705 Carew St Springfield, MA 01104
- Residential income homes
- 6,120 SF
Current Use by Public Records
- Residential income homes
Property Details for 705 Carew St
- Property size
- 6,120 SF
- Property type
- Residential income homes
- Property subtype
- Apartment buildings
Description
This exceptional investment opportunity presents a portfolio of five properties in Springfield, Massachusetts, totaling six units and 6,120 square feet. Priced at $1,050,000 with a 6.30% cap rate and 100% occupancy, this value-add portfolio offers significant upside potential. The portfolio comprises three single-family homes located on Bernard Street (15, 21, and 27), one single-family home on Benham Street (36), and a two-family home at 705-707 Carew Street. The single-family units range in size from two bedrooms and one bathroom to four bedrooms and 1.5 bathrooms. Tenants in the single-family homes are responsible for all utilities, including water and sewer. The duplex tenants have separate electric meters. This streamlined utility setup simplifies property management. The portfolio's diverse unit sizes and the potential for renovations present a compelling opportunity for investors seeking to build a substantial portfolio in a thriving Springfield market. This is an ideal investment for both buy-and-hold strategies and those seeking renovation or flip opportunities. Each property can be acquired and repositioned independently, offering flexibility and diverse investment options. The portfolio's strong occupancy rate and current cash flow provide a solid foundation for future growth and returns. This is a rare opportunity to acquire a substantial multifamily portfolio in a single transaction.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Springfield
- County
- Hampden
- State
- Massachusetts
- Longitude
- -72.5858
- Latitude
- 42.1239
