Description
Discover an exceptional investment opportunity at 438 Springfield Street, Agawam, Massachusetts. This meticulously maintained 16-unit multifamily property, originally constructed in 1965, offers approximately 7,680 square feet of living space and is fully occupied, providing immediate, stable cash flow for investors.The building features 16 residential units, with a total of 16 bedrooms and 16 full bathrooms, spread across two stories on a 13,440-square-foot lot. The property has been well maintained and is positioned for continued long-term performance.Recent capital improvements include the installation of new heat pumps in every unit, providing tenants with efficient heating and air conditioning while enhancing the property's long-term value and reducing future capital expenditure needs. Additional income is generated through an on-site coin-operated laundry, producing approximately $150 per month.The property's July 2026 trailing 12-month (T12) Net Operating Income (NOI) is approximately $162,300. At an 8.0% capitalization rate, this supports an estimated value of approximately $2,028,750, reflecting the property's strong and improving operating performance.The list price has been increased to reflect the improved July 2026 T12 financial performance, as well as multiple offers received at the previous list price. Buyers are encouraged to review the updated financials when evaluating the property's current value.Whether you are completing a 1031 exchange, expanding an existing multifamily portfolio, or seeking a stable, income-producing asset in a desirable Western Massachusetts market, 438 Springfield Street offers an outstanding combination of current cash flow, recent capital improvements, and future upside.Highlights* 16-unit multifamily investment* Approximately 7,680 square feet* Built in 1965* Fully rented with stable occupancy* New heat pumps installed in every unit* On-site laundry generating approximately $150 per month* July 2026 T12 NOI: $162,300* Supports an estimated value of approximately $2,028,750 at an 8.0% capitalization rate* List price increased based on improved T12 financial performance and strong buyer interest* Offers due by August 27, 2026
Details
| MLS # | 73536156 |
|---|---|
| Listing Type | For Sale |
| Style | House |
| Sub-Type | Resale |
| Status | Active |
| Year | 1965 |
| Days On Site | 99 |
| Listing Provided By | Premier Choice Realty, Inc. | Russell J. Sabadosa |
Features
| Bed(s) | 16 |
|---|---|
| Bath(s) | 16 Total |
| SQ Feet | 7,680 |
| Story(s) | 2 |
| Units | 16 |
| Zoning | res |
| Acreage | 0.31 |
Interior
| Rooms Total | 32 |
|---|---|
| Fireplaces Total | 0 |
| Fireplace Yes / No | No |
Exterior
| Roof | Shingle |
|---|---|
| Construction Materials | Brick |
| Foundation Details | Brick/Mortar |
Parking
| Garage Yes / No | No |
|---|---|
| Parking Features | Paved Drive |
| Open Parking Yes / No | Yes |
Utilities
| Sewer | Public Sewer |
|---|
Taxes
| Tax Annual Amount | 15647 |
|---|---|
| Tax Assessed Value | 1109700 |
| Tax Year | 2026 |
Location
| Senior Community Yes / No | No |
|---|
Area Information
| State | MA |
|---|---|
| County | Hampden |
| City | Agawam |
| Zip Code | 01001 |
| Area | Hampden |
| Listing VS Median (in 01001) | |
Price: $1,950,000 low | high Med: $315,000 sqft: 7,680 low | high Med: 1,062 $ / sqft: $254 low | high Med: $297 On site: 99 low | high Med: 12 | |
Market Activity 01001
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Learn More About This Property
| State | MA |
|---|---|
| County | Hampden |
| City | Agawam |
| Zip Code | 01001 |
| Area | Hampden |
| Listing VS Median (in 01001) | |
Price: $1,950,000 low | high Med: $315,000 sqft: 7,680 low | high Med: 1,062 $ / sqft: $254 low | high Med: $297 On site: 99 low | high Med: 12 | |