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64 Myrtle Street, Springfield, MA 01105
sale
$12,800,000
|
Commercial-Other
Listed By CENTURY 21 AllPoints Realty
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
Contact Team
Property Features
- Building Area: 144383.00 SF
- Cross Docks: N
- For Auction: N
- Location Name: 64 Myrtle Street , Springfield
- MLSID: 24084884
- Price Per Area: 0.00
- Price Upon Request: N
- Style: Other Style
- Sublease: N
- Taxes: $65865.00
- Year Built: 1914
- Zoning: R
Directions to This Property
64 Myrtle Street, Springfield, MA 01105
Demographic Data for 64 Myrtle Street, Springfield, MA 01105
Average Age
31
Married
17%
Number of Homes
5,114
Homes with Children
32.87%
Occupation Type
Transportation to Work
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