Property Description

This downtown Springfield investment property offers a $5,300 rent roll. The property consists of a joisted masonry building containing one 3BR apartment, one 5BR apartment, and nine individual garage bays. Apartments feature a sunroom, and the 5BR apartment also has an office. The apartments are bright with renovated kitchens and a combination of hardwood and laminate flooring. The projected NOI is $53,000 and the cap rate is 10.7%. Located across the street from the Springfield FD Headquarters, the property offers access to major highways I-91, I-291 & I-90 (the Mass Pike); as well as area hospitals (under two miles to Baystate Medical Center and approximately one mile to Mercy Medical Center). The property is situated close to Springfield’s CBD, nearby to MGM Springfield and the Basketball Hall of Fame, within a 30-minute drive time of UMass Amherst and the Five College Area.