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$ 12,800,000
Est. payment | /mo
4 Baths
144,383 SqFt
$ 12,800,000
Est. payment | /mo
4 Baths
144,383 SqFt
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 144,383 sqft
Price per Sqft $88
MLS Listing ID 24084884
Full Baths 4
Year Built 1914
Annual Tax Amount $65,865
Lot Size 3.620 Acres
Property Description
Actual 7.8 CAP! Annual in place Rent increase. This exceptional portfolio of brick, high-performing affordable housing assets has 127 residential units: 120, 1-bedroom/1-bathroom units; 7 studios & 3 commercial spaces. A rare opportunity to acquire 3 stabilized, professionally managed, cash-flowing properties in Springfield's robust rental market.Boasting an impressive 96% REAC score, these properties feature upgraded mechanical systems, on-site laundry, & security systems. A recent investment of $270K in energy-efficiency improvements: attic insulation, low-flow fixtures, & door sealing-has enhanced operating efficiency & NOI.While well maintained, the portfolio offers upside potential through the creative repurposing of underutilized commercial/office space. 2 of the properties are listed on the National Register of Historic Places, potentially qualifying for tax credits (investor to verify). 64 Myrtle St is a stunning adaptive reuse of a former school, offering 39 units (including 5 loft-style), a roof under 7 years old, high-efficiency Grundfos pumps, & a 2022-installed ACV Prestige 6 Weil-McLain system w dual storage tanks. 11 Acushnet a beautiful adaptive reuse of a former school, consists of 24 units w a roof under 10 years old & a Prestige Triangle Tube system w a 100-gallon indirect hot water heater (2015 install).519 Main features 64 units, newer hot water heaters 22/23, a RUUD AC for commercial space, & a roof under 10 years old.All 3 assets to be sold together
Location
State MA
County Hampden
Zoning R
Interior
Heating Other
Cooling None
Exterior
Parking Features Paved, Driveway
Utilities Available Electric, Gas
Roof Type Other
Building
Lot Description Level Lot
Sewer Public Sewer Connected
Water Public Water Connected
Listed by Lisa Cozzi • Century 21 AllPoints Realty
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "