1282-1292 S Main St - Apartments FOR SALE


Palmer, MA 01069
$2,000,000 USD
617-588-0087
1282-1292 S Main St, Palmer, MA for Sale
$2,000,000 USD
Apartments - FOR SALE
1/21
null | 9.9% Cap Rate

1282-1292 S Main St
Palmer, MA 01069


HIGHLIGHTS

  • Tenant-paid utilities help maintain a low owner expense profile.
  • Eight four-bedroom units provide exposure to larger household demand.
  • Located less than two miles from Exit 63 on the Massachusetts Turnpike.
  • Three-building apartment community on approximately 1.01 acres.
  • Renovated units feature updated interiors and modern finishes.
  • Current income supports a 9.9% capitalization rate at asking price.

OVERVIEW

The Palmer 12-Unit Portfolio presents the opportunity to acquire a 12-unit multifamily asset in Palmer, Massachusetts, positioned within the Pioneer Valley region of Western Massachusetts. The property consists of three two-story wood-frame apartment buildings situated on approximately 1.01 acres and includes a bedroom-heavy unit mix of eight four-bedroom units, two three-bedroom units, and two two-bedroom units, totaling 42 bedrooms. This configuration provides exposure to larger household demand that is less common than traditional one- and two-bedroom inventory throughout the area. The asset is currently generating $286,128 in gross scheduled rent and a net operating income of $198,435, reflecting a 9.9% capitalization rate at the $2,000,000 asking price. Tenants are responsible for all utilities, including heat and hot water, while owner expenses remain limited to taxes, insurance, water and sewer, trash removal, common area electric, and hot water tank rentals. Separately metered units and tenant-paid utilities support operational efficiency and expense control. The property offers additional upside through lease-up of a currently available four-bedroom unit, continued rent adjustments on numerous month-to-month tenancies, and implementation of ancillary income strategies already identified within the offering. Ownership has renovated units as they become available, incorporating luxury vinyl plank flooring, refinished hardwood floors, fresh paint, and updated kitchens and bathrooms. Palmer benefits from convenient regional connectivity via Routes 20, 32, and 181 and is located less than two miles from Exit 63 of the Massachusetts Turnpike (I-90). The property is approximately 12 miles east of Springfield and 30 miles west of Worcester, providing access to major employment centers and regional transportation corridors. Local employers, established residential neighborhoods, and limited new multifamily supply support ongoing rental housing demand in the market.

FOR SALE DETAILS

PRICE

$2,000,000 USD

PRICE/SF

$120 USD /SF

# OF UNITS

12

PRICE/UNIT

$166,667

CAP RATE

9.9%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1900

PARKING SPACES

15

LAND DETAILS

LAND ACRES

1 AC

LAND SF

43,560 SF

ZONING

C

APN/PARCEL ID

PALM-000055-000000-000107

ASK ABOUT THIS PROPERTY

Peter J MlaguziM & A Real Estate IncMore Info
617-588-0087

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Peter J MlaguziM & A Real Estate IncMore Info
617-588-0087

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.