Three-Story Multifamily
For Sale
Contact for pricing
906-908 Belmont Avenue, Springfield, MA 01108
Fully leased to Gandara Mental Health Center under a five-year lease with 3.0% annual rent increases.
Property Size4,916 SF
Lot Size0.12 Acres
Price / SF$152.56
Days on Market8
Property Features for 906-908 Belmont Avenue
General Information
Standard status
Active
Size
4,916 SF
Lot size
0.12 Acres
Property subtype
Retail, Multifamily
Occupancy
100%
Building Details
Buildings
1
Stories
3
Tenancy
Single
Listing Agency:
Horvath & Tremblay
Listed By:
Michael Bradley · License #MA 1000571-RE-RB:
(781) 300-2502
Source:
Crexi
Added: Sep 3
Changed: Sep 9
Last Checked: Sep 9 at 3:55PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This three-story multifamily property contains 4,916 square feet of gross leasable area on a 0.12-acre parcel. The building is fully leased to Gandara Mental Health Center, which began a five-year lease in February 2026. The agreement includes 3.0% annual rent increases.
The property is located at 906-908 Belmont Avenue in Springfield’s Forest Hills neighborhood, approximately 2.5 miles from Downtown Springfield. The surrounding city context includes the MGM Hotel & Casino, MassMutual Center, Naismith Basketball Hall of Fame, three large area hospitals, and several colleges and universities. Springfield serves as an economic center for western Massachusetts, with employment and entertainment uses concentrated throughout the city.
The property is located at 906-908 Belmont Avenue in Springfield’s Forest Hills neighborhood, approximately 2.5 miles from Downtown Springfield. The surrounding city context includes the MGM Hotel & Casino, MassMutual Center, Naismith Basketball Hall of Fame, three large area hospitals, and several colleges and universities. Springfield serves as an economic center for western Massachusetts, with employment and entertainment uses concentrated throughout the city.
Key Highlights
- 100% leased to Gandara Mental Health Center
- 4,916 square feet of gross leasable area
- Three‑story multifamily building on a 0.12‑acre parcel
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$64,729
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.63%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,294,580
$1.3M
Cap Rate 7%
$924,700
$924.7K
Cap Rate 9%
$719,211
$719.2K
Market Conditions
NOI Build-Up for 4,916 SF
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.
Gross rent
$123.9K $25.20/SF
− Vacancy
−$6.2K −$1.26/SF
EGI
$117.7K $23.94/SF
− OpEx
−$53.0K −$10.77/SF
NOI
$64.7K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,294,580
Cap Rate 7%
$924,700
Cap Rate 9%
$719,211
Alternative Uses
Best Use
Apartment 5plus
$924.7K
$809.1K – $1.08M
NOI $64,729 @ 7.0% cap · market cap 8.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.33M
$1.17M – $1.56M
NOI $93,443 @ 7.0% cap · market cap 12.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
664
Businesses Nearby
Explore this area
Business Placement
Demographics for 01108, MA
27,671
Population
11,332
Households
2.4
Avg Household Size
33
Median Age
21%
College-Educated
81%
High-School Grad
3.4 sq mi
ZIP Area
8,139
Density / Sq Mi
$51,851
Median Household Income
$34,539
Median Earnings
$1,224
Median Rent
$219,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Multifamily property - Fully leased to Gandara Mental Health Center under a five-year lease with 3.0% annual rent increases.
Where is this multifamily property located?
The property is located at 906-908 Belmont Avenue Springfield, MA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 100% leased to Gandara Mental Health Center; 4,916 square feet of gross leasable area; Three‑story multifamily building on a 0.12‑acre parcel
