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309 Bay St
Springfield, MA 01109 McKnight

$1,200,000

Apartments For Sale  •  23,435 Sq Ft

Property Details

  • Property Type Apartments
  • Total Building Size 23,435 Sq Ft
  • Year Built 1917
  • Cap Rate 11.02 %
42 Transit Score
76 Walk Score

Description

OPEN HOUSE 12/13/19. PLEASE EMAIL ME IF YOU WOULD LIKE TIME & OM. Confirmation required! New to the market!! 16 unit building, with a cap rate of 11%. This asset is TURNKEY & is Project Based housing located in the McKnight neighborhood. This asset consists of two brick buildings that are 4 stories & are connected. There are 8 units in each building with a total of 23,235 SF. The unit mix consists of; 5: 2 bed / 1 bath units; 7: 3 bed/1 bath units; and, 4: 3 bed/ 2 bath units (2 bath are rare in this type of asset). The tenants pay utilities. Each unit has its own newer gas furnace & updated electrical with circuit breaker panels in each unit. The roof is a rubber membrane roof and there is some off-street parking available. This property has been well managed and maintained! Truly a turnkey investment opportunity.

Highlights

Project Based affordable housing - 100% Occupancy
No deferred maintenance
Turn Key

Financial Summary

Cap Rate: 11.02 %

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 8
Type: Surface
Included in Rent: Yes
Lisa Cozzi 860-508-2102 The Cozzi Team
Lisa Cozzi 860-508-2102 The Cozzi Team