664-668 Page Blvd, Springfield, MA 01104

Description

Rare Licensed 12-Room Lodging House + Renovated Tavern/RestaurantUnique opportunity to acquire an established mixed-use income-producing property consisting of a 12-room licensed lodging house and first-floor operating tavern/restaurant.The property currently has approximately $9,700 per month in scheduled base rent, or $116,400 annually, before additional expense reimbursements from the Tavern.A particularly important feature is the property's existing lodging-house license. Ownership considers this license to be an unusually scarce asset in Springfield and believes the licensed use may carry meaningful strategic value in addition to the property's current income stream. Prospective purchasers should independently verify license status, renewal requirements, transferability/change-of-control requirements and any required municipal approvals.The lodging operation also benefits from an established relationship with a local social service organization. The organization regularly places participating clients into available rooms. Caseworkers assist with resident issues, while the organization administers participating residents' funds and handles rent payments on their behalf. Ownership reports that this relationship has historically resulted in very limited vacancy and rapid refill of rooms when they become available.The first-floor Tavern is leased at $1,500 per month base rent, with the tenant also responsible for 50% of real estate taxes and 50% of the property's water expense.Ownership completed a substantial renovation of the restaurant in 2023, investing approximately $300,000 into the space. The interior was substantially renewed, with essentially everything inside new at completion.