Property Description

Prime Mixed-Use Investment Opportunity in Springfield! Discover the income potential of 683–687 State Street, a 17-unit mixed-use property featuring 15 residential apartments and 2 commercial spaces. The residential unit mix includes nine 1-bedroom, two 2-bedroom, and four 3-bedroom apartments. Significant improvements have been completed, with 13 of the 15 apartments updated within the past two years. The property offers additional income potential with one vacant 3-bedroom apartment and two vacant commercial spaces. One commercial unit provides over 2,600 square feet, offering flexible possibilities for retail, office, laundromat, or other permitted commercial uses. Ten residential units are currently subsidized, providing an established rental income stream. The property generates approximately $19,000 in monthly gross rental income, with room for additional revenue as vacant units are leased. Heat and hot water are provided by the owner, while tenants are responsible for their separately metered electricity. Whether you're looking to expand your investment portfolio or acquire a substantial income-producing asset, this property offers a combination of existing cash flow, recent improvements, and future growth potential. Schedule your private showing today!