120-122 Central St · Springfield, MA 01105

$2,000,000

368 bd · 256.0 ba · 11,260 sqft · MultiFamily · 67 Days on market

Built 1927 Good condition 0.27 ac lot $178/sqft · 75% above area

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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 +18.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• Appreciation +5.5/10.0
• 1% rule +4.9/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 16 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

120–122 Central Street presents a rare opportunity to acquire a 16-unit asset in a prime Springfield location, just minutes from the Naismith Memorial Basketball Hall of Fame and MGM Springfield. Perfect for a 1031 exchange this property features a strong unit mix of (7) two-bedroom apartments and (9) one-bedroom apartments, catering to a wide tenant base.With gross rents exceeding $22,000 per month, this building offers immediate cash flow and solid investment performance. All 16 units have lead certificates, providing added compliance and peace of mind for ownership.Positioned in a high-demand rental area with close proximity to major attractions, employment centers, and amenities, with a large off street parking lot this is a turnkey opportunity for investors looking to scale their portfolio with a stabilized, income-producing asset.

Key facts

• Strong unit mix
• Turnkey opportunity
• 0.27 acre lot

Tags

• PRIME SPRINGFIELD LOCATION
• STRONG UNIT MIX
• HIGH-DEMAND RENTAL AREA
• LARGE OFF STREET PARKING LOT
• TURNKEY OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 7×2bd/1ba + 9×1bd/1ba units multifamily listed at $2.00M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $111/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.97M (1.3% below list).
• Recommended offer: $1.88M (6.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 5.0% 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: 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.
• Zoned schools: Milton Bradley School (math 7% / reading 22%, grade F, #873 of 938 statewide, top 94%, 515 students, 0% FRL); Stem Middle Academy (math 14% / reading 23%, grade F, #263 of 305 statewide, top 86%, 297 students, 0% FRL); Springfield Central High (math 27% / reading 41%, grade F, #250 of 343 statewide, top 73%, 2,095 students, 0% FRL) — zoned schools average 0% FRL vs 81% district-wide (81 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 21 active listings in the ZIP; 453 units permitted in Hampden County in 2024 (116 in 5+ unit buildings).

Forward outlook

• In year one you build about $35k of equity ($14k loan paydown + $22k appreciation (1.1% local appreciation)).
• Hampden County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $560k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$128k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($1.88M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,880,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% 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 1927 — 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: 0.99% ✗
• Cap rate: 7.36%
• Cash-on-cash: 3.81%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

• ARV (median comp): $1,140,647
• List price: $2,000,000
• Delta: 75.34%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

1.08% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.6%
• Equity multiple: 1.28×
• Total profit: $158,838
• Equity at exit: $691,076

10-year hold

• IRR: 9.8%
• Equity multiple: 2.20×
• Total profit: $670,675
• Equity at exit: $924,837

Cash invested: $560,000 (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 01105

• Home prices YoY: 0.3%
• Active inventory: 21
• Price-to-rent: 122.6×

Monthly cashflow live

• Estimated rent: $19,748 high
• Mortgage (P&I): −$10,488
• Tax est. 1.5%: −$2,500 /mo · $30,000/yr
• Insurance: −$833
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,147
• Net cashflow: $1,779

Break-even live

Break-even rent $17,496

Max offer price $2,000,000

Occupancy floor 86%

Sensitivity live

Price	-10% $3,162	-5% $2,470	+0% $1,779	+5% $1,088	+10% $397
Rent	-10% $219	-5% $999	+0% $1,779	+5% $2,559	+10% $3,339
Rate	-1.0pp $2,787	-0.5pp $2,288	base $1,779	+0.5pp $1,261	+1.0pp $734

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

Units	Beds	Baths	Est. rent
▸ 7× units	2	1	$9,520
▸ 9× units	1	1	$10,233
Total (16 units)			$19,748

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: $500,000
• Closing costs: $60,000
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-22
   days on market $2,000,000 Active 67 DOM
2. 2026-06-18
   days on market $2,000,000 Active 64 DOM
3. 2026-06-17
   statusdays on market $2,000,000 Active 63 DOM
4. 2026-06-16
   days on market $2,000,000 Price Changed 62 DOM
5. 2026-06-15
   days on market $2,000,000 Price Changed 61 DOM
6. 2026-06-14
   pricestatusdays on market $2,000,000 Price Changed 59 DOM
7. 2026-06-13
   days on market $2,050,000 Active 58 DOM
8. 2026-06-10
   days on market $2,050,000 Active 56 DOM
9. 2026-06-09
   days on market $2,050,000 Active 55 DOM
10. 2026-06-08
    days on market $2,050,000 Active 54 DOM
11. 2026-06-07
    days on market $2,050,000 Active 53 DOM
12. 2026-06-05
    days on market $2,050,000 Active 50 DOM
13. 2026-06-03
    days on market $2,050,000 Active 49 DOM
14. 2026-06-02
    days on market $2,050,000 Active 48 DOM
15. 2026-06-01
    days on market $2,050,000 Active 47 DOM
16. 2026-05-31
    days on market $2,050,000 Active 46 DOM
17. 2026-05-30
    days on market $2,050,000 Active 45 DOM
18. 2026-04-15
    listed $2,050,000 New 854-char remark

    Show marketing remark (854 chars)

    120–122 Central Street presents a rare opportunity to acquire a 16-unit asset in a prime Springfield location, just minutes from the Naismith Memorial Basketball Hall of Fame and MGM Springfield. Perfect for a 1031 exchange this property features a strong unit mix of (7) two-bedroom apartments and (9) one-bedroom apartments, catering to a wide tenant base.With gross rents exceeding $22,000 per month, this building offers immediate cash flow and solid investment performance. All 16 units have lead certificates, providing added compliance and peace of mind for ownership.Positioned in a high-demand rental area with close proximity to major attractions, employment centers, and amenities, with a large off street parking lot this is a turnkey opportunity for investors looking to scale their portfolio with a stabilized, income-producing asset.

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $236,976
• − Mortgage interest: −$112,031
• − Property taxes: −$30,000
• − Insurance: −$10,000
• − Repairs & maintenance: −$18,958
• − Management: −$18,958
• − Depreciation: −$58,182
• Taxable loss: −$11,153
• Est. tax savings @ 24.0%: +$2,677
• After-tax cash flow: $24,029/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This 16-unit multi-family property in Springfield, MA is in good condition with modern amenities and a prime location. A fresh coat of paint on the exterior would significantly boost its curb appeal and resale value.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both HVAC maintenance — improves comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both HVAC maintenance — improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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
• City population: 61,006
• Population (ZIP): 11,469

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: Predominantly Hispanic (74%)
• Race & ethnicity: Hispanic / Latino 74% Two or more races 37% Black 14% White 10%
• Hispanic origin (detail): Puerto Rican 63% Dominican 5%
• Common ancestry: Lithuanian 1% Romanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 44% English-only · Spanish 53% Other Indo-European 2% French/Haitian/Cajun 1%

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: ▲ 1.08%
• Current HPI: 322.6127
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-04-15 Listed $2,050,000 MLS PIN