Northeast Private Client Group is pleased to present Berkshire Arms Apartments, a low-rise multifamily property located in Springfield, MA.
Berkshire Arms Apartments is comprised of two (2) buildings with sixteen (16) one-bedroom units split evenly between them. All units are separately metered for electricity and feature three-zone electric baseboard heating that are individually controlled. The apartments in 406 Berkshire have their own 40-gallon water tank located in the bedroom closets, making the tenant responsible for their hot water. Hot water is supplied to building 414 by the landlord with two 90-gallon tanks located in the utility room. The property boasts income producing laundry as well as off street parking for all tenants. On the complex is an updated ADT security system equipped with multiple cameras and a DVR hookup. All units are cable and telephone ready and also feature A/C vents.
Twelve of the sixteen units have been completely gutted and renovated within the past year. This renovation included fresh paint, new lighting fixtures, fans and new flooring apartment wide. In the kitchen, each apartment has been updated with new flooring and appliances. The bathrooms received new toilets, vanities and tubs.
An opportunistic investor can see upside by completing the rolling renovations on the remaining four units and raising rents. With vacancies in Springfield being around half the national rate and a plethora of outdated inventory, a strategic owner can raise rents and simultaneously maintain high occupancy through updated units and more aggressive marketing. In the last year, apartment rents have seen a 3.7% increase.
The property is located in the Pine Point area of Springfield. Known as a safe and cozy neighborhood, Pine Point contains two high schools, a local library and two parks providing places to swim, boat, fish and picnic. Pine Point is located 2.5 miles to Springfield metro center and is home to the Eastfield Mall and MassMutual, a Fortune
100 company.
Springfield is a city sitting on the Connecticut River in Central Massachusetts. The city has a population of about 155,000 residents, of that 52.8% are renters. Springfield is the fourth largest city in New England and because of its vicinity to Boston and New York City, the city has established itself as having a “mature economy” that helps shield it from recessions. Springfield’s top five industries are Trade and Transportation; Education and Health Services; Manufacturing; Tourism and Hospitality; and Government. 25 colleges and universities are located within 15 miles of the cities boarders and has been dubbed as part of the Knowledge Corridor by regional educators. Springfield’s top employers include MassMutual Financial Group, Smith & Wesson, Merriam Webster, the AHL and Baystate Health.
