Exceptional Downtown Springfield Mixed-Use Investment Opportunity. 181–187 Chestnut Street is a well-maintained 11-unit mixed-use asset consisting of three street-level commercial spaces and eight one-bedroom apartments in the heart of Springfield’s downtown Business Improvement District. The property offers approximately $183,000 in potential gross annual rental income at full occupancy, reflecting substantial rent growth and improved income performance. The approximately 11,628-square-foot historic brick building has undergone significant renovation and offers an attractive combination of residential and commercial income. The building is fully sprinklered, with separate utilities, beautifully maintained common areas, high ceilings, oversized windows and excellent Chestnut Street visibility. The location continues to strengthen. The Commonwealth has selected nearby 125 Liberty Street for the new Roderick L. Ireland Regional Justice Center, a major long-term investment in this section of downtown Springfield. The courthouse site is only several blocks from the property and is visible from the building, creating a compelling opportunity for an investor to own income-producing real estate in the path of significant public investment. The property is also convenient to Union Station, downtown employers, restaurants, entertainment and major regional transportation routes. With a diversified rent roll consisting of eight residential units and three established commercial tenants, 181–187 Chestnut offers investors an opportunity to acquire a stabilized mixed-use asset with strong current income and a location positioned to benefit from continued downtown investment.11 Units | 3 Commercial + 8 Residential | $183,000 potential Gross Annual Rent | 11,628 SF | $1,988,000 Asking Price | Downtown Springfield | New Regional Justice Center Nearby.
Multi-familyProperty Type
1900Year Built
5,249 sq ftLot Size
$170Price/Sq.Ft.
6 spacesParking
Listed by Anthony Ardolino• Berkshire Hathaway HomeServices Realty Professionals
Listed by • Berkshire Hathaway HomeServices Realty Professionals
Metro Center, located between Court Square and the MGM Springfield district, is a civic and commercial Springfield neighborhood with a courthouse-lined streetscape and a rail-and-bus transit core. The character concentrates around Main Street at State Street, where lunch counters, coffee windows, and small storefronts cycle through the workday rush. Court Square’s monuments and mature trees frame a formal public-room feel, while nearby blocks mix early-20th-century masonry with newer infill. Symphony Hall anchors the cultural calendar, and the MassMutual Center draws concerts and conventions. The Riverfront Park edge adds open sky and long walks along the Connecticut River. Side streets shift quickly from office towers to pocket parks and historic facades.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Interior features
27 total rooms
Full basement
Bathrooms
11 full bathrooms
Flooring
Tile flooring
Hardwood flooring
Exterior features
Deck
Corner lot
Public road frontage
Home design
5–9 family property
3 stories
Approximate year built; renovated since (per public records)
Parking
6 off-street paved parking spaces
Open parking
Construction
Brick construction
Brick/mortar foundation
Rubber roof
Utilities
Public water
Public sewer
Electric with circuit breakers
HOA & community
Community near public transportation, shopping, medical facility, highway access, house of worship, private school, T-Station and university
Not a senior community
Financial info
Total building area approximately 11,628 (per listing)
Electricity and solar
View estimated energy costs and solar savings for this home
Owner requesting all interested parties submit offers by Wednesday January 4, 2023 at 5pm. Once in a life-time investment opportunity! Own this amazing 11 Unit mixed-use commercial & residential building in the heart of Downtown Springfield, MA close to MGM Casino and 3 blocks from Union Station Transportation Center, the busiest Amtrak station in the State of Massachusetts outside of Boston and target location for the new high speed rail between Springfield & Boston. The brick building has recently been completely renovated and is a showpiece property in the City. Three story high, brick building with 3 fully rented store fronts and 8 (1) bedroom apartments with hardwood flooring. The building is fully sprinklered. All of the utilities are separate. The common areas have a mixture of wood, brick and beautiful lighting. The apartments are in great condition with open floor plan, high ceilings, oversized windows bringing in lots of natural light.Income and Expense Sheet is attached
As the MLS and public records start to fill up, we'll list the details here.
Public record
Public record
Zoning
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Finished Sq. Ft.
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Unfinished Sq. Ft.
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Total Sq. Ft.
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Year built
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Style
Multi-Family (5+ Unit)
County
Hampden County
APN
S:02750 P:0513,2578178
Parking Spaces
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Basement
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Accessible
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Last updated by owner on Jul 25, 2025.
BUS C
Central Business District
Downtown with pedestrian amenities and high rise buildings with no setbacks. Mixed uses.
Permitted uses
Include but are not limited to:
Agriculture
Garden center
Housing-Senior
Housing-Other
Park & open space
Climate risks
4/10 Flood Factor
Estimated 18-26% chance of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
5/10 Heat Factor
7 days above 98° expected this year, 17 days in 30 years
5/10 Wind Factor
26% chance of strong winds in next 30 years
2/10 Air Factor
1 unhealthy days expected this year, 2 days in 30 years
Provided by First Street
Historical weather
Springfield, MA • 01103
Average low and high temperatures (°F)
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42
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87
67
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77
56
66
45
53
35
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23
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Sun exposure
In this area, properties receive around 9.1 hours in
June and 4.3 hours in December, placing it below the
U.S. average for solar exposure.
9.1 hrs
4.3 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 181-187 Chestnut St
There isn’t enough information to generate an accurate estimate at this time. Learn More