Belmont, Fort Pleasant & Locust is amulti-family property for lease in Springfield, MA.
PLEASE KEEP POTENTIAL SALE CONFIDENTIAL TO STAFF & TENANTS
Opportunity knocks with this 92 unit (3 locations all in close proximity) assemblage. Property is updated, very well maintained and shows a pride of ownership. There is virtually no deferred maintenance. Upside potential surrounds this opportunity. Good occupancy but the rents are below market.
Top 10 Reasons Why You Would Want To Own This Property.
1) 9.09% CAP Rate & 12.1% Cash on Cash return at market rate & term.
2) Well trained property manager and two maintenance staff can remain to keep expenses low. Basically a "TURNKEY" on site rental office business with supply room including $10K+/- in inventory comes with the deal. The "business" could be an additional profit center (maintenance, lease ups etc...) and will provide for economies of scale if someone were to take advantage of acquiring surrounding buildings that are or could be made available.
3) Limited competition creates for good deal - 92 units are below Institutional buyer threshold. This is an "OFF MARKET OPPORTUNITY"
4) Location – Benefits of Downtown but located in Desirable Forest Park neighborhood just blocks away from the MGM CASINO site that will be providing over 3,000 jobs and a renaissance to the surrounding area
5) Springfield is on the rise as over $2.48 BILLION in construction and economic development projects are either recently completed or soon to start including: Union Station intermodal bus and train transportation hub meshing with the federally funded Passenger-Railroad improvements now under way up and down the Connecticut River Valley. State Street Data Center ($110M) Baystate Medical ($300M), Caring Health, Fallon Medical & Mercy Medical, I-91 Viaduct Reconstruction ($265M),Palmer Renewable Energy ($150M) & 2 solar farms, 5 new schools, two new Hotels and a variety of new restaurants along with 40 other economic development projects.
6) Upside potential, Current rents are below market with high occupancy level. Once the Casino opens there will be a long waiting list of potential tenants.
7) No deferred maintenance, roofs, porches, mechanicals and utilities are updated. 2 roofs, 3 boilers & 3 domestic hot water recently completed
8) Owner will consider exchanging. Will 1031 over or up, or will consider property equity as down payment.
9) Local banks have shown a willingness to finance at proposed rate & terms on APOD.
10) Cash Flow, Leverage, Equity, Appreciation and potential partial sales (5 deeds).
HISTORY OF SPRINGFIELD. "The City of Firsts" and "The City of Homes".
On the river, on rail, with highways located at the crossroads of New England and centrally located in the "Knowledge Corridor" of 29 colleges all in a growth mode.
William Pynchon and a company of six men from Roxbury, a town near Boston, established Springfield in 1636 at the junction of the Agawam and Connecticut Rivers. Pynchon bought from the Indians the land that now contains the towns of Agawam, West Springfield, Longmeadow, and the city of Springfield for the purpose of establishing a trading and fur-collecting post. In 1641, the town of Springfield, named in honor of Pynchon's English birthplace, was incorporated. Springfield officially became a city in May of 1852.
Springfield's location at the crossroads of New England is the most significant reason for its progress and continuing economic success. The Connecticut River served as an easy and economical means of transportation north and south for early settlers. Midway between New York and Boston and on the road between New York and Canada, Springfield is ideally located for travel in all directions.
From its fur-trading and agricultural beginnings, Springfield gradually grew into a thriving industrial community. In the eighteenth century, the power of the Connecticut River was harnessed. Mills of all varieties grew up and a skilled labor force came into being. Because of the area's location and technological advancements, particularly in metal crafts, the United States Armory was located here in 1794, resulting in further industrial development.
In the nineteenth century, Springfield became a major railroad center and experienced another industrial boom. The city grew, and such industries as printing, machine manufacture, insurance, and finance took hold and prospered. As affluence increased, it became a gracious city with a noted educational system.
In 1990 Springfield was a city of 156,983. It is a multicultural community, and is the regional center for banking, finance, and courts.
River, railroads, and highways were the assets that made Springfield what it is today. Its central location now offers the potential for development of high technology communications leading to new growth in the twenty-first century.