About 64 Myrtle Street
Actual 7.8% CAP RATE with annual in-place rent increases. Rare portfolio of 3 stabilized, cash-flowing, professionally managed brick properties in Springfield’s strong rental market, totaling 127 units: 120 1-bed/1-bath, 7 studios, 3 commercial. 96% REAC score, upgraded mechanicals, on-site laundry, security systems. $270K recently invested in energy-efficiency upgrades (attic insulation, low-flow fixtures, door sealing), boosting NOI. Upside via repurposing underused commercial/office space. Two assets on the National Register of Historic Places (potential tax credits—buyer to verify).64 Myrtle: 39-unit school conversion (5 lofts), roof <7 yrs, Grundfos pumps, 2022 ACV Prestige 6 system w/ dual tanks.11 Acushnet: 24-unit school conversion, roof <10 yrs, 2015 Prestige Triangle Tube system, 100-gal indirect heater.519 Main: 64 units, new water heaters (’22/’23), RUUD AC for commercial, roof <10 yrs.All 3 sold as a portfolio.
