Open-Concept Office Condo
For Sale
$329,900
134-299 Carew St, Springfield, MA 01104
Generously sized office condo suite with an open-concept layout and one full bathroom, near Mercy hospital Medical Center.
Property Size1,063 SF
Price / SF$310.35
Days on Market378
Property Features for 134-299 Carew St
General Information
Standard status
Active
Size
1,063 SF
Taxes and HOA fees
Annual Taxes
$4,808
Listing Agency:
Lock and Key Realty Inc.
(413) 885-0093
Listed By:
Fallah Razzak · License #9525064
(413) 885-0093
Source:
Exprealty
Added: Jul 31, 2025
Changed: Aug 8
Last Checked: Aug 12 at 10:18AM
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 Lock and Key Realty Inc.
Investment Insights
Based on property information with market context.
This office condo suite offers an open-concept layout designed for flexible workspace planning. The unit includes one full bathroom and is presented as a turnkey option for professional or business use.
Located at 299 Carew St in Springfield within the Mercy hospital Medical Center area, the suite benefits from a convenient location with plenty of parking.
With its expansive interior and straightforward amenities, this suite is well suited for an organization looking for an efficient, centrally located office arrangement.
Located at 299 Carew St in Springfield within the Mercy hospital Medical Center area, the suite benefits from a convenient location with plenty of parking.
With its expansive interior and straightforward amenities, this suite is well suited for an organization looking for an efficient, centrally located office arrangement.
Key Highlights
- 1,063 sq. ft. office condo suite in Springfield at 299 Carew St, Suite 134
- Open‑concept office layout with flexible work space
- Includes 1 full bathroom
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
$15,139
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
4.59%
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%
$302,780
$302.8K
Cap Rate 7%
$216,271
$216.3K
Cap Rate 9%
$168,211
$168.2K
Market Conditions
NOI Build-Up for 1,063 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
$27.4K $25.80/SF
− Vacancy
−$2.2K −$2.06/SF
EGI
$25.2K $23.74/SF
− OpEx
−$10.1K −$9.49/SF
NOI
$15.1K $14.24/SF
Area
Springfield, MA
Vacancy
8.00%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
40.00%
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%
$302,780
Cap Rate 7%
$216,271
Cap Rate 9%
$168,211
Alternative Uses
Best Use
Healthcare Medical
$216.3K
$189.2K – $252.3K
NOI $15,139 @ 7.0% cap · market cap 4.59%
Second Best
Office B
$209.1K
$183.0K – $244.0K
NOI $14,638 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$288.7K
$252.6K – $336.8K
NOI $20,206 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,234
Businesses Nearby
Explore this area
Business Placement
Demographics for 01104, MA
23,598
Population
9,562
Households
2.5
Avg Household Size
38
Median Age
13%
College-Educated
77%
High-School Grad
5.2 sq mi
ZIP Area
4,538
Density / Sq Mi
$47,530
Median Household Income
$37,463
Median Earnings
$1,004
Median Rent
$210,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Generously sized office condo suite with an open-concept layout and one full bathroom, near Mercy hospital Medical Center.
Where is this office units located?
The property is located at 134-299 Carew St Springfield, MA.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: 1,063 sq. ft. office condo suite in Springfield at 299 Carew St, Suite 134; Open‑concept office layout with flexible work space; Includes 1 full bathroom
