Duplex Property with Development
For Sale
$595,000
917 Elm Street, West Springfield, MA 01089
Existing two-family home with matching 3-bedroom units, separate utilities, and a rare 3-car garage on 3.19 acres.
Property Size2,340 SF
Lot Size3.19 Acres
Price / SF$254.27
Days on Market300
Property Features for 917 Elm Street
General Information
Standard status
Active
Size
2,340 SF
Total Parking Spaces
3
Lot size
3.19 Acres
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1930
Listing Agency:
Kelley & Katzer Real Estate,LLC
Listed By:
Kelley & Katzer Team
(413) 527-3375
Source:
Taylorrealtors
Added: Oct 14, 2025
Changed: Aug 8
Last Checked: Apr 22 at 7:54AM
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 Kelley & Katzer Real Estate,LLC
Investment Insights
Based on property information with market context.
This 3.19-acre property includes an existing two-family home featuring matching 3-bedroom layouts on both sides. The units offer spacious living and dining rooms, large kitchens with pantries, and separate utilities. The home also has a rare 3-car garage, providing additional flexibility for day-to-day use or future site planning.
The property is set back from the road, offering privacy while remaining close to highways, schools, shops, and restaurants. A concept plan is provided showing potential for three duplex ANR building lots; the buyer will need to verify all approvals with the City and will need to update the Wetland Delineation.
For buyers looking to retain the existing income-producing structure or plan a phased redevelopment, this site provides a starting point with both an established residence and documented lot concepts for future duplex construction.
The property is set back from the road, offering privacy while remaining close to highways, schools, shops, and restaurants. A concept plan is provided showing potential for three duplex ANR building lots; the buyer will need to verify all approvals with the City and will need to update the Wetland Delineation.
For buyers looking to retain the existing income-producing structure or plan a phased redevelopment, this site provides a starting point with both an established residence and documented lot concepts for future duplex construction.
Key Highlights
- 3.19‑acre property in West Springfield with an existing 2‑family home built in 1930
- Two‑family layout features matching 3‑bedroom units with spacious living and dining rooms
- Large kitchens with pantries and separate utilities for the two units
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
$30,649
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
5.15%
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%
$612,980
$613.0K
Cap Rate 7%
$437,843
$437.8K
Cap Rate 9%
$340,544
$340.5K
Market Conditions
NOI Build-Up for 2,340 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
$46.3K $19.80/SF
− Vacancy
−$2.5K −$1.09/SF
EGI
$43.8K $18.71/SF
− OpEx
−$13.1K −$5.61/SF
NOI
$30.6K $13.10/SF
Area
Hampden County, MA
Vacancy
5.50%
Lease Rate
$19.80 /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%
$612,980
Cap Rate 7%
$437,843
Cap Rate 9%
$340,544
Alternative Uses
Best Use
Multifamily LT 5
$437.8K
$383.1K – $510.8K
NOI $30,649 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$405.8K
$355.0K – $473.4K
NOI $28,403 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,953 @ 7.0% cap · market cap 16.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
328
Businesses Nearby
Explore this area
Business Placement
Demographics for 01089, MA
28,835
Population
13,095
Households
2.2
Avg Household Size
41
Median Age
35%
College-Educated
91%
High-School Grad
16.7 sq mi
ZIP Area
1,727
Density / Sq Mi
$70,401
Median Household Income
$43,186
Median Earnings
$1,121
Median Rent
$307,900
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 - Existing two-family home with matching 3-bedroom units, separate utilities, and a rare 3-car garage on 3.19 acres.
Where is this duplex located?
The property is located at 917 Elm Street West Springfield, MA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 3.19‑acre property in West Springfield with an existing 2‑family home built in 1930; Two‑family layout features matching 3‑bedroom units with spacious living and dining rooms; Large kitchens with pantries and separate utilities for the two units
