Duplex With Private
For Sale
$375,000
73-75 Melrose St, Springfield, MA 01109
Two-unit property with practical layouts, basement storage, and a private yard.
Property Size2,120 SF
Lot Size0.11 Acres
Price / SF$176.89
Days on Market10
Property Features for 73-75 Melrose St
General Information
Standard status
Active
Size
2,120 SF
Lot size
0.11 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Amenities
basement storage
private yard
Building Details
Building Size
2,120 SF
Year Built
1925
Listing Agency:
IVerty Realty, LLC
(413) 786-0584
Listed By:
Mela Dieujuste · License #452508574
(413) 786-0584
Source:
Iverty
Added: Aug 23
Changed: Aug 31
Last Checked: Aug 31 at 3:32PM
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 IVerty Realty, LLC
Investment Insights
Based on property information with market context.
This two-unit residential income property provides 2,120 square feet of living space, with a combined six bedrooms and two full bathrooms. Each unit offers a practical floor plan with well-proportioned rooms, while basement storage adds useful support space. The property also includes a private yard on a 5,001-square-foot lot.
Built in 1925, the property is located at 73-75 Melrose St in Springfield, Massachusetts, with access to everyday amenities and major routes. Its two-unit configuration and existing outdoor and storage areas provide a straightforward multifamily setup.
Built in 1925, the property is located at 73-75 Melrose St in Springfield, Massachusetts, with access to everyday amenities and major routes. Its two-unit configuration and existing outdoor and storage areas provide a straightforward multifamily setup.
Key Highlights
- Two‑unit property with 6 bedrooms and 2 full bathrooms
- 2,120 sq ft of living space
- Private yard on a 5,001 sq ft lot
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
$31,380
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
8.37%
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%
$627,600
$627.6K
Cap Rate 7%
$448,286
$448.3K
Cap Rate 9%
$348,667
$348.7K
Market Conditions
NOI Build-Up for 2,120 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
$47.1K $22.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$44.8K $21.15/SF
− OpEx
−$13.4K −$6.34/SF
NOI
$31.4K $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%
$627,600
Cap Rate 7%
$448,286
Cap Rate 9%
$348,667
Alternative Uses
Best Use
Multifamily LT 5
$448.3K
$392.3K – $523.0K
NOI $31,380 @ 7.0% cap · market cap 8.37%
Second Best
Apartment 5plus
$398.8K
$348.9K – $465.2K
NOI $27,914 @ 7.0% cap · market cap 7.44%
Theoretical Best
Office A
$575.7K
$503.7K – $671.6K
NOI $40,297 @ 7.0% cap · market cap 10.75%
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
719
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 - Two-unit property with practical layouts, basement storage, and a private yard.
Where is this duplex located?
The property is located at 73-75 Melrose St Springfield, MA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑unit property with 6 bedrooms and 2 full bathrooms; 2,120 sq ft of living space; Private yard on a 5,001 sq ft lot
