Renovated
For Sale
$525,000
Pending
744-746 Carew Street, Springfield, MA 01104
R2-zoned residential property with updated kitchens, laundry hookups, renovated bathrooms, and ample on-site parking.
Property Size3,474 SF
Days on Market215
Property Features for 744-746 Carew Street
General Information
Standard status
Pending
Size
3,474 SF
Total Parking Spaces
5
Property subtype
Multi-family / 3 Family
Zoning
R2
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,177
Amenities
No
3.0
Living Room, Dining Room, Kitchen
3
3.00
Frame
Shingle
Porch
Building Details
Year Built
1910
Listing Agency:
Lock and Key Realty Inc.
(413) 282-8080
Listed By:
The Bradshaw Team
(413) 282-8080
Source:
Compass
Added: Jan 27
Changed: Aug 29
Last Checked: Aug 29 at 2:21PM
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.
The 3474-square-foot triplex at 744-746 Carew Street contains three vacant units, each arranged with a living room, dining room, kitchen, and bathroom. Kitchen improvements include new cabinets, countertops, and appliances, while each unit also has laundry hookups. The bathrooms have been fully renovated, and the frame structure features shingle siding and porches.
The property includes ample parking and is located in Springfield, Massachusetts, near city amenities. Built in 1910 and zoned R2, the three-unit configuration supports continued residential use with updated interior components already in place.
The property includes ample parking and is located in Springfield, Massachusetts, near city amenities. Built in 1910 and zoned R2, the three-unit configuration supports continued residential use with updated interior components already in place.
Key Highlights
- Three vacant residential units in a triplex configuration
- 3474 SF building on 744‑746 Carew Street
- R2 zoning supports the existing residential use
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
$45,742
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
8.71%
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%
$914,840
$914.8K
Cap Rate 7%
$653,457
$653.5K
Cap Rate 9%
$508,244
$508.2K
Market Conditions
NOI Build-Up for 3,474 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
$87.5K $25.20/SF
− Vacancy
−$4.4K −$1.26/SF
EGI
$83.2K $23.94/SF
− OpEx
−$37.4K −$10.77/SF
NOI
$45.7K $13.17/SF
Area
Springfield, MA
Vacancy
5.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$914,840
Cap Rate 7%
$653,457
Cap Rate 9%
$508,244
Alternative Uses
Best Use
Multifamily LT 5
$734.6K
$642.8K – $857.0K
NOI $51,422 @ 7.0% cap · market cap 9.79%
Second Best
Apartment 5plus
$653.5K
$571.8K – $762.4K
NOI $45,742 @ 7.0% cap · market cap 8.71%
Theoretical Best
Office A
$943.3K
$825.4K – $1.10M
NOI $66,034 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
500
Businesses Nearby
Explore this area
Business Placement
Demographics for 01104, MA
23,598
Population
9,562
Households
2.5
Avg Household Size
38
Median Age
13%
College-Educated
77%
High-School Grad
5.2 sq mi
ZIP Area
4,538
Density / Sq Mi
$47,530
Median Household Income
$37,463
Median Earnings
$1,004
Median Rent
$210,800
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?
Triplex - R2-zoned residential property with updated kitchens, laundry hookups, renovated bathrooms, and ample on-site parking.
Where is this triplex located?
The property is located at 744-746 Carew 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: Three vacant residential units in a triplex configuration; 3474 SF building on 744‑746 Carew Street; R2 zoning supports the existing residential use
