Flexible Retail and Office
For Sale
$325,000
148 River St, West Springfield, MA 01089
Flexible building on a busy riverfront street with multiple large rooms, bathroom with shower, and basement storage.
Property Size1,064 SF
Price / SF$305.45
Days on Market48
Property Features for 148 River St
General Information
Standard status
Active
Size
1,064 SF
Total Parking Spaces
10
Zoning
BB-1
Taxes and HOA fees
Annual Taxes
$4,260
Building Details
Building Size
1,064 SF
Year Built
1870
Listing Agency:
Pioneer CRE
(413) 459-0570
Listed By:
Paul J Bongiorni · License #REB.0793882
Source:
Laerrealty
Added: Jul 7
Changed: Aug 8
Last Checked: Aug 23 at 2:53AM
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 Pioneer CRE
Investment Insights
Based on property information with market context.
This flexible retail or office building is offered for sale with an existing structure most recently used as a gift shop. The layout includes several large rooms, a full bathroom with a shower, a kitchen area, a second-floor room, and basement storage for additional use and organization.
The property is located on busy River Street and includes a large lot. It is minutes from the Big E/Eastern States Exposition fairgrounds, which may support additional parking income depending on how the site is operated. Zoning is BB-1, which allows a multitude of uses with Special Permit/Site Plan Review. The BB-1 District is described as providing a higher density area for a mix of industrial, multifamily residential, and limited commercial uses, with residential redevelopment referenced nearby.
For tenants, buyers, or owner-operators, the building’s multi-room configuration can support a range of retail and office layouts, while the second-floor and basement storage provide extra functional space. The combination of an established interior improvement set and the zoning flexibility with site plan review may appeal to users looking to adapt the site to their specific business or redevelopment plans.
The property is located on busy River Street and includes a large lot. It is minutes from the Big E/Eastern States Exposition fairgrounds, which may support additional parking income depending on how the site is operated. Zoning is BB-1, which allows a multitude of uses with Special Permit/Site Plan Review. The BB-1 District is described as providing a higher density area for a mix of industrial, multifamily residential, and limited commercial uses, with residential redevelopment referenced nearby.
For tenants, buyers, or owner-operators, the building’s multi-room configuration can support a range of retail and office layouts, while the second-floor and basement storage provide extra functional space. The combination of an established interior improvement set and the zoning flexibility with site plan review may appeal to users looking to adapt the site to their specific business or redevelopment plans.
Key Highlights
- Flexible retail or office building on busy River Street
- Built in 1870 with multiple large rooms, full bathroom with shower, kitchen area, and second‑floor room
- Basement storage included
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
$17,482
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
5.38%
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%
$349,640
$349.6K
Cap Rate 7%
$249,743
$249.7K
Cap Rate 9%
$194,244
$194.2K
Market Conditions
NOI Build-Up for 1,064 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
$25.5K $24.00/SF
− Vacancy
−$562 −$0.53/SF
EGI
$25.0K $23.47/SF
− OpEx
−$7.5K −$7.04/SF
NOI
$17.5K $16.43/SF
Area
Hampden County, MA
Vacancy
2.20%
Lease Rate
$24.00 /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%
$349,640
Cap Rate 7%
$249,743
Cap Rate 9%
$194,244
Alternative Uses
Best Use
Office B
$482.3K
$422.0K – $562.7K
NOI $33,761 @ 7.0% cap · market cap 10.39%
Second Best
Retail
$249.7K
$218.5K – $291.4K
NOI $17,482 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$655.8K
$573.8K – $765.1K
NOI $45,904 @ 7.0% cap · market cap 14.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 01089, MA
28,835
Population
13,095
Households
2.2
Avg Household Size
41
Median Age
35%
College-Educated
91%
High-School Grad
16.7 sq mi
ZIP Area
1,727
Density / Sq Mi
$70,401
Median Household Income
$43,186
Median Earnings
$1,121
Median Rent
$307,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Storefront property - Flexible building on a busy riverfront street with multiple large rooms, bathroom with shower, and basement storage.
Where is this storefront property located?
The property is located at 148 River St West Springfield, MA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Flexible retail or office building on busy River Street; Built in 1870 with multiple large rooms, full bathroom with shower, kitchen area, and second‑floor room; Basement storage included
