unit Apartment
New
For Sale
$1,250,000
50 Stevens Street, Springfield, MA 01104
B1-zoned multifamily property with 10 residences under one roof in Springfield.
Property Size2,930 SF
Price / SF$426.62
Days on Market6
Property Features for 50 Stevens Street
General Information
Standard status
Active
Size
2,930 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
10
Building Details
Year Built
1927
Listing Agency:
Lock and Key Realty Inc.
(413) 282-8385
Listed By:
Raquel Medina · License #9577629
(413) 789-9830
Source:
Parksquarerealty
Added: Aug 27
Changed: Aug 31
Last Checked: Aug 31 at 7:58PM
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.
This multifamily property contains 10 apartment units within a single building and is currently producing rental income. The property was constructed in 1927 and is classified B1 under the stated zoning designation.
Located at 50 Stevens St in Springfield, Massachusetts, the asset provides a clearly defined apartment-building configuration for buyers seeking a property with multiple residential units in one location.
Located at 50 Stevens St in Springfield, Massachusetts, the asset provides a clearly defined apartment-building configuration for buyers seeking a property with multiple residential units in one location.
Key Highlights
- 10 apartment units under one roof
- B1 zoning designation
- Constructed in 1927
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
$38,579
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
3.09%
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%
$771,580
$771.6K
Cap Rate 7%
$551,129
$551.1K
Cap Rate 9%
$428,656
$428.7K
Market Conditions
NOI Build-Up for 2,930 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
$73.8K $25.20/SF
− Vacancy
−$3.7K −$1.26/SF
EGI
$70.1K $23.94/SF
− OpEx
−$31.6K −$10.77/SF
NOI
$38.6K $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%
$771,580
Cap Rate 7%
$551,129
Cap Rate 9%
$428,656
Alternative Uses
Best Use
Apartment 5plus
$551.1K
$482.2K – $643.0K
NOI $38,579 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$795.6K
$696.2K – $928.2K
NOI $55,693 @ 7.0% cap · market cap 4.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
414
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - B1-zoned multifamily property with 10 residences under one roof in Springfield.
Where is this apartment building located?
The property is located at 50 Stevens Street Springfield, MA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 10 apartment units under one roof; B1 zoning designation; Constructed in 1927
