Exceptional investment opportunity in Springfield,MA! 683-687 State Street features 17 units, including 15 residential apartments and 2 commercial spaces. The unit mix consists of (9) one-bedroom, (2) two-bedroom, and (4) three-bedroom apartments, with all but two units updated within the past 24 months. The property currently has one vacant 3-bedroom unit and two vacant commercial spaces, creating immediate upside potential. One commercial space offers over 2,600 sq. ft. and is ideal for a laundromat, retail, office, or other business use. Ownership pays heat and hot water, while tenants pay their own electric (separately metered). Ten of the 15 residential units are subsidized, providing stable rental income.The property currently generates approximately $19,000 per month in gross rental income, with upside still available. Excellent cash flow and value-add opportunity. Don’t miss out!
- Basement:
- Full
- Construction:
- Brick
- Sewer:
- Public Sewer
- Water:
- Public
- Disclosure:
- Seller never occupied property.All information to be verified by the buyer/representative.LEGAL TWO bed per septic but there's a 3rd room on 2nd fl(no closet). See plans.New roofs throughout complex currently being installed.Condo fee of $430 to increase by $284 on ave per unit by years end.
- Garage Parking
- Lead Paint:
- Unknown, Certified Treated
- Market Time:
- 30
- Tax Year:
- 2023
- Status:
- Active
- Price Per Sqft:
- $147
- Zoning:
- B1
- No Units:
- 17
- Orig Price:
- $1,675,000
- LEASE:
- Yes
- Waterfront:
- No
- MlsStatus:
- Active
- City:
- Springfield
- State:
- MA
- County:
- Hampden
- Postal Code:
- 01109
- Longitude:
- W73° 25' 50.4''
- Latitude:
- N42° 6' 35.6''
Residential Income
683-687 State St, Springfield, Massachusetts
- Property Type :
- Residential Income
- Listing Type :
- For Sale
- Price :
- $1,650,000
- Bedrooms :
- 25
- Rooms :
- 51
- Total Bathrooms :
- 16
- Full Bathrooms :
- 15
- Half Bathrooms :
- 2
- Square Footage :
- 11,250 Sqft
- Year Built :
- 1895
- Lot Area :
- 0.17 Acre
- Listing ID :
- 73538738
- Stephen E. Robb
- View website
- 617-212-0251
-
srobb@robbenterprises.com
