148 River St West Springfield — Photo 1 of 26
Recent Drop: $5,000
$325,000
Investment Analysis — 148 River St
West Springfield, MA 01089
Based on HUD Small Area Fair Market Rent for Springfield, MA MSA, a 1-bedroom in 01089 carries an estimated $1,240/mo in gross rent — about a 2.17% cap rate and $7,049/yr in estimated NOI at the $325,000 list price. Adjust every assumption in the calculator below.
Beds
1
Baths
1
SqFt
1,064
Style
Single Family
Built
1870
Former single-family residential dwelling with large lot for sale. The property offers a great opportunity for a variety of business or possible residential uses. The existing structure was most recently rented to a gift shop and has several large rooms, a full bathroom with shower, a kitchen area, a second floor room, and basement storage. Located minutes from the popular Big E/Eastern States Exposition fairgrounds, which could allow for additional parking income. BB-1 zoning allows a multitude of uses, including single-family and two-family residential. “The purpose of the BB-1 District is to provide a higher density area for a mix of industrial, multifamily residential and limited commercial uses.” Residential redevelopment nearby.
ADU Potential
Massachusetts allows one accessory dwelling unit by right in single-family zoning districts statewide (M.G.L. c. 40A §3; 760 CMR 71.00, effective Feb 2025). Estimated maximum ADU size for this property: 532 sq ft (the lesser of 900 sq ft or half the 1,064 sq ft principal dwelling). Lot size: 17,424 sq ft.
Based on listing data, which indicates the property type — not the zoning district. Local dimensional, septic (Title 5), and historic-district requirements still apply. Not legal advice — verify with the municipality.
Estimates — not financial advice
These figures are illustrative estimates for informational purposes only — not an appraisal, valuation, or guarantee of rent, income, or returns, and not financial, tax, or investment advice. Rent is either the figure reported on the MLS listing — in-place rent that may differ from market and is not verified against the actual leases — or, where the listing reports none, an estimate from HUD Small Area Fair Market Rents, a government benchmark that may differ from actual market rent. Each figure is labelled with its source. Cap rate, NOI, and returns depend on the assumptions shown, which you can change. MLS and other third-party data may be inaccurate or out of date. Verify all figures independently and consult your own financial, tax, and legal advisors before making any investment decision.
Property Details
Financials
Parking
Interior Specifications
Climate & Utilities
Building & Exterior
Property & Lot
Geography
Property History
$2,200
Jun 5, 2026
MLS® 73531044
$325,000
Was $330,000
Apr 10, 2026
MLS® 73463564
$330,000
Nov 17, 2025
MLS® 73463564
Listing Agent: Paul Bongiorni
Listing Office: Pioneer CRE
MLS® Number: 73463564