298-302 Belmont Ave, Springfield, MA 01108

Property Description

Discover an investment opportunity at 298–302 Belmont Avenue in Springfield! This six-unit property features four residential apartments and two occupied commercial spaces. The seller has a transferable special permit in hand allowing the commercial spaces to be converted into residential units, giving the buyer an opportunity to increase rental income and build additional equity.All units have separate utilities, which are paid by the tenants. The property underwent extensive renovations in 2022, including a new roof, furnaces, hot water tanks, plumbing and electrical systems, a hardwired fire alarm system, and heating and central air in five units. Each residential apartment features two bedrooms, a living room, dining room, kitchen, and full bathroom, offering the potential to reconfigure the layout into a three-bedroom unit if desired. All four residential units have central air conditioning and lead certificates. Two apartments have laundry hookups inside their units. Both first-floor commercial spaces contain two rooms; one has a full bathroom, while the other has a half bathroom. With plumbing already installed in the commercial spaces, much of the groundwork for the residential conversion is already in place, subject to applicable requirements and approvals.With commercial tenants already in place, the property offers income from day one. Additional features include off-street parking in a private lot behind the building. Whether maintaining the current mixed-use configuration or pursuing the permitted residential conversion, this property offers multiple opportunities for future growth. Don’t miss out on this unique investment opportunity!