Three-Story Two-Family
723 Belmont Avenue Springfield, MA 01108
For Sale
$485,000
Well-maintained two-family with three floors, multiple new interior finishes, and separate electric metering.
Property Size3,010 SF
Price / SF$161.13
Days on Market68
Property Features for 723 Belmont Avenue
General Information
- Standard status
- Active
- Size
- 3,010 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1912
Listing Agency:
Richard M. Russo Real Estate
(413) 374-2103
Listed By:
Richard Russo
Source:
Gregoryhaughton
Added: May 18
Changed: Jul 22
Last Checked: Jul 23 at 8:14AM
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 Richard M. Russo Real Estate
Investment Insights
Based on property information with market context.
This three-story two-family residence offers updated interiors across all levels, including new kitchen finishes with granite counters and stainless steel appliances on the first floor. The first floor also includes a newly updated bathroom, hardwood flooring, and newly finished Lifeproof vinyl flooring in the kitchen and bath, along with pantry storage with cabinets and granite tops. The second floor features a new kitchen with granite counters, tile flooring, and updated bathroom and Lifeproof vinyl flooring. The third floor includes a newer full bath and a kitchenette with granite counters, with updated vinyl flooring and carpeting in living areas.
Exterior improvements include vinyl siding and vinyl windows, along with brick stairs and iron railings. The property is equipped with gas heating systems and gas hot water heaters. Separate electric metering includes two meters for the tenants and a third meter for the owner.
The residence has been maintained by the same owner for 15 years and is described as in immaculate condition.
Exterior improvements include vinyl siding and vinyl windows, along with brick stairs and iron railings. The property is equipped with gas heating systems and gas hot water heaters. Separate electric metering includes two meters for the tenants and a third meter for the owner.
The residence has been maintained by the same owner for 15 years and is described as in immaculate condition.
Key Highlights
- Well‑maintained 2‑family home built in 1912 with three floors and vinyl siding and vinyl windows
- 1st‑floor unit features a new kitchen with granite counters and stainless steel appliances plus a new bathroom
- Second‑floor unit includes a new kitchen with granite counters and tile flooring, plus a newer bathroom and newer LifeProof vinyl flooring
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $66.8k | $22.20 |
| − Vacancy | −$3.2k | −$1.05 |
| EGI | $63.6k | $21.15 |
| − OpEx | −$19.1k | −$6.34 |
| NOI | $44.6k | $14.80 |
3,010 SF · lease $22.20/SF/yr · vacancy 4.75% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$636.5K
$556.9K – $742.6K
NOI $44,554 @ 7.0% cap · market cap 9.19%
Second Best
Apartment 5plus
$566.2K
$495.4K – $660.6K
NOI $39,633 @ 7.0% cap · market cap 8.17%
Theoretical Best
Office A
$817.3K
$715.2K – $953.6K
NOI $57,214 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Well-maintained two-family with three floors, multiple new interior finishes, and separate electric metering.
Where is this duplex located?
The property is located at 723 Belmont Avenue Springfield, MA.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Well‑maintained 2‑family home built in 1912 with three floors and vinyl siding and vinyl windows; 1st‑floor unit features a new kitchen with granite counters and stainless steel appliances plus a new bathroom; Second‑floor unit includes a new kitchen with granite counters and tile flooring, plus a newer bathroom and newer LifeProof vinyl flooring
