Mixed-Use Property with 17
For Sale
$1,650,000
683-687 State Street, Springfield, MA 01109
Residential apartments and commercial space occupy a 11,250-square-foot property on State Street in Springfield.
Property Size11,250 SF
Price / SF$146.67
Days on Market88
Property Features for 683-687 State Street
General Information
Standard status
Active
Size
11,250 SF
Property subtype
Multi-family
Units
Unit Mix
9 x 1BR, 2 x 2BR, 4 x 3BR
Multifamily Units
15
Additional Details
Gross Income
$228,000
Building Details
Year Built
1895
Listing Agency:
Lock and Key Realty Inc.
(413) 519-1423
Listed By:
Jessica Mekal
(860) 745-2121
Source:
Cthomeseekers
Added: Jun 4
Changed: Aug 29
Last Checked: Aug 3 at 1:01PM
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 mixed-use property contains 17 units, comprising 15 residential apartments and 2 commercial spaces within an 11,250-square-foot building constructed in 1895. The apartment mix includes 9 one-bedroom units, 2 two-bedroom units, and 4 three-bedroom units. All but two residential units have been updated within the past 24 months.
One three-bedroom apartment is vacant, along with both commercial spaces. One commercial area measures over 2,600 square feet and may accommodate laundromat, retail, office, or other business use, as supported by the existing property information. Ten of the 15 apartments are subsidized. Heat and hot water are paid by ownership, while residents are separately metered for electric service. The property is located at 683-687 State Street in Springfield, Massachusetts.
One three-bedroom apartment is vacant, along with both commercial spaces. One commercial area measures over 2,600 square feet and may accommodate laundromat, retail, office, or other business use, as supported by the existing property information. Ten of the 15 apartments are subsidized. Heat and hot water are paid by ownership, while residents are separately metered for electric service. The property is located at 683-687 State Street in Springfield, Massachusetts.
Key Highlights
- 17 units: 15 residential apartments and 2 commercial spaces
- Apartment mix includes 9 one‑bedroom, 2 two‑bedroom, and 4 three‑bedroom units
- All but two units updated within the past 24 months
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
$151,875
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
9.20%
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%
$3,037,500
$3.0M
Cap Rate 7%
$2,169,643
$2.2M
Cap Rate 9%
$1,687,500
$1.7M
Market Conditions
NOI Build-Up for 11,250 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
$270.0K $24.00/SF
− Vacancy
−$27.0K −$2.40/SF
EGI
$243.0K $21.60/SF
− OpEx
−$91.1K −$8.10/SF
NOI
$151.9K $13.50/SF
Area
Springfield, MA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,037,500
Cap Rate 7%
$2,169,643
Cap Rate 9%
$1,687,500
Alternative Uses
Best Use
Mixed Use
$2.17M
$1.90M – $2.53M
NOI $151,875 @ 7.0% cap · market cap 9.20%
Second Best
Apartment 5plus
$2.12M
$1.85M – $2.47M
NOI $148,129 @ 7.0% cap · market cap 8.98%
Theoretical Best
Office A
$3.05M
$2.67M – $3.56M
NOI $213,840 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
644
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?
Mixed-use property - Residential apartments and commercial space occupy a 11,250-square-foot property on State Street in Springfield.
Where is this mixed-use property located?
The property is located at 683-687 State Street Springfield, MA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 17 units: 15 residential apartments and 2 commercial spaces; Apartment mix includes 9 one‑bedroom, 2 two‑bedroom, and 4 three‑bedroom units; All but two units updated within the past 24 months
