Wowza...

Type: Multifamily Garden/Low-Rise
No. Units: 20
Building Size: 19,000 SF
Lot Size: 0.23 Acres
Price: $460,000
Price/Unit: $23,000.00
Cap Rate: 20.00%
Cash On Cash: 20.00%
Year Built: 1888
Date Last Verified: 3/15/2008
Property ID: 14558914

Property Description:
1888 Queen Anne gem in patterned brick, terra cotta panels and sandstone. Large rooms with high ceilings and stately entrances, wall paneling and elaborate moldings, stained glass windows, multiple fireplaces, embossed tin ceilings. and hardwood floors. Corner tower with Chinese touches. Third story has round-topped windows and hexagonal skylights. Basement includes large laundry and other rooms with windows for possible additional living space. No legal restrictions on condo conversion. Currently vacant. Needs upgraded electric, new rear porches, domestic hot water heater, walls patched and painted, floors sanded, kitchen and bath floors retiled, FHW boiler repaired/replaced.

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Location Description:
Located next to library, park and near primary school and city center. Holyoke, a planned industrial community, has a distinctive architecture reminiscent of Commonwealth Avenue in Boston or Georgetown in Washington. Spacious apartments built in the days when Holyoke was the largest paper manufacturing city in the world reflect a bygone era.

Holyoke today is a vibrant community with massive development and a strong economiclife tied into the Pioneer Valley-Route I-91 corridor from Hartford to Greenfield. Ingleside Mass, the largest in New England, is expanding, along with foreign and domestic manufacturing firms in many fields.

Hig her education is a specialty in Western Massachusetts and the area is full of colleges. Housing is at a premium, with multiple applicants for any vacancy.
Property Types: Garden/Low-Rise Duplex/Triplex/Fourplex
No. Stories: 3
Architectural Gem listed on Mass. Historic Register
Structurally Sound
Fixer-upper: Finished Value $800,000-1,200,000
Gorgeous Victorian Living Spaces
Potential Double Value as Condos
Estimated Cost of Renovation: $70,000-150,000
2 room studios
No. Units: 6
1 bedroom units
No. Units: 10
2 bedroom units
No. Units: 4
Net Operating Income: $133,200