Duplex with Separate
For Sale
$379,900
536-538 Union Street, Springfield, MA 01109
Two residential units provide three bedrooms, one-and-a-half baths, and independent basement space on each side.
Property Size1,920 SF
Price / SF$197.86
Days on Market147
Property Features for 536-538 Union Street
General Information
Standard status
Active
Size
1,920 SF
Total Parking Spaces
8
Property subtype
Multi-family / Duplex
Zoning
R2
Net Operating Income
$35,400
Property Condition
Severity
Repairs Needed
Evidence
Both units need cosmetics and redecorating
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,509
Amenities
No
Wood, Vinyl, Vinyl / VCT, Carpet, Varies
Storm Door(s)
4.0
Insulated Windows, Screens
Washer Hookup, Dryer Hookup, Electric Dryer Hookup
Full, Interior Access, Concrete Floor, Unfinished Basement
Bathroom With Tub & Shower, Living Room, Kitchen, Laundry Room
2
3.00
4
Fenced/Enclosed
Frame
Shingle
Cleared, Level
Rain Gutters, Screens, Deck, Deck - Wood
Deck, Deck - Wood
Building Details
Year Built
1988
Buildings
1
Listing Agency:
Coldwell Banker Realty - Western MA
(413) 567-8931
Listed By:
Roger Trombly · License #26208
(413) 567-8931
Source:
Compass
Added: Apr 8
Changed: Aug 30
Last Checked: Aug 31 at 10:24PM
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 Coldwell Banker Realty - Western MA
Investment Insights
Based on property information with market context.
Built in 1988, this 1,920-square-foot duplex contains two separately configured units. Each side offers three bedrooms, one-and-a-half bathrooms, a living room, kitchen, laundry area, and a full unfinished basement with interior access. Gas heat and hot water serve the property, with public water and sewer in place.
The exterior includes vinyl siding, insulated windows, screens, rain gutters, and wood decks. The level lot has a 150-foot-deep backyard that provides space for parking, gardening, or outdoor recreation. Both units require cosmetic updates and redecorating. The property is zoned R2 and includes separate basement areas for each residence.
The exterior includes vinyl siding, insulated windows, screens, rain gutters, and wood decks. The level lot has a 150-foot-deep backyard that provides space for parking, gardening, or outdoor recreation. Both units require cosmetic updates and redecorating. The property is zoned R2 and includes separate basement areas for each residence.
Key Highlights
- Two‑unit duplex totaling 1920 square feet
- Each unit has 3 bedrooms and 1.5 baths
- Full separate basements with interior access on both sides
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
$28,420
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
7.48%
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%
$568,400
$568.4K
Cap Rate 7%
$406,000
$406.0K
Cap Rate 9%
$315,778
$315.8K
Market Conditions
NOI Build-Up for 1,920 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
$42.6K $22.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$40.6K $21.15/SF
− OpEx
−$12.2K −$6.34/SF
NOI
$28.4K $14.80/SF
Area
Springfield, MA
Vacancy
4.75%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$568,400
Cap Rate 7%
$406,000
Cap Rate 9%
$315,778
Alternative Uses
Best Use
Multifamily LT 5
$406.0K
$355.3K – $473.7K
NOI $28,420 @ 7.0% cap · market cap 7.48%
Second Best
Apartment 5plus
$361.2K
$316.0K – $421.4K
NOI $25,281 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$521.4K
$456.2K – $608.3K
NOI $36,495 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,648
Businesses Nearby
Explore this area
Business Placement
Demographics for 01109, MA
30,968
Population
10,786
Households
2.9
Avg Household Size
30
Median Age
17%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
5,735
Density / Sq Mi
$46,821
Median Household Income
$34,971
Median Earnings
$1,112
Median Rent
$203,100
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 provide three bedrooms, one-and-a-half baths, and independent basement space on each side.
Where is this duplex located?
The property is located at 536-538 Union Street Springfield, MA.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1920 square feet; Each unit has 3 bedrooms and 1.5 baths; Full separate basements with interior access on both sides
