Listing Summary
This exceptional portfolio of brick, high-performing affordable housing assets comprises 127 residential units, including 120 one-bedroom/one-bathroom units, 7 studios, and 3 commercial spaces.
Full Description
This exceptional portfolio of brick, high-performing affordable housing assets comprises 127 residential units, including 120 one-bedroom/one-bathroom units, 7 studios, and 3 commercial spaces. This is a rare opportunity to acquire three 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, and security systems. A recent investment of $270K in energy efficiency improvements—such as attic insulation, low-flow fixtures, and door sealing—has enhanced operating efficiency and net operating income (NOI).
While well-maintained, the portfolio presents upside potential through the creative repurposing of underutilized commercial and office space. Two of the properties are listed on the National Register of Historic Places, potentially qualifying for tax credits (to be verified by the investor).
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, and a 2022-installed ACV Prestige 6 Weil-McLain system with dual storage tanks. 11 Acushnet is another beautiful adaptive reuse of a former school, consisting of 24 units with a roof under 10 years old and a Prestige Triangle Tube system with a 100-gallon indirect hot water heater (installed in 2015). 519 Main features 64 units, newer hot water heaters (installed in 2022/2023), a RUUD AC for the commercial space, and a roof under 10 years old.
Quick Glance
- Listing ID:
CL-Massachusetts-252
- Status:
Active
- Year Build:
1914
- Building Size:
109,413 SqFt
- Lot Size:
3.62 Acr
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