2.52 Acre Commercial
For Sale
Contact for pricing
1349 Boston Rd, Springfield, MA 01129
Commercial property with bank, restaurant, and cell tower leases.
Property Size9,000 SF
Lot Size2.52 Acres
Price / SF$443.33
Days on Market919
Property Features for 1349 Boston Rd
General Information
Standard status
Active
Size
9,000 SF
Class
A
Lot size
2.52 Acres
Property subtype
Retail
Zoning
Business A
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$278,045
Building Details
Year Built
2004
Year Renovated
2004
Buildings
2
Units
3
Tenancy
Multi
Listing Agency:
Jennings Real Estate
Listed By:
Jonathan Little · License #9519962
(413) 731-7770
Source:
Crexi
Added: Apr 15, 2024
Changed: Oct 9
Last Checked: Oct 19 at 6:50AM
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
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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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$120,528
Cap Rate
3.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,410,560
$2.4M
Cap Rate 7%
$1,721,829
$1.7M
Cap Rate 9%
$1,339,200
$1.3M
Market Conditions
NOI Build-Up for 9,000 SF
Gross rent
$172.8K $19.20/SF
− Vacancy
−$12.1K −$1.34/SF
EGI
$160.7K $17.86/SF
− OpEx
−$40.2K −$4.46/SF
NOI
$120.5K $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 Rate 5%
$2,410,560
Cap Rate 7%
$1,721,829
Cap Rate 9%
$1,339,200
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 authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
458
Businesses Nearby
286k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 37%
Groceries 20%
Apparel 16%
Shops & Services 14%
Marshalls
Apparel
46,021 visits/mo
0.1 miles
Lowe's
Home Improvements & Furnishings
32,945 visits/mo
0.4 miles
Stop & Shop
Groceries
31,652 visits/mo
0.5 miles
Aldi
Groceries
24,147 visits/mo
0.2 miles
Dollar Tree
Shops & Services
22,838 visits/mo
0.1 miles
Demographics for 01129, MA
7,024
Population
2,699
Households
2.6
Avg Household Size
43
Median Age
31%
College-Educated
96%
High-School Grad
3.4 sq mi
ZIP Area
2,066
Density / Sq Mi
$92,500
Median Household Income
$49,316
Median Earnings
$1,325
Median Rent
$239,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
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**.
