75-Unit Apartment
For Sale
Contact for pricing
133-155 River Street, West Springfield, MA 01089
Multistory property with one- and two-bedroom apartments plus off-street parking.
Property Size64,540 SF
Lot Size1.34 Acres
Price / SF$193.68
Days on Market137
Property Features for 133-155 River Street
General Information
Standard status
Active
Size
64,540 SF
Lot size
1.34 Acres
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$981,982
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
57 x 2BR/1BA, 18 x 1BR/1BA
Multifamily Units
75
Building Details
Year Built
1970
Buildings
3
Stories
3
Units
75
Listing Agency:
Horvath & Tremblay
(781) 776-4002
Listed By:
Michael Bradley · License #MA 1000571-RE-RB:
Source:
Crexi
Added: Apr 16
Changed: Aug 29
Last Checked: Aug 29 at 1:46PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
Imperial Apartments comprises multi-story residential buildings with 75 apartments, including 57 two-bedroom/one-bathroom units and 18 one-bedroom/one-bathroom units. The property contains 63,078 square feet of gross living area within 64,540 square feet of gross area. The 1.34-acre parcel includes off-street parking and was developed in 1970.
Located at 133-155 River Street in West Springfield, Massachusetts, the property provides access to local commercial corridors, established residential areas, and the wider Springfield metropolitan area. Regional connectivity includes Interstate 91, Interstate 90, and Route 5, with routes extending throughout Western Massachusetts and into northern Connecticut.
Located at 133-155 River Street in West Springfield, Massachusetts, the property provides access to local commercial corridors, established residential areas, and the wider Springfield metropolitan area. Regional connectivity includes Interstate 91, Interstate 90, and Route 5, with routes extending throughout Western Massachusetts and into northern Connecticut.
Key Highlights
- 75 apartments: 57 two‑bedroom/one‑bathroom units and 18 one‑bedroom/one‑bathroom units
- 63,078 square feet of gross living area
- 64,540 square feet of gross area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$783,399
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.27%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$15,667,980
$15.7M
Cap Rate 7%
$11,191,414
$11.2M
Cap Rate 9%
$8,704,433
$8.7M
Market Conditions
NOI Build-Up for 64,540 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.50M $23.28/SF
− Vacancy
−$78.1K −$1.21/SF
EGI
$1.42M $22.07/SF
− OpEx
−$641.0K −$9.93/SF
NOI
$783.4K $12.14/SF
Area
Hampden County, MA
Vacancy
5.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$15,667,980
Cap Rate 7%
$11,191,414
Cap Rate 9%
$8,704,433
Alternative Uses
Best Use
Apartment 5plus
$11.19M
$9.79M – $13.06M
NOI $783,399 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$39.78M
$34.81M – $46.41M
NOI $2,784,410 @ 7.0% cap · market cap 22.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
75
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
Explore this area
Business Placement
Demographics for 01089, MA
28,835
Population
13,095
Households
2.2
Avg Household Size
41
Median Age
35%
College-Educated
91%
High-School Grad
16.7 sq mi
ZIP Area
1,727
Density / Sq Mi
$70,401
Median Household Income
$43,186
Median Earnings
$1,121
Median Rent
$307,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multistory property with one- and two-bedroom apartments plus off-street parking.
Where is this apartment building located?
The property is located at 133-155 River Street West Springfield, MA.
What is the asking price?
The asking price for this property is $12,500,000.
What are key features of this property?
This property features: 75 apartments: 57 two‑bedroom/one‑bathroom units and 18 one‑bedroom/one‑bathroom units; 63,078 square feet of gross living area; 64,540 square feet of gross area
