Iconic Corner Property in
For Sale
$699,000
Pending
988-994 Main St, Springfield, MA 01105
Prime location near MGM Casino with high visibility and foot traffic.
Property Size3,990 SF
Lot Size0.11 Acres
Days on Market266
Property Features for 988-994 Main St
General Information
Standard status
Pending
Size
3,990 SF
Lot size
0.11 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$11,914
Building Details
Building Size
3,990 SF
Year Built
1890
Listing Agency:
BHHS - Realty Professionals | East Longmeadow
(413) 246-9982
Listed By:
Paul Zingarelli · License #452507261
(413) 246-9982
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 16
Last Checked: Aug 20 at 8:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of BHHS - Realty Professionals | East Longmeadow
Investment Insights
Based on property information with market context.
This iconic corner property, located at the intersection of Main Street and Union Street in Springfield, Massachusetts, is currently home to Milano Imported Fine Foods, Inc. The property is situated in a dynamic commercial hub, steps away from the MGM Casino and outdoor concert venues, and in close proximity to the Mass Mutual Center. The location benefits from high visibility and foot traffic, with easy access to I-91. The property features two storefronts, an upper-level residential opportunity, and a parking lot. It is suitable for diverse ventures and presents a perfect franchise opportunity, as well as the potential for residential leasing on the second floor. This property offers an opportunity to invest in a piece of Springfield's legacy.
Key Highlights
- Prime corner location at Main Street and Union Street offering high visibility and foot traffic.
- Home to established business, Milano Imported Fine Foods, Inc., a community cornerstone.
- Includes two storefronts, an upper‑level residential opportunity, and a parking lot.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$53,434
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.64%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,068,680
$1.1M
Cap Rate 7%
$763,343
$763.3K
Cap Rate 9%
$593,711
$593.7K
Market Conditions
NOI Build-Up for 3,990 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$76.6K $19.20/SF
− Vacancy
−$5.4K −$1.34/SF
EGI
$71.2K $17.86/SF
− OpEx
−$17.8K −$4.46/SF
NOI
$53.4K $13.39/SF
Area
Springfield, MA
Vacancy
7.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,068,680
Cap Rate 7%
$763,343
Cap Rate 9%
$593,711
Alternative Uses
Best Use
Specialty Retail
$763.3K
$667.9K – $890.6K
NOI $53,434 @ 7.0% cap · market cap 7.64%
Second Best
Retail
$660.7K
$578.2K – $770.9K
NOI $46,252 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$1.08M
$948.0K – $1.26M
NOI $75,842 @ 7.0% cap · market cap 10.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,467
Businesses Nearby
120k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 54%
Shops & Services 19%
Leisure 18%
Hotels & Casinos 8%
Regal MGM Springfield
Leisure
22,010 visits/mo
0.1 miles
Starbucks
Dining
18,583 visits/mo
0.1 miles
Burger King
Dining
16,461 visits/mo
0.1 miles
Dunkin' Donuts
Dining
11,451 visits/mo
0.2 miles
UNO Pizzeria & Grill
Dining
9,249 visits/mo
0.4 miles
Demographics for 01105, MA
12,051
Population
5,554
Households
2.2
Avg Household Size
33
Median Age
8%
College-Educated
64%
High-School Grad
1.2 sq mi
ZIP Area
10,043
Density / Sq Mi
$22,994
Median Household Income
$24,078
Median Earnings
$976
Median Rent
$238,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Plaza Super Market — 121 Spring St, Springfield, MA 01105
- Southend Supermarket Inc — 590 Main St, Springfield, MA 01105
- People's Supermarket — 24 Fort Pleasant Ave, Springfield, MA 01108
- Latino's Cuisine Supermarket — 590 Main St, Springfield, MA 01105
- La Zona Supermarket — 26 Fort Pleasant Ave, Springfield, MA 01108
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Prime location near MGM Casino with high visibility and foot traffic.
Where is this grocery and convenience store located?
The property is located at 988-994 Main St Springfield, MA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Prime corner location at Main Street and Union Street offering high visibility and foot traffic.; Home to established business, Milano Imported Fine Foods, Inc., a community cornerstone.; Includes two storefronts, an upper‑level residential opportunity, and a parking lot.
