Address
216 Pearl St, Springfield, MA
Price
$ 5,500,000
Property Attributes
  • MLS#73076462
  • TypeMulti-Family
  • CountyHAMPDEN
  • CitySpringfield
  • Zip01105
  • Style5+ Family - 5+ Units Up/Down
  • Year Built1914
  • Taxes$ 29845
  • Price$ 5,500,000
  • Bedrooms0
  • Full Bathrooms52
  • Half Bathrooms0
  • Sqr Footage47980
  • Lot Size0.44 Acres
Data Source:
Massachusetts MLS Property Info Network (MLSPIN)
Property Description

ATTENTION APARTMENT INVESTORS!!! 216-226 Pearl Street consists of a total of 52 units (two adjacent buildings of 26 units each). $72k monthly rents (proforma). The building sits in the center of Springfield behind STCC; walking distance to downtown; and conveniently located with easy access to both the 291 and 91 freeways. Consists mostly of 2 and 3 bedroom units. Some tenants have mobile vouchers with local housing agencies and an 8-unit section of building is master leased (extended in Feb 2023 for 2 years). Tons of capital work put into this building - new roof (APO 2018); new heating systems; porch removals; nearly 50 units turned over; and much more. Offering Memorandum, Rent Roll, and Capital Expense list in attachments.

Price History
1/9/2024 Listed $5,900,000
1/30/2024 7% - $5,500,000

General Features

Sewer Public Sewer
Zoning RC
Year Built 1914
Property SubType 5+ Family - 5+ Units Up/Down
Tax Year 2022
Gross Income 862673
County Hampden
Net Operating Income 452189
Operating Expense 367350
Property Type Residential Income
Garage Y/N No
Total Rooms 99
Status Active
Directions Use GPS. Between Federal and Spring Streets
City Springfield
Disclosures Broker has an ownership interest in the property.
Senior Community Y/N No
Total Units 52
Lot Size Square Feet 19140
Waterfront Y/N No
Street Name Pearl St
Year Built Details Actual
Tax Annual Amount 29845
Home Warranty Y/N No
Building Area Units Square Feet
Standard Status Active
Year Built Source Public Records
Tax Assessed Value 1585800
Total Actual Rent 2704
Compensation Based On Net Sale Price
Sub-Agency Relationship Offered No

Interior Features

Basement Interior Entry,Concrete
Total Stories 4
Fireplace Y/N No
Full Baths 52
Total Baths 52

Exterior Features

Parking Features Paved Drive
Water Source Public
Total Parking 36
Lot Size Area 0.44
Foundation Details Other
Spa No
Building Area Total 47980
Lot Size Acres 0.44
Lot Size Units Acres
Open Parking Y/N Yes

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Multi-Family Average in 01105

Price
AVG $1.18M
$5.5M
Taxes
AVG $7,478
$29,845
Visits
AVG 373
394
Data Provided by Inside Real Estate®
Year Built
AVG 1897
1914

Areas We Cover