$2,100,000

Est. payment -/mo

$2,100,000

Est.Price: ?

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13Property 29 Unit Springfield, MA 01108

35,347 SqFt

SOLD DATE : 12/20/2018

Key Details

Sold Price $2,100,000

Property Type Commercial

Listing Status Sold

Purchase Type For Sale

Square Footage 35,347 sqft

Price per Sqft $59

MLS Listing ID 72347935

Sold Date 12/20/18

Year Built 1950

Annual Tax Amount $37,697

Tax Year 2018

Lot Size 435 Sqft

Acres 0.01

Property Description

31 Total units in 13 locations, mostly 2-3 family dwellings in Springfield with a nice 6 unit brick plus commercial in Chicopee MA. The assemblage is with one owner and the financials are incredible due to the unit sizes and number of bedrooms. 100% occupied and deleaded. NET OPERATING INCOME $226,219, CAP RATE 13.51%, DEBT COVERAGE RATIO 2.33, CASH ON CASH RETURN 27.20% (based on a 75% LTV at 5.25% interest over 25 years). Properties are being sold at $47.39 per sq. ft. MLS SOLD listing in past 6 months have averaged $56.00 per sq. ft. These properties are being marketed at 15% below the average SOLD price of comparable properties on MLS.