Mixed-Use Income
683-687 State St Springfield, MA 01109
For Sale
$1,675,000
Mixed-use building with 15 residential apartments and 2 commercial spaces, including vacancies and recently updated units.
Property Size11,250 SF
Price / SF$148.89
Days on Market35
Property Features for 683-687 State St
General Information
- Standard status
- Active
- Size
- 11,250 SF
- Property subtype
- 5+ Family - 5+ Units Up/Down
Building Details
- Year Built
- 1895
Listing Agency:
Lock and Key Realty Inc.
(413) 519-1423
Listed By:
Jessica Mekal
(413) 519-1423
Source:
Lockandkeyre
Added: Jun 19
Changed: Jul 23
Last Checked: Jul 23 at 3:11AM
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.
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $283.5k | $25.20 |
| − Vacancy | −$14.2k | −$1.26 |
| EGI | $269.3k | $23.94 |
| − OpEx | −$121.2k | −$10.77 |
| NOI | $148.1k | $13.17 |
11,250 SF · lease $25.20/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Office B
$2.21M
$1.94M – $2.58M
NOI $154,913 @ 7.0% cap · market cap 9.25%
Second Best
Apartment 5plus
$2.12M
$1.85M – $2.47M
NOI $148,129 @ 7.0% cap · market cap 8.84%
Theoretical Best
Office A
$3.05M
$2.67M – $3.56M
NOI $213,840 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Retail space
FAQs
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 $1,675,000.
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
