26 Forestdale Ave Holyoke, MA 01040

Property Details for 26 Forestdale Ave

Property size

46,400 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity encompasses two properties in Holyoke, MA: 26 Forestdale Avenue and 575-577, 581-583, 585-589 Pleasant Street. The portfolio totals 72 units, offering a compelling value-add proposition. The Forestdale Apartments (16 units) at 26 Forestdale Avenue, built in 1963, comprises eight one-bedroom and eight two-bedroom units. Amenities include interior courtyards with balconies, an on-site laundry room, and ample off-street parking. Heat and hot water are included, supplied by an updated central gas-fired system; tenants are responsible for electricity. The Pleasant Street Apartments (56 units) are situated across three adjacent buildings at 575-577, 581-583, and 585-589 Pleasant Street. This complex features a mix of unit sizes: 28 small one-bedroom (550 sq ft), 20 large one-bedroom (650 sq ft), and 8 two-bedroom units. All units boast hardwood floors, spacious layouts, and two means of egress. Sixteen units include antique decorative fireplaces. Ample off-street parking is available. A newly constructed laundry facility is conveniently located on an adjacent parcel at 40 Forestdale Avenue. The properties have been meticulously maintained since 2006, showcasing pride of ownership. The current cap rate is 7.02%, with a pro-forma cap rate of 10.21%. The asking price is $6,950,000. This portfolio presents a rare opportunity to acquire a well-maintained, high-performing multifamily asset with significant upside potential in a desirable location. The quiet neighborhood offers convenient access to local amenities, shopping, dining, and recreational facilities. The complex features well-maintained grounds with landscaped areas and recreational space for residents. The total square footage is 46,400.