Updated Duplex with Renovated
For Sale
$359,900
Pending
57-59 E Bay Path Ter, Springfield, MA 01109
Turnkey duplex featuring refreshed interiors, updated kitchens and baths, mini-split heating and cooling, and an updated roof.
Property Size1,710 SF
Days on Market71
Property Features for 57-59 E Bay Path Ter
General Information
Standard status
Pending
Size
1,710 SF
Property subtype
Multi Family
Building Details
Building Size
1,710 SF
Year Built
1969
Listing Agency:
Lock and Key Realty Inc.
(413) 282-8080
Listed By:
Kelsey & Ireland Team
(413) 206-6411
Source:
Iverty
Added: Jun 29
Changed: Sep 6
Last Checked: Sep 6 at 7:50AM
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 updated duplex offers two spacious apartments that have been refreshed throughout. Interior improvements include professionally refinished hardwood floors, fresh paint, updated kitchens, and fully renovated bathrooms. Each unit is supported by brand-new mini-split systems for heating and cooling, and the property includes updated water heaters (less than two years old) alongside a brand-new roof installed in 2025.
Additional upgrades include newer energy-efficient vinyl windows. Unfinished basements provide clean, usable storage space.
Both units present a turnkey, maintenance-light setup with recent mechanical and building envelope updates designed to support reliable day-one occupancy.
Additional upgrades include newer energy-efficient vinyl windows. Unfinished basements provide clean, usable storage space.
Both units present a turnkey, maintenance-light setup with recent mechanical and building envelope updates designed to support reliable day-one occupancy.
Key Highlights
- Updated duplex built in 1969 with refreshed interiors in both units, including refinished hardwood floors and fresh paint.
- Updated kitchens and fully renovated bathrooms in both apartments.
- Brand‑new mini‑split systems provide efficient heating and cooling for both units.
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
$25,311
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
7.03%
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%
$506,220
$506.2K
Cap Rate 7%
$361,586
$361.6K
Cap Rate 9%
$281,233
$281.2K
Market Conditions
NOI Build-Up for 1,710 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
$38.0K $22.20/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$36.2K $21.15/SF
− OpEx
−$10.8K −$6.34/SF
NOI
$25.3K $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%
$506,220
Cap Rate 7%
$361,586
Cap Rate 9%
$281,233
Alternative Uses
Best Use
Multifamily LT 5
$361.6K
$316.4K – $421.9K
NOI $25,311 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$321.7K
$281.5K – $375.3K
NOI $22,516 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$464.3K
$406.3K – $541.7K
NOI $32,504 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
310
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 - Turnkey duplex featuring refreshed interiors, updated kitchens and baths, mini-split heating and cooling, and an updated roof.
Where is this duplex located?
The property is located at 57-59 E Bay Path Ter Springfield, MA.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Updated duplex built in 1969 with refreshed interiors in both units, including refinished hardwood floors and fresh paint.; Updated kitchens and fully renovated bathrooms in both apartments.; Brand‑new mini‑split systems provide efficient heating and cooling for both units.
