Renovated 6-Unit Apartment
New
For Sale
$769,000
4 Phelps Ave, Westfield, MA 01085
Separate utilities and in-unit laundry hookups serve the apartments, which are currently vacant.
Property Size5,065 SF
Price / SF$151.83
Days on Market6
Property Features for 4 Phelps Ave
General Information
Standard status
Active
Size
5,065 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
R1
Net Operating Income
$75,000
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 1BR, 1 x 2BR, 2 x 2BR, 1 x 2+BR
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$1,014
Amenities
stainless steel appliances
in-unit laundry hookups
high-speed internet
Building Details
Building Size
5,065 SF
Year Built
2026
Stories
5
Listing Agency:
Lock and Key Realty Inc.
Listed By:
Melissa Fitzgerald · License #9553882
(413) 282-8080
Source:
Insightrealtygroup
Added: Sep 30
Changed: Oct 4
Last Checked: Oct 4 at 6:08AM
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.
Investment Insights
Based on property information with market context.
This renovated six-unit apartment property contains 5,065 square feet and is fully vacant. The first floor has two one-bedroom apartments and one two-bedroom apartment; the second floor contains two more two-bedroom units. A third-floor loft apartment offers more than two bedrooms, a kitchen, dining area, and full bath. Apartment interiors include upgraded kitchens with stainless steel appliances, full bathrooms, and a mix of luxury vinyl flooring and carpeted bedrooms. Laundry hookups are provided within the units, and each apartment has its own electrical panel and water heater. Lead certificates are available for all units before closing.
The property is in downtown Westfield, with sidewalk access to Park Square shops and restaurants. Westfield State University is minutes away, and the Massachusetts Turnpike provides commuter access. The building is zoned R1 and served by municipal utilities, with high-speed internet access. Mountain views are noted from the upper-floor apartment.
The property is in downtown Westfield, with sidewalk access to Park Square shops and restaurants. Westfield State University is minutes away, and the Massachusetts Turnpike provides commuter access. The building is zoned R1 and served by municipal utilities, with high-speed internet access. Mountain views are noted from the upper-floor apartment.
Key Highlights
- Six apartments totaling 5,065 square feet; the property is fully vacant
- Unit mix includes two one‑bedroom apartments, three two‑bedroom apartments, and one 2+ bedroom loft
- Separate utilities, with electrical panels and water heaters located in the apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,480
Cap Rate
7.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,229,600
$1.2M
Cap Rate 7%
$878,286
$878.3K
Cap Rate 9%
$683,111
$683.1K
Market Conditions
NOI Build-Up for 5,065 SF
Gross rent
$117.9K $23.28/SF
− Vacancy
−$6.1K −$1.21/SF
EGI
$111.8K $22.07/SF
− OpEx
−$50.3K −$9.93/SF
NOI
$61.5K $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 Rate 5%
$1,229,600
Cap Rate 7%
$878,286
Cap Rate 9%
$683,111
Alternative Uses
Best Use
Apartment 5plus
$878.3K
$768.5K – $1.02M
NOI $61,480 @ 7.0% cap · market cap 7.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.12M
$2.73M – $3.64M
NOI $218,516 @ 7.0% cap · market cap 28.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
981
Businesses Nearby
Explore this area
Business Placement
Demographics for 01085, MA
41,529
Population
17,054
Households
2.4
Avg Household Size
41
Median Age
33%
College-Educated
92%
High-School Grad
59.7 sq mi
ZIP Area
696
Density / Sq Mi
$83,821
Median Household Income
$44,737
Median Earnings
$1,064
Median Rent
$296,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Separate utilities and in-unit laundry hookups serve the apartments, which are currently vacant.
Where is this apartment building located?
The property is located at 4 Phelps Ave Westfield, MA.
What is the asking price?
The asking price for this property is $769,000.
What are key features of this property?
This property features: Six apartments totaling 5,065 square feet; the property is fully vacant; Unit mix includes two one‑bedroom apartments, three two‑bedroom apartments, and one 2+ bedroom loft; Separate utilities, with electrical panels and water heaters located in the apartments
