64 Myrtle St, Springfield, MA 01105

This offering presents a rare portfolio of three stabilized, cash-flowing, professionally managed brick properties located in Springfield's strong rental market. The portfolio totals 127 units, comprising 120 one-bedroom/one-bath units and 7 studios, along with 3 commercial spaces. The properties boast a 96% REAC score and feature upgraded mechanical systems, on-site laundry facilities, and security systems. Recent investments of $270,000 in energy-efficiency upgrades, including attic insulation, low-flow fixtures, and door sealing, have further boosted the Net Operating Income (NOI). There is potential upside through repurposing underused commercial/office space. Two of the assets are listed on the National Register of Historic Places, potentially offering tax credits (buyer to verify). The properties include: 64 Myrtle Street, a 39-unit school conversion featuring 5 lofts, a roof less than 7 years old, Grundfos pumps, and a 2022 ACV Prestige 6 system with dual tanks; 11 Acushnet Avenue, a 24-unit school conversion with a roof less than 10 years old, a 2015 Prestige Triangle Tube system, and a 100-gallon indirect heater; and 519 Main Street, consisting of 64 units with new water heaters (installed in 2022 and 2023), RUUD AC for the commercial space, and a roof less than 10 years old. All three properties are being sold as a portfolio, offering an actual 7.8% CAP rate with annual in-place rent increases.