Renovated Duplex
For Sale
$525,000
68-70 Cambridge Street, Springfield, MA 01109
Vacant two-family residence with updated systems and separate three- and six-bedroom units.
Property Size2,918 SF
Price / SF$179.92
Days on Market30
Property Features for 68-70 Cambridge Street
General Information
Standard status
Active
Size
2,918 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 3BR, 1 x 6BR
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1911
Listing Agency:
Lock and Key Realty Inc.
Listed By:
Andrew Rodman
(603) 548-5315
Source:
Burkelordrealestate
Added: Aug 3
Changed: Aug 31
Last Checked: Aug 13 at 3:27AM
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 duplex property at 68-70 Cambridge Street includes two vacant residential units within a 2,918-square-foot building constructed in 1911. The first-floor unit has three bedrooms, while the second-floor unit provides six bedrooms. Renovations include new electrical and plumbing systems, updated heating equipment, refreshed kitchens and bathrooms, and upgraded porches.
The property is situated in Springfield near schools, shopping, restaurants, parks, and major highways. Both apartments are currently unoccupied, allowing an owner to occupy one unit while leasing the other or place both units into service.
The property is situated in Springfield near schools, shopping, restaurants, parks, and major highways. Both apartments are currently unoccupied, allowing an owner to occupy one unit while leasing the other or place both units into service.
Key Highlights
- Vacant two‑family duplex with 3 bedrooms on the first floor and 6 bedrooms upstairs
- 2,918‑square‑foot building constructed in 1911
- Renovated electrical, plumbing, and heating systems
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
$43,192
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
8.23%
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%
$863,840
$863.8K
Cap Rate 7%
$617,029
$617.0K
Cap Rate 9%
$479,911
$479.9K
Market Conditions
NOI Build-Up for 2,918 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
$64.8K $22.20/SF
− Vacancy
−$3.1K −$1.05/SF
EGI
$61.7K $21.15/SF
− OpEx
−$18.5K −$6.34/SF
NOI
$43.2K $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%
$863,840
Cap Rate 7%
$617,029
Cap Rate 9%
$479,911
Alternative Uses
Best Use
Multifamily LT 5
$617.0K
$539.9K – $719.9K
NOI $43,192 @ 7.0% cap · market cap 8.23%
Second Best
Apartment 5plus
$548.9K
$480.3K – $640.4K
NOI $38,421 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$792.4K
$693.3K – $924.4K
NOI $55,465 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
715
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 - Vacant two-family residence with updated systems and separate three- and six-bedroom units.
Where is this duplex located?
The property is located at 68-70 Cambridge Street Springfield, MA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Vacant two‑family duplex with 3 bedrooms on the first floor and 6 bedrooms upstairs; 2,918‑square‑foot building constructed in 1911; Renovated electrical, plumbing, and heating systems
