Renovated Mixed-Use
181-187 Chestnut St, Springfield, MA 01103
For Sale
$1,880,000
Historic brick property combines three commercial spaces with eight one-bedroom apartments.
Property Size11,628 SF
Price / SF$161.68
Days on Market51
Property Features for 181-187 Chestnut St
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Site & Location
Neighborhood
Public Transit
Units
Unit Mix
Multifamily Units
Additional Details
Asking Price
Sprinkler System
Taxes and HOA fees
Annual Taxes
Amenities
High Ceilings
Oversized Windows
Common Areas
Building Details
Building Size
Year Built
Buildings
Construction
Tenancy
Listing Agency:
Berkshire Hathaway HomeServices Realty Professionals
Listed By:
Anthony Ardolino · License #9517020-RE-B
(413) 241-4775
Source:
Classifiedrealtygroup
Added: Sep 18
Changed: Oct 25
Last Checked: Nov 6 at 5:38AM
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 Berkshire Hathaway HomeServices Realty Professionals
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1875, this approximately 11,628-square-foot brick mixed-use building contains 11 units: three street-level commercial spaces and eight one-bedroom apartments. The property has undergone significant renovation and includes separate utilities, a full sprinkler system, high ceilings, oversized windows, and maintained common areas.
Located at 181–187 Chestnut Street within downtown Springfield’s Business Improvement District, the building is near Union Station, downtown employers, restaurants, entertainment, and regional transportation routes. The nearby 125 Liberty Street site has been selected for the Roderick L. Ireland Regional Justice Center, adding a significant public project within several blocks of the property.
Located at 181–187 Chestnut Street within downtown Springfield’s Business Improvement District, the building is near Union Station, downtown employers, restaurants, entertainment, and regional transportation routes. The nearby 125 Liberty Street site has been selected for the Roderick L. Ireland Regional Justice Center, adding a significant public project within several blocks of the property.
Key Highlights
- 11‑unit configuration with 3 commercial spaces and 8 one‑bedroom apartments
- Approximately 11,628 SF historic brick building
- Significant renovation with full sprinkler system and separate utilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$156,978
Cap Rate
8.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,139,560
$3.1M
Cap Rate 7%
$2,242,543
$2.2M
Cap Rate 9%
$1,744,200
$1.7M
Market Conditions
NOI Build-Up for 11,628 SF
Gross rent
$279.1K $24.00/SF
− Vacancy
−$27.9K −$2.40/SF
EGI
$251.2K $21.60/SF
− OpEx
−$94.2K −$8.10/SF
NOI
$157.0K $13.50/SF
Area
Springfield, MA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,139,560
Cap Rate 7%
$2,242,543
Cap Rate 9%
$1,744,200
Alternative Uses
Best Use
Mixed Use
$2.24M
$1.96M – $2.62M
NOI $156,978 @ 7.0% cap · market cap 8.35%
Second Best
Apartment 5plus
$2.19M
$1.91M – $2.55M
NOI $153,106 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$3.16M
$2.76M – $3.68M
NOI $221,025 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
4,125
Businesses Nearby
Explore this area
Business Placement
Demographics for 01103, MA
2,545
Population
1,728
Households
1.5
Avg Household Size
39
Median Age
36%
College-Educated
82%
High-School Grad
0.4 sq mi
ZIP Area
6,363
Density / Sq Mi
$21,458
Median Household Income
$38,156
Median Earnings
$1,053
Median Rent
$148,000
Median Home Value
Market
Average Price Trend$/SF for Mixed-use properties in Hampden County, MA
Properties on Market for Mixed-use properties in Hampden County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic brick property combines three commercial spaces with eight one-bedroom apartments.
Where is this mixed-use property located?
The property is located at 181-187 Chestnut St Springfield, MA.
What is the asking price?
The asking price for this property is $1,880,000.
What are key features of this property?
This property features: 11‑unit configuration with 3 commercial spaces and 8 one‑bedroom apartments; Approximately 11,628 SF historic brick building; Significant renovation with full sprinkler system and separate utilities
