228 Belmont Ave · Springfield, MA 01108

$1,350,000

16 bd · 8.0 ba · 13,410 sqft · MultiFamily public records · 186 Days on market

Built 1915 0.28 ac lot $101/sqft · 18% above area Est $1141k · 18% over

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.0/30.0
• DSCR +9.4/10.0
• 1% rule +6.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Prime investment opportunity awaits with this expansive multifamily apartment building offering strong rental income, excellent tenant appeal, and an unbeatable location. This well-maintained property features a diverse mix of spacious units, designed to attract long-term occupants and maximize year-over-year returns.Inside, residents enjoy generously sized living spaces with functional layouts, abundant natural light, and modernized kitchens and baths. Mechanical systems have been updated for efficiency and long-term durability, including newer heating, plumbing, and electrical improvements that support low-maintenance ownership. The exterior boasts professional management, secured entry, and dedicated off-street parking, with convenient enhancements such as coin-op laundry and private patios. Zoned for multifamily use, the property presents a scalable investment primed with recent MAJOR updates. This building is a must see to appreciate the long term addition to your portfolio!!

Key facts

• Unbeatable location
• Strong rental income
• 0.28 acre lot

Tags

• MULTIFAMILY APARTMENT BUILDING
• STRONG RENTAL INCOME
• EXCELLENT TENANT APPEAL
• UNBEATABLE LOCATION
• DIVERSE MIX OF SPACIOUS UNITS
• GENEROUSLY SIZED LIVING SPACES

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/?-bath units multifamily listed at $1.35M.

Deal economics

• At list price, monthly cash flow is $4k ($46k/yr) — positive. Per door: $474/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.35M).
• Recommended offer: $1.19M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 5.1% in Springfield — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 73/100 on livability (#97 in MA) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, amenities A; Watch: schools D, crime F, employment D-.
• Springfield (urban): math 13% / reading 25% proficiency, ranked #296 of 302 in MA (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 43 active listings in the ZIP; 453 units permitted in Hampden County in 2024 (116 in 5+ unit buildings).
• At $15,554/mo this rent would consume 368% of the median local household income ($51k/yr) (locally 2272% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $40k of value loss. Plan a longer hold.
• Hampden County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $378k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 186 days — a 12% lower offer ($1.19M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y ago; this cycle's ask is 74900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $360k; list at $1.35M implies a 275% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,188,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 186 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.15% ✓
• Cap rate: 9.67%
• Cash-on-cash: 12.05%
• DSCR: 1.54
• GRM: 7.2

CMA / ARV

• ARV (median comp): $1,140,749
• List price: $1,350,000
• Delta: 18.34%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.6%
• Equity multiple: 1.06×
• Total profit: $22,712
• Equity at exit: $201,289

10-year hold

• IRR: 11.2%
• Equity multiple: 1.87×
• Total profit: $329,931
• Equity at exit: $116,723

Cash invested: $378,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 20 Strongly Tenant-Friendly
• State Massachusetts: 20 Strongly Tenant-Friendly · D+15
• County: — inherits STATE
• City: — inherits STATE

Cambridge / Boston historically rent-controlled (preempted 1994 but consideration ongoing); strong tenant protections; court backlogs.

Methodology + full state rankings →

ZIP-level market 01108

• Home prices YoY: -23.0%
• Active inventory: 43
• Price-to-rent: 57.9×

Monthly cashflow live

• Estimated rent: $15,554 high
• Mortgage (P&I): −$7,080
• Tax from tax record: −$850 /mo · $10,199/yr
• Insurance: −$562
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,266
• Net cashflow: $3,796

Break-even live

Break-even rent $10,749

Max offer price $1,350,000

Occupancy floor 71%

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	2	—	$15,552
Total (8 units)			$15,554

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $337,500
• Closing costs: $40,500
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-18
   days on market $1,350,000 Active 186 DOM
2. 2026-06-17
   days on market $1,350,000 Active 185 DOM
3. 2026-06-16
   days on market $1,350,000 Active 184 DOM
4. 2026-06-15
   days on market $1,350,000 Active 183 DOM
5. 2026-06-14
   days on market $1,350,000 Active 181 DOM
6. 2026-06-13
   days on market $1,350,000 Active 180 DOM
7. 2026-06-10
   days on market $1,350,000 Active 178 DOM
8. 2026-06-09
   days on market $1,350,000 Active 177 DOM
9. 2026-06-08
   days on market $1,350,000 Active 176 DOM
10. 2026-06-07
    days on market $1,350,000 Active 175 DOM
11. 2026-06-05
    days on market $1,350,000 Active 172 DOM
12. 2026-06-03
    days on market $1,350,000 Active 171 DOM
13. 2026-06-02
    days on market $1,350,000 Active 170 DOM
14. 2026-06-01
    days on market $1,350,000 Active 169 DOM
15. 2026-05-31
    days on market $1,350,000 Active 168 DOM
16. 2026-05-30
    days on market $1,350,000 Active 167 DOM
17. 2026-05-12
    price $1,350,000 997-char remark

    Show marketing remark (997 chars)

    Prime investment opportunity awaits with this expansive multifamily apartment building offering strong rental income, excellent tenant appeal, and an unbeatable location. This well-maintained property features a diverse mix of spacious units, designed to attract long-term occupants and maximize year-over-year returns.Inside, residents enjoy generously sized living spaces with functional layouts, abundant natural light, and modernized kitchens and baths. Mechanical systems have been updated for efficiency and long-term durability, including newer heating, plumbing, and electrical improvements that support low-maintenance ownership. The exterior boasts professional management, secured entry, and dedicated off-street parking, with convenient enhancements such as coin-op laundry and private patios. Zoned for multifamily use, the property presents a scalable investment primed with recent MAJOR updates. This building is a must see to appreciate the long term addition to your portfolio!!

18. 2026-04-02
    price $1,399,000 997-char remark

    Show marketing remark (997 chars)

    Prime investment opportunity awaits with this expansive multifamily apartment building offering strong rental income, excellent tenant appeal, and an unbeatable location. This well-maintained property features a diverse mix of spacious units, designed to attract long-term occupants and maximize year-over-year returns.Inside, residents enjoy generously sized living spaces with functional layouts, abundant natural light, and modernized kitchens and baths. Mechanical systems have been updated for efficiency and long-term durability, including newer heating, plumbing, and electrical improvements that support low-maintenance ownership. The exterior boasts professional management, secured entry, and dedicated off-street parking, with convenient enhancements such as coin-op laundry and private patios. Zoned for multifamily use, the property presents a scalable investment primed with recent MAJOR updates. This building is a must see to appreciate the long term addition to your portfolio!!

19. 2026-03-28
    listed $1,800
20. 2026-01-29
    status Back On Market 997-char remark

    Show marketing remark (997 chars)

    Prime investment opportunity awaits with this expansive multifamily apartment building offering strong rental income, excellent tenant appeal, and an unbeatable location. This well-maintained property features a diverse mix of spacious units, designed to attract long-term occupants and maximize year-over-year returns.Inside, residents enjoy generously sized living spaces with functional layouts, abundant natural light, and modernized kitchens and baths. Mechanical systems have been updated for efficiency and long-term durability, including newer heating, plumbing, and electrical improvements that support low-maintenance ownership. The exterior boasts professional management, secured entry, and dedicated off-street parking, with convenient enhancements such as coin-op laundry and private patios. Zoned for multifamily use, the property presents a scalable investment primed with recent MAJOR updates. This building is a must see to appreciate the long term addition to your portfolio!!

21. 2026-01-24
    status Under Agreement 997-char remark

    Show marketing remark (997 chars)

    Prime investment opportunity awaits with this expansive multifamily apartment building offering strong rental income, excellent tenant appeal, and an unbeatable location. This well-maintained property features a diverse mix of spacious units, designed to attract long-term occupants and maximize year-over-year returns.Inside, residents enjoy generously sized living spaces with functional layouts, abundant natural light, and modernized kitchens and baths. Mechanical systems have been updated for efficiency and long-term durability, including newer heating, plumbing, and electrical improvements that support low-maintenance ownership. The exterior boasts professional management, secured entry, and dedicated off-street parking, with convenient enhancements such as coin-op laundry and private patios. Zoned for multifamily use, the property presents a scalable investment primed with recent MAJOR updates. This building is a must see to appreciate the long term addition to your portfolio!!

22. 2026-01-10
    historical Contingent 997-char remark

    Show marketing remark (997 chars)

    Prime investment opportunity awaits with this expansive multifamily apartment building offering strong rental income, excellent tenant appeal, and an unbeatable location. This well-maintained property features a diverse mix of spacious units, designed to attract long-term occupants and maximize year-over-year returns.Inside, residents enjoy generously sized living spaces with functional layouts, abundant natural light, and modernized kitchens and baths. Mechanical systems have been updated for efficiency and long-term durability, including newer heating, plumbing, and electrical improvements that support low-maintenance ownership. The exterior boasts professional management, secured entry, and dedicated off-street parking, with convenient enhancements such as coin-op laundry and private patios. Zoned for multifamily use, the property presents a scalable investment primed with recent MAJOR updates. This building is a must see to appreciate the long term addition to your portfolio!!

23. 2025-12-31
    price $1,400,000 997-char remark

    Show marketing remark (997 chars)

    Prime investment opportunity awaits with this expansive multifamily apartment building offering strong rental income, excellent tenant appeal, and an unbeatable location. This well-maintained property features a diverse mix of spacious units, designed to attract long-term occupants and maximize year-over-year returns.Inside, residents enjoy generously sized living spaces with functional layouts, abundant natural light, and modernized kitchens and baths. Mechanical systems have been updated for efficiency and long-term durability, including newer heating, plumbing, and electrical improvements that support low-maintenance ownership. The exterior boasts professional management, secured entry, and dedicated off-street parking, with convenient enhancements such as coin-op laundry and private patios. Zoned for multifamily use, the property presents a scalable investment primed with recent MAJOR updates. This building is a must see to appreciate the long term addition to your portfolio!!

24. 2025-12-09
    listed $1,500,000 New 997-char remark

    Show marketing remark (997 chars)

    Prime investment opportunity awaits with this expansive multifamily apartment building offering strong rental income, excellent tenant appeal, and an unbeatable location. This well-maintained property features a diverse mix of spacious units, designed to attract long-term occupants and maximize year-over-year returns.Inside, residents enjoy generously sized living spaces with functional layouts, abundant natural light, and modernized kitchens and baths. Mechanical systems have been updated for efficiency and long-term durability, including newer heating, plumbing, and electrical improvements that support low-maintenance ownership. The exterior boasts professional management, secured entry, and dedicated off-street parking, with convenient enhancements such as coin-op laundry and private patios. Zoned for multifamily use, the property presents a scalable investment primed with recent MAJOR updates. This building is a must see to appreciate the long term addition to your portfolio!!

25. 2025-02-18
    historical $1,650
26. 2025-02-17
    listed $1,650
27. 2025-02-16
    historical $1,650
28. 2025-01-16
    historical $1,650
29. 2025-01-12
    listed $1,650
30. 2025-01-10
    listed $1,650
31. 2022-03-23
    price $1,650
32. 2006-01-30
    soldstatus $360,000 291-char remark

    Show marketing remark (291 chars)

    Great income potential in this large 8 family on a corner lot with it's own parking area. Property offers 6 Delead Certificates, 6 units with newer windows,a lot of natural woodwork, a built-in in the dining room, 1 newer boiler 7+/- yrs (apo). Large units offer front to back living space.

33. 2006-01-30
    soldstatus $360,000

    Show marketing remark (291 chars)

    Great income potential in this large 8 family on a corner lot with it's own parking area. Property offers 6 Delead Certificates, 6 units with newer windows,a lot of natural woodwork, a built-in in the dining room, 1 newer boiler 7+/- yrs (apo). Large units offer front to back living space.

34. 2005-10-03
    listed $375,000 291-char remark

    Show marketing remark (291 chars)

    Great income potential in this large 8 family on a corner lot with it's own parking area. Property offers 6 Delead Certificates, 6 units with newer windows,a lot of natural woodwork, a built-in in the dining room, 1 newer boiler 7+/- yrs (apo). Large units offer front to back living space.

35. 1985-12-20
    soldstatus $268,700

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MA · Partial reset (capped growth)

• Current annual tax: $10,199 · $850/mo
• Projected year-2 tax: $13,402 · $1,117/mo
• Expected delta: +$3,203/yr (+$267/mo · 31.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $186,648
• − Mortgage interest: −$75,621
• − Property taxes: −$10,199
• − Insurance: −$6,750
• − Repairs & maintenance: −$14,932
• − Management: −$14,932
• − Depreciation: −$39,273
• Taxable income: $24,942
• Est. tax owed @ 24.0%: −$5,986
• After-tax cash flow: $39,562/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Springfield
• NCES district ID: 2511130
• Math proficiency: 13% ▼ -12.00%
• Reading proficiency: 25% ▼ -5.00%
• Median HH income: $34,938
• Composite: 15.6/100
• National rank: #9293
• State rank: #296 of 302 in MA

Livability — Springfield

• Score: 73/100
• State rank: #97
• US rank: #5195

Category grades

Amenities A Commute A+ Cost of living B- Crime F Employment D- Housing A Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, MA
• County: Hampden County · 230,965 people
• City population: 61,006
• Metro: Springfield, MA
• Population (ZIP): 27,405
• Household income: $50,661
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 2272.0

Population outlook (Hampden County) Hauer SSP2

• Today (2025): 485,646 people
• By 2030: 491,517 · +1.2%
• By 2040: 500,539 · +3.1%
• By 2050: 508,827 · +4.8%
• By 2075: 539,167 · +11.0%
• By 2100: 545,698 · +12.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 41% White 31% Two or more races 20% Black 19% Asian 7%
• Hispanic origin (detail): Puerto Rican 30% Dominican 7%
• Common ancestry: Lithuanian 3% Romanian 1% Hispanic 1%
• Foreign-born: 16% · Canada, Vietnam, India
• Languages at home: 60% English-only · Spanish 26% Vietnamese 4% Other Indo-European 4%

Political lean MEDSL · Hampden

• 2024 margin: Lean D (+8.9) · D 53.4% · R 44.5% · Other 2.1%
• 2008→2024 swing: -16.4pp toward R · 2008: 25.3pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+17.7 2016: D+16.0 2012: D+25.4 2008: D+25.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -96.40%
• Current HPI: 322.6677
• Rent YoY: —
• Metro: Springfield, MA
• State GDP YoY: ▲ 2.28%
• F500 in state: 38

Industry mix (Fortune 500 HQ in MA)

Industry	F500 HQs	Revenue
▸Technology	3	$17B
▸Insurance	2	$84B
▸Retail	2	$76B
▸Life Sciences	1	$43B
▸Energy Technology	1	$31B
▸Aerospace / Defense	1	$18B

Price history

+402.4% since first listed

19 events — show timeline

• 2026-05-12 Price Changed $1,350,000 MLS PIN
• 2026-04-02 Price Changed $1,399,000 MLS PIN
• 2026-03-28 Listed for Rent $1,800 RENTALBEAST
• 2026-01-29 Relisted — MLS PIN
• 2026-01-24 Pending — MLS PIN
• 2026-01-10 Contingent — MLS PIN
• 2025-12-31 Price Changed $1,400,000 MLS PIN
• 2025-12-09 Listed $1,500,000 MLS PIN
• 2025-02-18 Rental Removed $1,650 RENTALBEAST
• 2025-02-17 Listed for Rent $1,650 RENTALBEAST
• 2025-02-16 Rental Removed $1,650 LEASESTAR
• 2025-01-16 Rental Removed $1,650 RENTALBEAST
• 2025-01-12 Listed for Rent $1,650 RENTALBEAST
• 2025-01-10 Listed for Rent $1,650 LEASESTAR
• 2022-03-23 Price Changed $1,650 RENT.
• 2006-01-30 Sold (Public Records) $360,000 Public Records
• 2006-01-30 Sold (MLS) $360,000 MLS PIN
• 2005-10-03 Listed $375,000 MLS PIN
• 1985-12-20 Sold (Public Records) $268,700 Public Records

Property tax history

+5.5%/yr

Latest (2023): $10,199 · +15.6% YoY. Source: county tax records.