Elizabeth Manor
Multifamily | 40 Units | $168,750/unit
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the multi-family investment property, known as “Elizabeth Manor”, located at 238 Maple Street in Agawam, MA (the “Property”). The multi-story building contains thirty-nine (39) 2-Bedroom/1-Bathroom units and one (1) 3-Bedroom/1-Bathroom unit with 37,944 square feet of gross living area in 38,784 square feet of gross area. The Property is situated upon a 1.70-acre parcel and features ample off-street parking spaces on the Property.
The Property is well-positioned in Agawam, offering convenient access to the city’s primary commercial corridors, surrounding residential neighborhoods, and the broader Springfield metropolitan area. The property benefits from strong connectivity to major regional roadways including Interstate 91 and Route 57, providing direct access to downtown Springfield, neighboring communities, and key employment hubs throughout Western Massachusetts and Northern Connecticut.
Investment highlights
ACCESS & CONNECTIVITY
The Property lies near Pioneer Valley Transit Authority (PVTA) bus routes that serve Agawam and connect to Springfield Union Station, where residents can transfer to additional local buses along key corridors like Main Street and State Street.
While no direct train station exists in Agawam, Amtrak services at Springfield Union Station—reachable via bus in under 30 minutes—offer regional rail options to Boston and other cities, complemented by intercity buses from Greyhound and FlixBus at the same hub.
Highway access is particularly robust, with nearby I-91 (less than 2 miles away) providing north-south travel and quick links to I-90 (Mass Pike) for east-west routes.
AREA AMENITIES & DEMAND DRIVERS
Key local draws include proximity to everyday conveniences like German Gerena Community School, neighborhood parks, and shopping options along Main Street, fostering a family-friendly environment with low-maintenance living suited to renters seeking affordability.
Employment hubs drive significant renter interest, with Springfield's robust job market just 5-10 minutes north via I-91, encompassing sectors like healthcare, education (e.g., Baystate Medical Center, Springfield College), manufacturing, and staffing agencies such as Express Employment Professionals and MassHire Springfield Career Center.
The Property benefits from proximity to Connecticut's Enfield and Windsor Locks areas (under 15 minutes south), and further expands access to cross border opportunities in logistics and retail.
UTILITIES
The Landlord is responsible for all utilities. This includes wall mounted mini split heating, hot water, centrally metered Eversource electricity, and municipal water & sewer.
RECENT CAPITAL IMPROVEMENTS
Seventeen (17) units have been renovated and feature upgraded kitchens, granite countertops, stainless steel appliances, new flooring, and new bathrooms.
Ownership has also completed capital improvements that feature new doors, comprehensive common area upgrades, a playground installation, a new intercom system, and parking lot improvements.
The Property also offers a compelling opportunity to further optimize operations through the implementation of solar panels.
The hot water boiler was fully replaced four years ago, providing reliable heating and hot water distribution with modern energy-efficient technology that reduces utility costs and maintenance needs.
All windows were replaced three years ago, improving insulation, natural light, and noise reduction, while adding a modern finish.
Additionally, the roof was comprehensively replaced three years ago, now a pitched asphalt shingle roof, minimizing leak risks and extending the asset's useful life.
OFF-STREET PARKING
The Property features ample off-street parking via a large lot situated directly in front of the Property.
DURABLE BRICK CONSTRUCTION
The Property features durable brick construction, a highly desirable attribute for multifamily housing that provides long-term structural integrity, fire resistance, and reduced maintenance requirements. Brick construction also delivers superior sound attenuation and thermal efficiency, contributing to lower utility costs and enhanced resident comfort while preserving long-term aesthetic appeal.
STRONG RENTAL DEMOGRAPHICS & DEMAND
More than 8,600 people live within 1 mile of the Property with an average household income of $94,487. Over 62,100 people reside within 3 miles of the Property with an average household income of $93,538.
QUALITY OF LIFE AMENITIES
Residents have access to a variety of dining options, including local favorites such as E.B's Restaurant and 141 Main Street, as well as unique offerings like Cappadocia Turkish Cuisine and casual staples like Main Street Grille and Joey's Deli & Market.
National quick-service and chain options are also readily available along the Route 57 and Springfield Street corridors, including multiple nearby Dunkin' locations, which are a staple for convenient coffee and breakfast, along with other regional fast-food offerings positioned throughout the trade area.
Retail amenities in the immediate area further enhance day-to-day livability, with grocery and neighborhood shopping anchored by Geissler's Supermarket and Pajer Superette, in addition to farm-style fresh goods at Granny's Place Farm.
In addition to retail and dining, the property is situated within close proximity to several golf and outdoor recreation options, which serve as a notable lifestyle amenity in the area. Nearby courses such as Crestview Country Club, St. Anne Country Club, and Agawam Municipal Golf Course provide accessible recreational opportunities.
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