October 4, 2023 – Michael Bradley of Horvath & Tremblay has arranged the sale of eight (8) multi-family units in Springfield, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $740,000.
The multi-family apartment building is located at 726 and 788 Belmont Avenue in Springfield, Massachusetts. The two co-located multi-family Properties contain a total of eight (8) 2-Bedroom/1-Bathroom residential units with 7,974 square feet of living area in 11,945 square feet of gross area on a combined 0.27-acres of land. Both Properties have separately metered utilities; the tenants are responsible for electricity and gas-fired heat and hot water. The landlord is responsible for domestic water and sewer and common area utilities. The Properties are located along a tree lined residential street in Springfield’s Forest Hills neighborhood and are surrounded by single and multi-family residential properties. Both Properties are close to commercial developments including a CVS and Walgreens 0.25-miles away, and two grocery anchored shopping centers (Stop & Shop and Big-Y) both less than 1.5-miles away. Additionally, the Properties are 2.5-miles from Downtown Springfield which offers an array of shopping, dining, entertainment, and employment opportunities. High profile attractions include the MGM Casino and the MassMutual Center, three hospitals, and several area colleges/universities. 728 & 788 Belmont Street benefits from exceptional highway access and is within 1.5-miles of Interstate 91, which connects just to the north with Interstates 291, and 391 and Interstate 90, which travels west to Worcester and Boston and east to Albany New York. The Property is less than 200 feet from the municipal bus line and is 3.5-miles from Springfield’s Union Station, which serves as a station for Amtrak, Greyhound, Peter Pan and PVTA bus routes, and also provides commuter rail service on the CTRail Hartford Line along the 62-mile Springfield – New Haven Corridor.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.