Side-by-Side Duplex with
For Sale
$399,000
64-66 Ferris Street, Springfield, MA 01151
Two leased residences feature private basements, wood decks, and separate garage spaces on a corner lot.
Property Size1,872 SF
Lot Size0.37 Acres
Price / SF$213.14
Days on Market148
Property Features for 64-66 Ferris Street
General Information
Standard status
Active
Size
1,872 SF
Total Parking Spaces
4
Lot size
0.37 Acres
Property subtype
Multi-family / 2 Family - 2 Units Side by Side
Zoning
R1
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,903
Amenities
No
Range, Disposal, Refrigerator
4.0
Washer Hookup
Full
Ceiling Fan(s), Living Room, Kitchen
2
3.00
4
Shingle
Corner Lot
Deck - Wood
Building Details
Year Built
1987
Listing Agency:
Real Broker MA, LLC
(413) 273-1381
Listed By:
The Hamre Martin Team · License #00237674
(413) 273-1381
Source:
Compass
Added: Apr 6
Changed: Aug 30
Last Checked: Aug 30 at 6:18PM
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 Real Broker MA, LLC
Investment Insights
Based on property information with market context.
This side-by-side duplex contains 1,872 square feet of living area, with two 2-bedroom, 1.5-bath units. Each residence includes a private basement area and an individual rear deck, while the property also provides two separate garages and a broad shared driveway. Built in 1987, the building sits on a level 0.37-acre corner parcel and is identified as R1 zoning.
The property is located at 64-66 Ferris Street in Springfield’s Indian Orchard neighborhood. Long-term tenants are already in place, providing existing occupancy for an investor or owner seeking a two-unit residential property. The site also has potential for an ADU addition, as noted in the property information.
The property is located at 64-66 Ferris Street in Springfield’s Indian Orchard neighborhood. Long-term tenants are already in place, providing existing occupancy for an investor or owner seeking a two-unit residential property. The site also has potential for an ADU addition, as noted in the property information.
Key Highlights
- 1,872 square feet of living space across two side‑by‑side units
- Each unit includes 2 bedrooms and 1.5 baths
- Private basement areas and individual wood decks 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
$27,709
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
6.94%
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%
$554,180
$554.2K
Cap Rate 7%
$395,843
$395.8K
Cap Rate 9%
$307,878
$307.9K
Market Conditions
NOI Build-Up for 1,872 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
$41.6K $22.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$39.6K $21.15/SF
− OpEx
−$11.9K −$6.34/SF
NOI
$27.7K $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%
$554,180
Cap Rate 7%
$395,843
Cap Rate 9%
$307,878
Alternative Uses
Best Use
Multifamily LT 5
$395.8K
$346.4K – $461.8K
NOI $27,709 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$352.1K
$308.1K – $410.8K
NOI $24,649 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$508.3K
$444.8K – $593.1K
NOI $35,583 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
327
Businesses Nearby
Explore this area
Business Placement
Demographics for 01151, MA
9,150
Population
3,959
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
77%
High-School Grad
2.4 sq mi
ZIP Area
3,813
Density / Sq Mi
$57,113
Median Household Income
$39,117
Median Earnings
$1,239
Median Rent
$219,800
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 leased residences feature private basements, wood decks, and separate garage spaces on a corner lot.
Where is this duplex located?
The property is located at 64-66 Ferris Street Springfield, MA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,872 square feet of living space across two side‑by‑side units; Each unit includes 2 bedrooms and 1.5 baths; Private basement areas and individual wood decks for both units
