17-Unit One-Bedroom Apartment
For Sale
$2,090,000
91 E Park St, Springfield, MA 01105
C1-zoned multifamily property with a uniform one-bedroom layout and proximity to transit, shopping, and downtown amenities.
Property Size12,184 SF
Price / SF$171.54
Days on Market133
Property Features for 91 E Park St
General Information
Standard status
Active
Size
12,184 SF
Property subtype
Multi-Family
Zoning
C1
Net Operating Income
$30,900
Units
Unit Mix
17 x 1BR
Multifamily Units
17
Additional Details
Gross Income
$253,836
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$21,033
Building Details
Building Size
12,184 SF
Year Built
1930
Buildings
1
Stories
4
Listing Agency:
J.M.I. Investment Properties
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 20
Changed: Aug 29
Last Checked: Aug 29 at 3:27PM
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 J.M.I. Investment Properties
Investment Insights
Based on property information with market context.
This 12,184-square-foot apartment building contains 17 one-bedroom units within a consistent residential configuration. Built in 1930, the property is zoned C1 and currently has one vacant unit, providing an existing multifamily operating profile with straightforward unit standardization.
The property is located at 91 E Park St in Springfield, minutes from MGM Springfield, downtown Springfield, major highways, public transportation, shopping, and local amenities. Its location and uniform apartment layout support a focused multifamily ownership and management strategy.
The property is located at 91 E Park St in Springfield, minutes from MGM Springfield, downtown Springfield, major highways, public transportation, shopping, and local amenities. Its location and uniform apartment layout support a focused multifamily ownership and management strategy.
Key Highlights
- 17 one‑bedroom apartment units
- 12,184 square feet of building area
- One vacant unit within the 17‑unit property
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
$160,427
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
7.68%
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%
$3,208,540
$3.2M
Cap Rate 7%
$2,291,814
$2.3M
Cap Rate 9%
$1,782,522
$1.8M
Market Conditions
NOI Build-Up for 12,184 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
$307.0K $25.20/SF
− Vacancy
−$15.4K −$1.26/SF
EGI
$291.7K $23.94/SF
− OpEx
−$131.3K −$10.77/SF
NOI
$160.4K $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%
$3,208,540
Cap Rate 7%
$2,291,814
Cap Rate 9%
$1,782,522
Alternative Uses
Best Use
Apartment 5plus
$2.29M
$2.01M – $2.67M
NOI $160,427 @ 7.0% cap · market cap 7.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.31M
$2.89M – $3.86M
NOI $231,593 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Location Intelligence
Trade Area within ½ mile
3,561
Businesses Nearby
Explore this area
Business Placement
Demographics for 01105, MA
12,051
Population
5,554
Households
2.2
Avg Household Size
33
Median Age
8%
College-Educated
64%
High-School Grad
1.2 sq mi
ZIP Area
10,043
Density / Sq Mi
$22,994
Median Household Income
$24,078
Median Earnings
$976
Median Rent
$238,400
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?
Apartment building - C1-zoned multifamily property with a uniform one-bedroom layout and proximity to transit, shopping, and downtown amenities.
Where is this apartment building located?
The property is located at 91 E Park St Springfield, MA.
What is the asking price?
The asking price for this property is $2,090,000.
What are key features of this property?
This property features: 17 one‑bedroom apartment units; 12,184 square feet of building area; One vacant unit within the 17‑unit property
