65 Belmont Avenue & 886 State Street

Property Description

Northeast Private Client Group is pleased to exclusively present The Belmont & State Portfolio, a two building, 33-unit, multifamily and mixed-use opportunity located in Springfield, Massachusetts. 65 Belmont Avenue is comprised of 16 – two bedroom, one-bathroom apartments (1,088 sf). Heat and hot water in the building is supplied through a central natural gas fired boiler system and is paid for by the landlord. Residents are responsible for their own electric expenses. There is a laundry room for tenant use and a security camera system. The building was fully renovated in 2011 through a program by the Massachusetts Housing Investment Corporation, a non-profit organization. The renovation included a new roof, windows, renovated apartments, new electrical, new plumbing, and boiler systems. 886 State Street is comprised of 15 - two bedroom, one-bathroom apartments (883 sf) and two (2) ground level commercial suites. The two commercial suites are occupied by Los Duros Barbershop (1,346 sf) and Level 5 Restaurant (3,070 sf). Heat and hot water in the building is paid for by the residents and supplied through individual forced hot air furnaces in each unit (gas), and water tanks in the basement (gas). Residents are also responsible for their own electric expenses. There is a parking lot at the rear of the building. The property has a security camera system as well as a central fire alarm. The building was fully renovated in 2000-2001 by a grant through the Department of Housing and Community Development (DHCD) and the Community Economic Development Assistance Corporation (CEDAC) rehabilitation initiative. Additional renovations were done in 2011 including a new roof, windows, renovated apartments, new electrical and furnaces.