64 Myrtle Street Active Save Request In-Person Tour Request Virtual Tour
Springfield,MA 01105
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