Mixed-Use Income
For Sale
$1,650,000
683-687 State St, Springfield, MA 01109
17-unit mixed-use building with two commercial spaces and 15 residential units, including recent updates and current vacancies.
Days on Market43
Property Features for 683-687 State St
General Information
Standard status
Active
Property subtype
5+ Family - 5+ Units Up/Down
Units
Unit Mix
9 x 1BR, 2 x 2BR, 4 x 3BR
Multifamily Units
15
Additional Details
Gross Income
$228,000
Building Details
Building Size
11,250 SF
Year Built
1895
Listing Agency:
Lock and Key Realty Inc.
(413) 519-1423
Listed By:
Jessica Mekal
Source:
Donnellyandco
Added: Jun 19
Changed: Jul 29
Last Checked: Jul 30 at 10:54AM
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 Street is a mixed-use income property with 17 total units: 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, with all but two residential units updated within the past 24 months. The property also includes one vacant three-bedroom apartment and two vacant commercial spaces.
One of the commercial spaces measures over 2,600 square feet and may support a laundromat, retail, office, or other business use, based on the seller’s stated suitability. Ownership pays heat and hot water, while tenants pay for their own electric through separate metering.
The property includes stable rental income with 10 of the 15 residential units described as subsidized. Current gross rental income is approximately $19,000 per month, with additional upside indicated by the existing vacancies.
One of the commercial spaces measures over 2,600 square feet and may support a laundromat, retail, office, or other business use, based on the seller’s stated suitability. Ownership pays heat and hot water, while tenants pay for their own electric through separate metering.
The property includes stable rental income with 10 of the 15 residential units described as subsidized. Current gross rental income is approximately $19,000 per month, with additional upside indicated by the existing vacancies.
Key Highlights
- 683‑687 State Street is a 17‑unit mixed‑use building in Springfield, MA: 15 residential apartments plus 2 commercial spaces
- Residential unit mix includes (9) 1‑bedroom, (2) 2‑bedroom, and (4) 3‑bedroom apartments, with 1 vacant 3‑bedroom unit currently available
- All but two residential units were 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
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.
Property Analytics
Current Use
Lease Details
15
Residential units
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 17-unit mixed-use building with two commercial spaces and 15 residential units, including recent updates and current vacancies.
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: 683‑687 State Street is a 17‑unit mixed‑use building in Springfield, MA: 15 residential apartments plus 2 commercial spaces; Residential unit mix includes (9) 1‑bedroom, (2) 2‑bedroom, and (4) 3‑bedroom apartments, with 1 vacant 3‑bedroom unit currently available; All but two residential units were updated within the past 24 months
