Springfield Two-Family Home with
For Sale
$369,900
Pending
540-542 Union St, Springfield, MA 01109
Updated two-family home in Springfield with expansion potential.
Property Size1,920 SF
Lot Size0.38 Acres
Days on Market181
Property Features for 540-542 Union St
General Information
Standard status
Pending
Size
1,920 SF
Lot size
0.38 Acres
Property subtype
Multi Family
Building Details
Year Built
1988
Listing Agency:
Coldwell Banker Realty - Western MA
(413) 567-8931
Listed By:
Roger Trombly · License #26208
(413) 221-4600
Source:
Lockandkeyre
Added: Apr 8
Changed: Aug 9
Last Checked: Apr 20 at 7:05PM
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.
Located at 540-542 Union St in Springfield, MA, this two-family residence presents an opportunity for immediate occupancy. Constructed in 1988, the property features a modern design with gas heat and updated wiring. Each of the two units includes three bedrooms. The first-floor apartment has been extensively remodeled, featuring new replacement windows, mini-split systems for air conditioning, and newly redecorated kitchen and bath. The second-floor apartment requires cosmetic updates, including new flooring and paint. The property is situated on a 16518 sq ft lot, offering potential for expansion, such as an Additional Dwelling Unit (ADU), ample parking space, and storage. The building size is 1920 sq ft. The property has no lead paint issues.
Key Highlights
- Remodeled first‑floor apartment with new windows, mini‑split AC, kitchen, and bath - move‑in ready.
- Large 16518 sq ft lot with potential for expansion (ADU) and ample parking.
- Modern two‑family built in 1988 with gas heat and updated wiring.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,420
Cap Rate
7.68%
Suggested Prices Based on Cap Rates
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
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 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 7.68%
Second Best
Apartment 5plus
$361.2K
$316.0K – $421.4K
NOI $25,281 @ 7.0% cap · market cap 6.83%
Theoretical Best
Office A
$521.4K
$456.2K – $608.3K
NOI $36,495 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated two-family home in Springfield with expansion potential.
Where is this duplex located?
The property is located at 540-542 Union St Springfield, MA.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: Remodeled first‑floor apartment with new windows, mini‑split AC, kitchen, and bath - move‑in ready.; Large 16518 sq ft lot with potential for expansion (ADU) and ample parking.; Modern two‑family built in 1988 with gas heat and updated wiring.
