Address
181-187 Chestnut St, Springfield, MA
Price
$ 1,980,000
Property Attributes
- MLS#73578799
- TypeMulti-Family
- Listing Status Active
- CountyHAMPDEN
- CitySpringfield
- Zip01103
- Style5-9 Family
- Year Built1900
- Taxes$ 21013
- Price$ 1,980,000
- Bedrooms8
- Full Bathrooms11
- Half Bathrooms0
- Sqr Footage11628
- Lot Size0.12 Acres
Data Source:
Massachusetts MLS Property Info Network (MLSPIN)
Property Description
Exceptional Downtown Springfield Mixed-Use Investment Opportunity. 181–187 Chestnut Street is a well-maintained 11-unit mixed-use asset consisting of three street-level commercial spaces and eight one-bedroom apartments in the heart of Springfield’s downtown Business Improvement District. The property offers approximately $183,000 in potential gross annual rental income at full occupancy, reflecting substantial rent growth and improved income performance. The approximately 11,628-square-foot historic brick building has undergone significant renovation and offers an attractive combination of residential and commercial income. The building is fully sprinklered, with separate utilities, beautifully maintained common areas, high ceilings, oversized windows and excellent Chestnut Street visibility. The location continues to strengthen. The Commonwealth has selected nearby 125 Liberty Street for the new Roderick L. Ireland Regional Justice Center, a major long-term investment in this section of downtown Springfield. The courthouse site is only several blocks from the property and is visible from the building, creating a compelling opportunity for an investor to own income-producing real estate in the path of significant public investment. The property is also convenient to Union Station, downtown employers, restaurants, entertainment and major regional transportation routes. With a diversified rent roll consisting of eight residential units and three established commercial tenants, 181–187 Chestnut offers investors an opportunity to acquire a stabilized mixed-use asset with strong current income and a location positioned to benefit from continued downtown investment.11 Units | 3 Commercial + 8 Residential | $183,000 potential Gross Annual Rent | 11,628 SF | $1,988,000 Asking Price | Downtown Springfield | New Regional Justice Center Nearby.
| Price History | |
|---|---|
| 9/17/2026 | Listed $1,980,000 |
General Features
| Sewer | Public Sewer |
|---|---|
| Roof | Rubber |
| Zoning | B3 |
| Patio/Porch Features | Deck |
| Construction Materials | Brick |
| Year Built | 1900 |
| Electric | Circuit Breakers |
| Stories Count | 3 |
| Levels | 3 |
| Property Subtype | 5-9 Family |
| Tax Year | 2026 |
| Parcel Number | S:02750 P:0513,2578178 |
| Gross Income | 183000 |
| Community Features | Public Transportation,Shopping,Medical Facility,Highway Access,House of Worship,Private School,T-Station,University |
| County | Hampden |
| Net Operating Income | 144036 |
| Operating Expense | 38963 |
| Property Type | Residential Income |
| Garage Y/N | No |
| Total Rooms | 27 |
| Full Baths | 11 |
| Status | Active |
| Directions | Chestnut St between Worthington St & Taylor St In the Downtown Springfield near New Court House. |
| City | Springfield |
| Disclosures | All financials are As Per Owner. Buyer and Buyers Agent to verify all information. Seller intends to complete a 1031 tax-deferred exchange. Buyer to cooperate with Seller’s 1031 exchange |
| Senior Community Y/N | No |
| Number Of Units Total | 11 |
| Lot Size Units | Acres |
| Lot Size Square Feet | 5249 |
| Year Built Details | Approximate,Renovated Since |
| Tax Annual Amount | 21013 |
| Home Warranty Y/N | No |
| Building Area Units | Square Feet |
| Standard Status | Active |
| Year Built Source | Public Records |
| Tax Assessed Value | 939000 |
| Total Actual Rent | 15250 |
| FinancialDataSource | Owner |
| Certified Treated | Unknown |
Interior Features
| Basement | Full |
|---|---|
| Flooring | Tile,Hardwood |
| Total Stories | 3 |
| Fireplace Y/N | No |
| Above Grade Finished Area | 11628 |
| Total Bedrooms | 8 |
| LivingAreaSource | Public Record |
| Total Baths | 11 |
Exterior Features
| Parking Features | Paved Drive,Off Street |
|---|---|
| Lot Features | Corner Lot |
| Water Source | Public |
| Total Parking | 6 |
| Lot Size Area | 0.12 |
| Foundation Details | Brick/Mortar |
| Spa | No |
| Building Area Total | 11628 |
| Lot Size Acres | 0.12 |
| Waterfront Y/N | No |
| Road Frontage Type | Public |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Multi-Family Average in 01103
Price
Taxes
Year Built
Massachusetts MLS Property Info Network (MLSPIN) - The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and
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