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 Market54
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%
Site & Location
Neighborhood
Forest Park
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: Oct 25
Last Checked: Oct 24 at 5:47PM
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
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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 / Yr
$64,729
Cap Rate
8.63%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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
