683-687 State St
$1,675,000
25
Beds
15/2
Baths
11,250
Sqft
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$1,675,000
25
Beds
15/2
Baths
11,250
Living Area
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Property Description
Exceptional investment opportunity in Springfield,MA! 683-687 State Street features 17 units, including 15 residential apartments and 2 commercial spaces. The unit mix consists of (9) one-bedroom, (2) two-bedroom, and (4) three-bedroom apartments, with all but two units updated within the past 24 months. The property currently has one vacant 3-bedroom unit and two vacant commercial spaces, creating immediate upside potential. One commercial space offers over 2,600 sq. ft. and is ideal for a laundromat, retail, office, or other business use. Ownership pays heat and hot water, while tenants pay their own electric (separately metered). Ten of the 15 residential units are subsidized, providing stable rental income.The property currently generates approximately $19,000 per month in gross rental income, with upside still available. Excellent cash flow and value-add opportunity. Don't miss out!
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Highlights
- Levels: 4
- Property Type: 5+ Family - 5+ Units Up/Down
- Total Rooms: 51
- Status: Active
- Property Class: Residential Income
- Stories: 4
- Year Built: 1895
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Additional Details
- Basement: Full
- Foundation: Brick/Mortar
- Roof: Rubber
- Total Number of Units: 17
- Year Built Source: Public Records
- Construction: Brick
- Lot Features: Level
- SqFt Source: Public Record
- Year Built Details: Actual
- Zoning: B1
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Amenities
- Community Features: Public Transportation, Laundromat
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Utilities
- Sewer: Public Sewer
- Water Source: Public
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Fees / Taxes
- Assessed Value: $867,300
- Taxes: $14,787
- Tax Year: 2023
- Total Rent: $19,099
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