Springfield Homes with 5+ Family - Rooming House Subtype

Welcome to Springfield, Massachusetts, a vibrant city brimming with rich history, cultural diversity, and a strong sense of community. Nestled in Hampden County, Springfield is not just the birthplace of basketball but also a thriving hub for families, professionals, and investors alike. With its picturesque parks, historic landmarks, and a flourishing arts scene, Springfield offers a unique blend of urban living and suburban charm.

For those seeking investment opportunities, Springfield's real estate market features a variety of properties, including homes with a 5+ family-rooming house subtype. These multi-family homes are perfect for investors looking to maximize rental income while providing quality housing options in a desirable neighborhood. With a growing population and an increasing demand for rental properties, owning a rooming house in Springfield can be a lucrative venture.

The city boasts excellent amenities, including top-rated schools, diverse dining options, and convenient access to public transportation. Residents enjoy the convenience of shopping centers, recreational facilities, and cultural attractions like the Dr. Seuss National Memorial Sculpture Garden and the Springfield Museums. The city's strategic location also offers easy access to major highways, making commuting to nearby cities a breeze.

Springfield is more than just a place to live; it’s a community where families can thrive and investors can find promising opportunities. Whether you're looking to settle down or expand your investment portfolio, Springfield's multi-family homes are waiting to welcome you to this dynamic city. Discover the potential of Springfield today!

Newest Springfield Homes with 5+ Family - Rooming House Subtype

$849,900

12 Beds ⋅ 6 Baths ⋅ 73589901 MLS

Rare Licensed 12-Room Lodging House + Renovated Tavern/RestaurantUnique opportunity to acquire an established mixed-use income-producing property consisting of a 12-room licensed lodging house and first-floor operating tavern/restaurant.The property currently has approximately $9,700 per month in scheduled base rent, or $116,400 annually, before additional expense reimbursements from the Tavern.A particularly important feature is the property's existing lodging-house license. Ownership considers this license to be an unusually scarce asset in Springfield and believes the licensed use may carry meaningful strategic value in addition to the property's current income stream. Prospective purchasers should independently verify license status, renewal requirements, transferability/change-of-control requirements and any required municipal approvals.The lodging operation also benefits from an established relationship with a local social service organization. The organization regularly places participating clients into available rooms. Caseworkers assist with resident issues, while the organization administers participating residents' funds and handles rent payments on their behalf. Ownership reports that this relationship has historically resulted in very limited vacancy and rapid refill of rooms when they become available.The first-floor Tavern is leased at $1,500 per month base rent, with the tenant also responsible for 50% of real estate taxes and 50% of the property's water expense.Ownership completed a substantial renovation of the restaurant in 2023, investing approximately $300,000 into the space. The interior was substantially renewed, with essentially everything inside new at completion.

664-668 Page Blvd, Springfield

Listing courtesy of Listing Agent: Anthony Ardolino from Listing Office: Berkshire Hathaway HomeServices Realty Professionals.

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