2.52 Acre Commercial
1349 Boston Rd Springfield, MA 01129
1349 Boston Rd, Springfield, MA, 01129
Contact for pricing
For Sale
Contact for pricing
Commercial property with bank, restaurant, and cell tower leases.
Property Size9,000 SF
Lot Size2.52 Acres
Price / SF$443.33
Days on Market827
Property Features for 1349 Boston Rd
General Information
- Standard status
- Active
- Size
- 9,000 SF
- Lot size
- 2.52 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 2004
Listing Agency
Jennings Real Estate
(413) 731-7770
Listed by
Jonathan Little · License #9519962
Source
Crexi
Added: Apr 15, 2024 Updated: Jul 10 at 3:44 pm Checked: Jul 19 at 5:39 am
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 Jennings Real Estate
Investment Insights
Based on property information with market context.
This 2.52-acre commercial property includes a 3,113-square-foot bank building leased to M&T Bank, a 4,884-square-foot restaurant building leased to the Flynn Group under a corporate Applebee’s lease, and a cell tower leased to Verizon and managed by Vertical Bridge. The property is situated on Boston Road in Springfield, a commercial corridor with a daily traffic volume exceeding 23,000 vehicles.
Key Highlights
- Located on Boston Road with high‑traffic, seeing over 23,000 vehicles per day.
- Features three income‑generating leases: M&T Bank, Flynn Group/Applebee's, and Verizon/Vertical Bridge.
- Includes a 3,113 sq ft bank building leased to M&T Bank.
Local Financial Insights For Specialty 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 | $172.8k | $19.20 |
| − Vacancy | −$12.1k | −$1.34 |
| EGI | $160.7k | $17.86 |
| − OpEx | −$40.2k | −$4.46 |
| NOI | $120.5k | $13.39 |
9,000 SF · lease $19.20/SF/yr · vacancy 7.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.72M
$1.51M – $2.01M
NOI $120,528 @ 7.0% cap · market cap 3.02%
Second Best
Retail
$1.49M
$1.30M – $1.74M
NOI $104,328 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$2.44M
$2.14M – $2.85M
NOI $171,072 @ 7.0% cap · market cap 4.29%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Applebee's Grill + Bar
Restaurant
Similar For Sale Nearby
FAQs
What type of property is this?
Bank - Commercial property with bank, restaurant, and cell tower leases.
Where is this bank located?
The property is located at 1349 Boston Rd Springfield, MA.
What is the asking price?
The asking price for this property is $3,990,000.
What are key features of this property?
This property features: Located on Boston Road with high‑traffic, seeing over 23,000 vehicles per day.; Features three income‑generating leases: M&T Bank, Flynn Group/Applebee's, and Verizon/Vertical Bridge.; Includes a **3,113 sq ft bank building leased to M&T Bank**.
