Mixed-Use Income
For Sale
$1,650,000
Pending
683-687 State St, Springfield, MA 01109
Mixed-use building with 15 residential apartments and 2 commercial spaces, including vacancies and recently updated units.
Property Size11,250 SF
Days on Market126
Property Features for 683-687 State St
General Information
Standard status
Pending
Size
11,250 SF
Property subtype
5+ Family - 5+ Units Up/Down
Additional Details
Utilities to Site
Yes
Multifamily Units
15
Building Details
Year Built
1895
Tenancy
Multi
Listing Agency:
Lock and Key Realty Inc.
(413) 282-8080
Listed By:
Jessica Mekal · License #CN248483
(413) 519-1423
Source:
Lockandkeyre
Added: Jun 19
Changed: Oct 21
Last Checked: Oct 20 at 9:28PM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
683-687 State St is a mixed-use income property containing 17 units total: 15 residential apartments and 2 commercial spaces. The residential unit mix includes nine one-bedroom units, two two-bedroom units, and four three-bedroom units. Public remarks indicate that all but two residential units were updated within the past 24 months, and the property currently has one vacant three-bedroom apartment.
The building also includes two vacant commercial spaces. One space is described as offering over 2,600 square feet and is noted as suitable for uses such as a laundromat, retail, or office. Ownership is responsible for heat and hot water, while tenants pay their own electric through separate meters.
According to the remarks, ten of the 15 residential units are subsidized, and the property generates approximately $19,000 per month in gross rental income, with additional upside noted based on current vacancies.
The building also includes two vacant commercial spaces. One space is described as offering over 2,600 square feet and is noted as suitable for uses such as a laundromat, retail, or office. Ownership is responsible for heat and hot water, while tenants pay their own electric through separate meters.
According to the remarks, ten of the 15 residential units are subsidized, and the property generates approximately $19,000 per month in gross rental income, with additional upside noted based on current vacancies.
Key Highlights
- Multi‑family mixed‑use building built in 1895 with 17 total units: 15 residential apartments and 2 commercial spaces on State Street
- Unit mix includes (9) 1‑bedroom, (2) 2‑bedroom, and (4) 3‑bedroom apartments; currently 1 vacant 3‑bedroom unit plus 2 vacant commercial spaces
- 15 residential units include recent updates: all but two units updated within the past 24 months
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$148,129
Cap Rate
8.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,962,580
$3.0M
Cap Rate 7%
$2,116,129
$2.1M
Cap Rate 9%
$1,645,878
$1.6M
Market Conditions
NOI Build-Up for 11,250 SF
Gross rent
$283.5K $25.20/SF
− Vacancy
−$14.2K −$1.26/SF
EGI
$269.3K $23.94/SF
− OpEx
−$121.2K −$10.77/SF
NOI
$148.1K $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%
$2,962,580
Cap Rate 7%
$2,116,129
Cap Rate 9%
$1,645,878
Alternative Uses
Best Use
Apartment 5plus
$2.12M
$1.85M – $2.47M
NOI $148,129 @ 7.0% cap · market cap 8.98%
Second Best
Retail
$1.86M
$1.63M – $2.17M
NOI $130,410 @ 7.0% cap · market cap 7.90%
Theoretical Best
Office A
$3.05M
$2.67M – $3.56M
NOI $213,840 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
15
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,186
Businesses Nearby
Explore this area
Business Placement
Demographics for 01109, MA
30,968
Population
10,786
Households
2.9
Avg Household Size
30
Median Age
17%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
5,735
Density / Sq Mi
$46,821
Median Household Income
$34,971
Median Earnings
$1,112
Median Rent
$203,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-use building with 15 residential apartments and 2 commercial spaces, including vacancies and recently updated units.
Where is this apartment building located?
The property is located at 683-687 State St Springfield, MA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Multi‑family mixed‑use building built in 1895 with 17 total units: 15 residential apartments and 2 commercial spaces on State Street; Unit mix includes (9) 1‑bedroom, (2) 2‑bedroom, and (4) 3‑bedroom apartments; currently 1 vacant 3‑bedroom unit plus 2 vacant commercial spaces; 15 residential units include recent updates: all but two units updated within the past 24 months
