35 Lower Grape St · Chicopee, MA 01013

$1,199,900

24 bd · 24.8 ba · 99,999 sqft · MultiFamily · 167 Days on market

Built 1810 Poor condition 2.20 ac lot

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Why this score? — see what drove the B- 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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Schools +2.3/10.0
• Condition / age +1.0/5.0
• 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

Proud to present the Historic Ames Sword Co Buildings! Situated in the heart of Chicopee, MA by Chicopee River, this mill presents a unique redevelopment opportunity, with great enthusiasm and collaboration from town officials to help create a vibrant residential and or commercial destination. This 5-building parcel spans over 2 acres and is zoned both Commercial & Industrial! Potential to develop affordable housing, condos, 55+ community, medical offices, luxury living units, self storage and more. Rentable Warehouse and Heated storage potential. Equipped with loading docks and freight elevators offering endless potential in an established Opportunity Zone with possible grant funding. The property is structurally sound and ideally positioned for conversion into apartments or mixed-use development. 11’ to 16’ ceilings! Don’t miss this rare chance to transform a riverside compound into a signature waterfront development with long-term value and community impact.

Key facts

• Chicopee river
• 5 building parcel
• Luxury living units

Tags

• CHICOPEE RIVER
• 5 BUILDING PARCEL
• ZONED COMMERCIAL
• ZONED INDUSTRIAL
• LUXURY LIVING UNITS
• SELF STORAGE POTENTIAL

What this means for you Summary

Snapshot

• This is a 8 × 3-bed/?-bath units multifamily listed at $1.20M. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $4k ($53k/yr) — positive. Per door: $549/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.20M).
• Recommended offer: $1.06M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 4.6% in Chicopee — 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 76/100 on livability (#66 in MA, #3,658 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D+, schools D, crime F.
• Chicopee (suburban): math 20% / reading 33% proficiency, ranked #270 of 302 in MA (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 12 active listings in the ZIP; 453 units permitted in Hampden County in 2024 (116 in 5+ unit buildings).
• At $16,061/mo this rent would consume 323% of the median local household income ($60k/yr) (locally 895% 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 $8k of loan paydown is wiped out by about $36k 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 $336k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 167 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1810 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,055,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 167 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1810 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.34% ✓
• Cap rate: 10.69%
• Cash-on-cash: 15.70%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 6.5%
• Equity multiple: 1.26×
• Total profit: $85,787
• Equity at exit: $178,909

10-year hold

• IRR: 15.9%
• Equity multiple: 2.30×
• Total profit: $436,206
• Equity at exit: $103,745

Cash invested: $335,972 (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 01013

• Home prices YoY: -23.1%
• Active inventory: 12
• Price-to-rent: 49.8×

Monthly cashflow live

• Estimated rent: $16,061 medium
• Mortgage (P&I): −$6,292
• Tax est. 1.5%: −$1,500 /mo · $17,998/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,373
• Net cashflow: $4,396

Break-even live

Break-even rent $10,497

Max offer price $1,199,900

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 8× units	3	—	$16,064
Total (8 units)			$16,061

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: $299,975
• Closing costs: $35,997
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $1,199,900 Active 167 DOM
2. 2026-06-17
   days on market $1,199,900 Active 166 DOM
3. 2026-06-16
   days on market $1,199,900 Active 165 DOM
4. 2026-06-15
   days on market $1,199,900 Active 164 DOM
5. 2026-06-14
   days on market $1,199,900 Active 162 DOM
6. 2026-06-13
   days on market $1,199,900 Active 161 DOM
7. 2026-06-10
   days on market $1,199,900 Active 159 DOM
8. 2026-06-09
   days on market $1,199,900 Active 158 DOM
9. 2026-06-08
   days on market $1,199,900 Active 157 DOM
10. 2026-06-07
    days on market $1,199,900 Active 156 DOM
11. 2026-06-03
    days on market $1,199,900 Active 152 DOM
12. 2026-06-02
    days on market $1,199,900 Active 151 DOM
13. 2026-06-01
    days on market $1,199,900 Active 150 DOM
14. 2026-05-31
    days on market $1,199,900 Active 149 DOM
15. 2026-05-30
    days on market $1,199,900 Active 148 DOM
16. 2026-01-02
    listed $1,199,900 New 997-char remark

    Show marketing remark (997 chars)

    Proud to present the Historic Ames Sword Co Buildings! Situated in the heart of Chicopee, MA by Chicopee River, this mill presents a unique redevelopment opportunity, with great enthusiasm and collaboration from town officials to help create a vibrant residential and or commercial destination. This 5-building parcel spans over 2 acres and is zoned both Commercial & Industrial! Potential to develop affordable housing, condos, 55+ community, medical offices, luxury living units, self storage and more. Rentable Warehouse and Heated storage potential. Equipped with loading docks and freight elevators offering endless potential in an established Opportunity Zone with possible grant funding. The property is structurally sound and ideally positioned for conversion into apartments or mixed-use development. 11’ to 16’ ceilings! Don’t miss this rare chance to transform a riverside compound into a signature waterfront development with long-term value and community impact.

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

Taxation est. · year 1

• Rental income: $192,732
• − Mortgage interest: −$67,213
• − Property taxes: −$17,998
• − Insurance: −$6,000
• − Repairs & maintenance: −$15,419
• − Management: −$15,419
• − Depreciation: −$34,906
• Taxable income: $35,778
• Est. tax owed @ 24.0%: −$8,587
• After-tax cash flow: $44,165/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 · 12 photos

Poor 20/100 Extensive rehab

This historic multi-family property requires extensive repairs and improvements to become move-in ready. Significant investments in structural, safety, and aesthetic upgrades are necessary to increase its resale and rental value.

Repairs flagged

• Major Exposed brick — Structural integrity compromised
• Major Broken windows — Safety hazard
• Major Missing fixtures — Safety hazard
• Major Exposed ductwork — Safety hazard
• Major Overgrown vegetation — Safety hazard

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and safety
• Both HVAC system upgrade — Improves comfort and energy efficiency
• Both Window replacements — Enhances safety and energy efficiency
• Both Fixtures installation — Enhances safety and functionality
• Both Exterior repairs — Enhances safety and visual appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed brick · Structural integrity compromised	Major	$15,000–50,000
Broken windows · Safety hazard	Major	$15,000–50,000
Missing fixtures · Safety hazard	Major	$15,000–50,000
Exposed ductwork · Safety hazard	Major	$15,000–50,000
Overgrown vegetation · Safety hazard	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and safety ↑
• Both HVAC system upgrade — Improves comfort and energy efficiency ↑
• Both Window replacements — Enhances safety and energy efficiency ↑
• Both Fixtures installation — Enhances safety and functionality ↑
• Both Exterior repairs — Enhances safety and visual appeal ↑

ⓘ 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: Chicopee
• NCES district ID: 2503660
• Math proficiency: 20% ▼ -22.00%
• Reading proficiency: 33% ▼ -10.00%
• Median HH income: $46,414
• Composite: 22.91/100
• National rank: #7997
• State rank: #270 of 302 in MA

Livability — Chicopee

• Score: 76/100
• State rank: #66
• US rank: #3658

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chicopee, MA
• County: Hampden County · 230,965 people
• City population: 53,451
• Metro: Springfield, MA
• Population (ZIP): 23,284
• Household income: $59,759
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 895.0

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: Majority White (58%)
• Race & ethnicity: White 58% Hispanic / Latino 34% Two or more races 13% Black 3% Asian 2%
• Hispanic origin (detail): Puerto Rican 29% Dominican 2%
• Common ancestry: Romanian 16% Lithuanian 11% Russian 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 70% English-only · Spanish 21% Russian/Polish/Slavic 4% Other Indo-European 3%

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: ▼ -89.92%
• Current HPI: 298.8896
• 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

1 event — show timeline

• 2026-01-02 Listed $1,199,900 MLS PIN