August 22, 2024 – Michael Bradley of Horvath & Tremblay has arranged the sale of a nine (9) unit multi-family property in Chicopee, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $960,000.
The multi-family Property is located at 48-650 West Street in Chicopee, Massachusetts. The three-story, multi-family building contains nine (9) units consisting of seven (7), 3-Bedroom/1-Bathroom units and two (2), 2-Bedroom/1-Bathroom units in 10,802 square feet of gross living area, in 15,045 square feet of gross area, on a 0.27-acre corner parcel of land. The Property is separately metered for electricity, heat, and hot water, which the tenants pay directly and features fifteen (15) on-site parking spaces. The current rents are significantly below market rates and offer the opportunity to increase rents to market rates via programmatic updates to the unrenovated units. 48-50 West Street benefits from exceptional highway access and is 0.25-miles from Interstate 391 and 1-mile from Interstates 91 and 90. The Property also offers convenient access to Interstate 291 and US Routes 5 and 20. The G1 bus route offered by the Pioneer Valley Transit Authority (PVTA) stops less than 0.2-miles from the Property at the intersection of Center and South Streets and travels between Springfield’s Union Station and downtown Holyoke. 48-50 West Street is seconds from a CVS and Dunkin’, and is 2-mile from Springfield Plaza, anchored by Stop & Shop, Ocean State Job Lot, and Dollar Tree, and 2.5 miles from the Riverdale Center, a major outdoor shopping center anchored by Costco and Home Depot that features an extensive lineup of national retailers, restaurants, and amenities. The location offers convenient access to downtown Springfield and an array of shopping, dining, entertainment and employment opportunities. High profile attractions include the MGM Casino and the MassMutual Center.
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.