16-Unit Apartment
For Sale
$2,000,000
120-122 Central St, Springfield, MA 01105
Offers one- and two-bedroom apartments within a single multifamily asset.
Property Size11,260 SF
Price / SF$177.62
Days on Market80
Property Features for 120-122 Central St
General Information
Standard status
Active
Size
11,260 SF
Property subtype
Multi-Family
Units
Unit Mix
7 x 2BR, 9 x 1BR
Multifamily Units
16
Building Details
Year Built
1927
Listing Agency:
Lock and Key Realty Inc.
Listed By:
Andrew Rodman · License #452509222
(413) 386-3558
Source:
Nrgrealestate
Added: Jul 29
Changed: Oct 13
Last Checked: Oct 15 at 4:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lock and Key Realty Inc.
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Investment Insights
Based on property information with market context.
Located at 120-122 Central Street in Springfield, this 11,260-square-foot apartment building contains 16 units, including 7 two-bedroom apartments and 9 one-bedroom apartments. Built in 1927, the property includes lead certificates for every unit and an off-street parking lot.
The property is situated near the Naismith Memorial Basketball Hall of Fame and MGM Springfield, with access to nearby employment centers and amenities. Its central Springfield setting and established apartment configuration provide a defined multifamily asset with a diversified unit mix.
The property is situated near the Naismith Memorial Basketball Hall of Fame and MGM Springfield, with access to nearby employment centers and amenities. Its central Springfield setting and established apartment configuration provide a defined multifamily asset with a diversified unit mix.
Key Highlights
- 16‑unit apartment building at 120‑122 Central Street
- Unit mix includes 7 two‑bedroom and 9 one‑bedroom apartments
- 11,260 square feet of building area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$148,260
Cap Rate
7.41%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,965,200
$3.0M
Cap Rate 7%
$2,118,000
$2.1M
Cap Rate 9%
$1,647,333
$1.6M
Market Conditions
NOI Build-Up for 11,260 SF
Gross rent
$283.8K $25.20/SF
− Vacancy
−$14.2K −$1.26/SF
EGI
$269.6K $23.94/SF
− OpEx
−$121.3K −$10.77/SF
NOI
$148.3K $13.17/SF
Area
Springfield, MA
Vacancy
5.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,965,200
Cap Rate 7%
$2,118,000
Cap Rate 9%
$1,647,333
Alternative Uses
Best Use
Apartment 5plus
$2.12M
$1.85M – $2.47M
NOI $148,260 @ 7.0% cap · market cap 7.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.06M
$2.68M – $3.57M
NOI $214,030 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
2,813
Businesses Nearby
Explore this area
Business Placement
Demographics for 01105, MA
12,051
Population
5,554
Households
2.2
Avg Household Size
33
Median Age
8%
College-Educated
64%
High-School Grad
1.2 sq mi
ZIP Area
10,043
Density / Sq Mi
$22,994
Median Household Income
$24,078
Median Earnings
$976
Median Rent
$238,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Offers one- and two-bedroom apartments within a single multifamily asset.
Where is this apartment building located?
The property is located at 120-122 Central St Springfield, MA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 16‑unit apartment building at 120‑122 Central Street; Unit mix includes 7 two‑bedroom and 9 one‑bedroom apartments; 11,260 square feet of building area
