37 Clinton Avenue
Multifamily | 11.14% CAP | 12,162 SqFt
Marketing description
CONVENIENT LOCATION
37 Clinton Avenue is located on the perimeter of downtown Holyoke, offering convenient access to an array of “downtown” amenities, including shopping (Stop & Shop, Walgreens, Dollar Tree, Dunkin’ and two liquor stores), dining, entertainment, and services. Highlights include the historic Holyoke Merry-Go Round, the Children’s Museum at Holyoke, and several outdoor parks.
The Property is 3.5-miles from the Holyoke Mall, the third largest shopping mall in New England with over 1.6 million square feet of retail space featuring an extensive lineup of national retailers, restaurants, and amenities.
Additional attractions including the MGM Casino and the MassMutual Center, as well as a number of employment opportunities and proximity to area colleges and universities.
TRANSIT ORIENTED LOCATION
The Property benefits from excellent highway access and is 0.2-miles from US Route 202, less than 1-mile from Interstate 91 and US Route 5, and 1.5-miles from Interstate 391. Interstate 91 provides access to Interstate 90 and Interstate 391 and US Route 202 both go into downtown Holyoke.
37 Clinton Avenue is just 0.6 miles from the Holyoke Transportation Center, which offers eight (8) bus routes serviced by the Pioneer Valley Transit Authority (PVTA), and also serves as a Peter Pan and Greyhound bus station.
The Holyoke Train station is 1-mile from the Property and offers service on the Valley Flyer and Vermonter routes; the Valley Flyer runs between New Haven, CT and Greenfield, MA, and the Vermonter travels between St. Albans, VT and Washington, DC.
BRICK BUILDING & SEPARATE UTILITIES
Each unit is separately metered for electricity, heat (gas & electric) and gas fired hot water, which the Tenants pay directly. The Landlord is responsible for common area electric and domestic water and sewer.
The building features a brick construction, considered a low-cost, low maintenance exterior due to its durability, color retention, fire containment, and storm protection.
VALUE-ADD POTENTIAL
The majority of the in-place rents are below market rates. The opportunity exists to update the unrenovated unit interiors to drive rental rates in an urban-infill, high demand, supply-constrained residential market.
AREA EMPLOYERS + STUDENT LIVING
Holyoke Medical Center, the largest employer in Holyoke with over 1,300 employees, is 1-mile from the Property.
Located just 15 miles north, Amherst has an estimated population of 39,263 (according to the 2020 census), making it the highest populated municipality in Hampshire County. There are at least 14 colleges serving the Amherst area, including 10 private colleges and universities, 1 public college or university, and 3 community colleges. MassMutual Financial Group is headquartered in nearby Springfield and is the largest Fortune 100 company headquartered in Massachusetts.
The Westover Air Reserve Base, the largest Air Force Reserve Base in the country, is 5-miles away in neighboring Chicopee.
WESTERN MASSACHUSETTS ECONOMIC CENTER
The City of Springfield is the economic center of Western Massachusetts. It features the Pioneer Valley's largest concentration of retail, manufacturing, entertainment, banking, legal, and medical groups. Springfield is home to the Commonwealth of Massachusetts' largest Fortune 100 company, MassMutual Financial Group. It is also home to the world's largest producer of handguns, Smith & Wesson, founded in 1852. It also serves as the headquarters of the professional American Hockey League, the NHL's minor league, Peter Pan Bus, and Big Y Supermarkets, among other businesses. Springfield is also home to the Commonwealth of Massachusetts' third largest employer, Baystate Health, with over 10,000 employees. Baystate is the western campus of Tufts University School of Medicine. Baystate Health is in the midst of a $300 million addition; nicknamed "The Hospital of the Future". In addition to Baystate, Springfield features two other nationally ranked hospitals; Mercy Medical, run by The Sisters of Providence, and Shriners Hospital for Children.
STRONG DEMOGRAPHICS
Over 19,000 people live within a 1-mile radius of the Property, while 69,500+ people live within 3 miles of the Property with an average household income of $86,420.
Investment highlights
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the multi-family investment property located at 37 Clinton Avenue in Holyoke, Massachusetts (the “Property”). The Property is improved with a five-story brick building containing ten (10) residential units comprised of eight (8), 2-Bedroom/1-Bathroom units and two (2), 3-Bedroom/1-Bathroom units with 10,135 square feet of living area in 12,162 square feet of total gross area, on a 0.14-acre parcel. The Property has five (5) on-site surface parking spaces.
The Property is located on Clinton Avenue just seconds from both Hampden Street and Dwight Street along the perimeter of downtown Holyoke. The strategic location is close to US Routes 202 (Linden Street) and is within walking distance of Holyoke Medical Center, Holyoke High School – North Campus, area retailers, and the Holyoke Train Station. Additionally, the Property provides convenient access to US Route 5 and Interstates 91 and 391.
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