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69 Winter St 2 Unit Apartment Building $399,000 ($199,500/Unit) 13.30% Cap Rate Springfield, MA 01105
Investment Highlights
- $5,500+ Rent Roll
- 13.3% Cap Rate
- Individually Metered Utilities
- Brick Multifamily with 1,260 SF Warehouse (Individual Garage Bays)
- Recently Renovated Apartments
Executive Summary
This downtown Springfield MA investment property offers a $5,500+ rent roll. The property
consists of a joisted masonry building containing one 3BR apartment, one 5BR
apartment, and 10 income producing garages. Apartments feature a sunroom, and the
5BR apartment also has an office. The apartments are large with renovated kitchens
and a combination of hardwood and laminate flooring. The NOI is $53,079 and the cap
rate is 13.3%. Located across from the Springfield FD Headquarters, the property offers
access to major highways I-91, I-291 & I-90 (the Mass Pike); as well as area hospitals
(under two miles to Baystate Medical Center and approximately one mile to Mercy
Medical Center). The property is situated close to Springfield’s CBD, nearby to MGM
Springfield and the Basketball Hall of Fame, within a 30-minute drive time of UMass
Amherst and the Five College Area. Springfield is home to major employers including
Baystate Health, MassMutual, Big Y Foods, and Smith & Wesson. There are 16 colleges
within a 20-mile radius of Springfield, which include 12 private colleges and
universities, two public colleges and universities, and two community colleges offering
two-year degrees. Bradley International Airport in Hartford, CT is approximately 20
miles south, offering regional, national and international air service. The Springfield MA
MSA has a population of over 700,000, and Springfield is the third largest city in
Massachusetts.
consists of a joisted masonry building containing one 3BR apartment, one 5BR
apartment, and 10 income producing garages. Apartments feature a sunroom, and the
5BR apartment also has an office. The apartments are large with renovated kitchens
and a combination of hardwood and laminate flooring. The NOI is $53,079 and the cap
rate is 13.3%. Located across from the Springfield FD Headquarters, the property offers
access to major highways I-91, I-291 & I-90 (the Mass Pike); as well as area hospitals
(under two miles to Baystate Medical Center and approximately one mile to Mercy
Medical Center). The property is situated close to Springfield’s CBD, nearby to MGM
Springfield and the Basketball Hall of Fame, within a 30-minute drive time of UMass
Amherst and the Five College Area. Springfield is home to major employers including
Baystate Health, MassMutual, Big Y Foods, and Smith & Wesson. There are 16 colleges
within a 20-mile radius of Springfield, which include 12 private colleges and
universities, two public colleges and universities, and two community colleges offering
two-year degrees. Bradley International Airport in Hartford, CT is approximately 20
miles south, offering regional, national and international air service. The Springfield MA
MSA has a population of over 700,000, and Springfield is the third largest city in
Massachusetts.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $399,000 | Building Class | C |
| Price Per Unit | $199,500 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 6,026 SF |
| Cap Rate | 13.30% | Average Occupancy | 100% |
| Gross Rent Multiplier | 5.83 | No. Stories | 3 |
| No. Units | 2 | Year Built | 1890 |
| Property Type | Multifamily | Parking Ratio | 1.66/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | B1 | ||
| Price | $399,000 |
| Price Per Unit | $199,500 |
| Sale Type | Investment |
| Cap Rate | 13.30% |
| Gross Rent Multiplier | 5.83 |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 6,026 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1890 |
| Parking Ratio | 1.66/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | B1 |
Amenities
- Smoke Detector
Unit Amenities
- Cable Ready
- Disposal
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Range
- Tub/Shower
- Sunroom
- Basement
- Double Pane Windows
- Handrails
- Office
- Vinyl Flooring
Site Amenities
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 1 | $1,700 | 1,248 |
| 5+1 | 1 | $2,500 | 2,272 |
Very walkable
80/100
Moderately drivable
70/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | SPRI-012395-000000-000023 | Total Assessment | $292,500 |
| Land Assessment | $62,300 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $230,200 | Tax Year | 2025 |
Property Taxes
Parcel Number
SPRI-012395-000000-000023
Land Assessment
$62,300
Improvements Assessment
$230,200
Total Assessment
$292,500
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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69 Winter St
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