Downtown Retail Storefront with
For Sale
$599,000
982 Main St, Springfield, MA 01103
Multi-tenant Main Street storefront with adjacent parking parcels, positioned in downtown Springfield near major entertainment and access points.
Property Size4,590 SF
Price / SF$130.50
Days on Market593
Property Features for 982 Main St
General Information
Standard status
Active
Size
4,590 SF
Property subtype
Commercial
Zoning
B2
Additional Details
Business Included
Yes
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$12,379
Building Details
Building Size
4,590 SF
Year Built
1929
Tenancy
Multi
Listing Agency:
JMJ Commercial Realty, Inc.
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jan 7, 2025
Changed: Aug 22
Last Checked: Aug 22 at 3:42AM
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 JMJ Commercial Realty, Inc.
Investment Insights
Based on property information with market context.
This for-sale package includes retail storefront space at 982 Main St and 974–976 Main St, with three established tenants currently renting the space. The offering also includes two parcels of land on Wilcox Street, designated for parking, totaling approximately 6,098 square feet combined. 1021 Main Street is also listed for sale separately (MLS #73323738), providing the option to purchase additional property as part of a broader package.
The properties are located in downtown Springfield, an active commercial area described as recently seeing new businesses open. The surrounding area includes nearby amenities such as the MassMutual Center, casino, hotels, and shopping, and the remarks indicate the properties are close to the highway. Access is supported by the included parking parcels on Wilcox Street.
For tenants, buyers, and operators, this setup supports both ongoing occupancy and continued retail use, with parking available on-site through the designated land parcels. The presence of multiple rented storefronts can also appeal to buyers seeking an income-producing retail position in a centralized downtown setting, while still retaining flexibility given the availability of nearby additional listings to purchase separately or together.
The properties are located in downtown Springfield, an active commercial area described as recently seeing new businesses open. The surrounding area includes nearby amenities such as the MassMutual Center, casino, hotels, and shopping, and the remarks indicate the properties are close to the highway. Access is supported by the included parking parcels on Wilcox Street.
For tenants, buyers, and operators, this setup supports both ongoing occupancy and continued retail use, with parking available on-site through the designated land parcels. The presence of multiple rented storefronts can also appeal to buyers seeking an income-producing retail position in a centralized downtown setting, while still retaining flexibility given the availability of nearby additional listings to purchase separately or together.
Key Highlights
- Multi‑tenant Main Street storefront at 982 Main Street and 974‑976 Main Street in downtown Springfield (Year built: 1929).
- Three established tenants are currently renting the space.
- Additional parking: two parcels on Wilcox Street, both combined at approximately 6,098 SF, designated for parking.
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
$53,207
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
8.88%
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%
$1,064,140
$1.1M
Cap Rate 7%
$760,100
$760.1K
Cap Rate 9%
$591,189
$591.2K
Market Conditions
NOI Build-Up for 4,590 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
$82.6K $18.00/SF
− Vacancy
−$6.6K −$1.44/SF
EGI
$76.0K $16.56/SF
− OpEx
−$22.8K −$4.97/SF
NOI
$53.2K $11.59/SF
Area
Springfield, MA
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,064,140
Cap Rate 7%
$760,100
Cap Rate 9%
$591,189
Alternative Uses
Best Use
Retail
$760.1K
$665.1K – $886.8K
NOI $53,207 @ 7.0% cap · market cap 8.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.09M – $1.45M
NOI $87,247 @ 7.0% cap · market cap 14.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,467
Businesses Nearby
120k
Monthly Visits Nearby
Under-served
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 01103, MA
2,545
Population
1,728
Households
1.5
Avg Household Size
39
Median Age
36%
College-Educated
82%
High-School Grad
0.4 sq mi
ZIP Area
6,363
Density / Sq Mi
$21,458
Median Household Income
$38,156
Median Earnings
$1,053
Median Rent
$148,000
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Multi-tenant Main Street storefront with adjacent parking parcels, positioned in downtown Springfield near major entertainment and access points.
Where is this storefront property located?
The property is located at 982 Main St Springfield, MA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Multi‑tenant Main Street storefront at 982 Main Street and 974‑976 Main Street in downtown Springfield (Year built: 1929).; Three established tenants are currently renting the space.; Additional parking: two parcels on Wilcox Street, both combined at approximately 6,098 SF, designated for parking.
