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.
- Added:
- Jan 7, 2025
- Days on Market:
- 547
- Last Refresh:
- Jul 7 at 1:49 am
Property Features for 982 Main St
General Information
- Standard status
- Active
- Size
- 4,590 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1929
Listing office Boston Hub Real Estate (978) 578-5013
Listing date Jan 7, 2025
Source Churchillprop
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 Boston Hub Real Estate
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.
- 1021 Main Street is also for sale (MLS #73323738), offering the option to purchase as a package or separately.
Overview
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.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $82.6k | $18.00 |
| − Vacancy | −$6.6k | −$1.44 |
| EGI | $76.0k | $16.56 |
| − OpEx | −$22.8k | −$4.97 |
| NOI | $53.2k | $11.59 |
Alternative Uses
Current Use by Public Records
Similar Places Nearby
- Langone's Florist — 838 Main St, Springfield, MA 01105
- Kathryn Kirby Wreath Studio — 340 Main St #1, Springfield, MA 01105
- Amar Flowers | Flower Delivery Springfield MA — 1000 hall of fame ave, springfield, ma 01105
Location Insight
- Map
- Local Demand
- City
- Springfield
- County
- Hampden
- State
- Massachusetts
- Longitude
- -72.5843235
- Latitude
- 42.0987416
