- For Sale $3,995,000
- Property Type Multi-Family
- Property Size 34,576 SF
- Units 22
- Lot Size 0.76 Acre
- Year Built 1899
- Date Updated May 12, 2026
Description
Downtown Westfield Courthouse Square Apartments is located in the heart of downtown Westfield, offering residents walkable access to a variety of shops, restaurants, and daily services. The location combines the convenience of urban living with the charm of a New England town center.
Drivers & Connectivity
• Education: Minutes from Westfield State University, providing a consistent anchor for the local economy.
• Connectivity: Convenient to major commuter routes and regional rail connections, making it easy to access surrounding employment hubs like Springfield and Northampton.
• Lifestyle: Proximity to local parks and recreational areas enhances the tenant living experience.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.
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.
- 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.
- Modernized Asset: Contemporary unit interiors featuring granite counters and stainless steel appliances position the property competitively within the downtown Westfield rental market.
- 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.
- Turnkey, Low-CapEx Profile: Significant recent capital improvements—including all new HVAC and paving—materially reduce future capital exposure and operational risk.
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Contacts
Taylor Perun
Northeast Private Client Group
Location
Located at 27 Washington Street, Westfield, MA 01085, this property is part of the Westfield City Center neighborhood and Worcester Springfield market.
Contact Listing Broker
Taylor Perun
Northeast Private Client Group
