Courthouse Square Apartments
22-Unit Multifamily Property | Westfield, MA
Marketing description
NPCG is pleased to present the exclusive listing for Courthouse Square Apartments, a 22-unit, turnkey multifamily investment located at 27 Washington Street in Westfield, Massachusetts.
Originally redeveloped in 2012 and meticulously maintained since, the property has benefited from a comprehensive capital improvement plan executed by current ownership since 2020. This is a stabilized asset with minimal near-term capital requirements, offering investors immediate cash flow and operational efficiency.
The investment offers a strong going-in yield with durable in-place cash flow. With tenant-paid utilities (via new heat pumps), modern unit finishes, and a highly walkable downtown location, the asset is well-positioned for long-term ownership with favorable risk-adjusted returns.
Investment highlights
Attractive Going-In Yield: The asset is being offered at a 7.51% Cap Rate, providing immediate, healthy cash flow without reliance on speculative underwriting assumptions.
Turnkey, Low-CapEx Profile: Significant recent capital improvements—including all new HVAC and paving—materially reduce future capital exposure and operational risk.
Expense Efficiency: Heat and A/C are provided through new electric heat-pump systems (2023) and are 100% tenant-paid, supporting predictable operating expenses and stable NOI margins.
Rent Growth Upside: In-place rents ($1,773 avg) currently trail achievable market levels ($1,909 pro forma), allowing for NOI growth through natural turnover and mark-to-market leasing.
Modernized Asset: Contemporary unit interiors featuring granite counters and stainless steel appliances position the property competitively within the downtown Westfield rental market.
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