Building Details

Building Size 1,461 SF

Year Built 1920

Stories 2

Listing Agency: Lock and Key Realty Inc. Show Phone

Listed By: Jessica Mekal · License #CN248483 Show Phone

Source: Churchillprop

Added: Jun 27 Changed: Oct 6 Last Checked: Oct 16 at 6:18AM

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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.

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Investment Insights

Based on property information with market context.

This 1,461-square-foot duplex was built in 1920 and sits on a corner lot. Each unit has its own utilities, and one includes an extra room that can function as a second bedroom, office, or flexible living area. Both units are currently occupied, with one tenant in the process of relocating, which may create vacancy at closing.

A detached two-story concrete block outbuilding measuring 26' x 50' is positioned at the rear of the property and has electricity. Its location on the corner lot provides direct access and supports potential contractor, workshop, warehouse, storage, or other income-producing uses. The property is zoned R2 and includes an additional structure beyond the residential units.

Key Highlights

• 1,461 SF duplex built in 1920
• Separate utilities serve each unit
• One unit includes an additional room for bedroom, office, or flex use

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$21,626

Cap Rate

7.23%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$432,520 $432.5K

Cap Rate 7%

$308,943 $308.9K

Cap Rate 9%

$240,289 $240.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,461 SF

Gross rent

$32.4K $22.20/SF

− Vacancy

−$1.5K −$1.05/SF

EGI

$30.9K $21.15/SF

− OpEx

−$9.3K −$6.34/SF

NOI

$21.6K $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 Rate 5%

$432,520

Cap Rate 7%

$308,943

Cap Rate 9%

$240,289

Alternative Uses

Best Use

Multifamily LT 5

$308.9K

$270.3K – $360.4K (±1% cap)

NOI $21,626 @ 7.0% cap · market cap 7.23%

Second Best

Apartment 5plus

$274.8K

$240.5K – $320.6K (±1% cap)

NOI $19,237 @ 7.0% cap · market cap 6.43%

Theoretical Best

Office A

$396.7K

$347.1K – $462.9K (±1% cap)

NOI $27,771 @ 7.0% cap · market cap 9.29%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Law Firm Real Estate Agency Skin Care Clinic Kitchen & Bath Showroom (Bike/Boat/Book/etc) Store Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

727

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two units have separate utilities, with one offering an additional flexible room.

Where is this duplex located?

The property is located at 90 Andrew St Springfield, MA.

What is the asking price?

The asking price for this property is $299,000.

What are key features of this property?

This property features: 1,461 SF duplex built in 1920; Separate utilities serve each unit; One unit includes an additional room for bedroom, office, or flex use