Building Details

Building Size 6,350 SF

Year Built 1980

Listing Agency: Perella Real Estate Show Phone

Listed By: Carl Perella · License #9018160 Show Phone

Source: Churchillprop

Added: Apr 8 Changed: Oct 6 Last Checked: Oct 19 at 5:02AM

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Investment Insights

Based on property information with market context.

This retail strip center is situated on a corner lot along Boston Road, also known as Route 20, in the Pine Point section of Springfield, Massachusetts. The property has a size of 6350 square feet.

Key Highlights

• Retail strip center on busy Boston Road Rt 20.
• Located in Springfield's Pine Point section.
• Corner lot location.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$73,609

Cap Rate

7.52%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,472,180 $1.5M

Cap Rate 7%

$1,051,557 $1.1M

Cap Rate 9%

$817,878 $817.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,350 SF

Gross rent

$114.3K $18.00/SF

− Vacancy

−$9.1K −$1.44/SF

EGI

$105.2K $16.56/SF

− OpEx

−$31.5K −$4.97/SF

NOI

$73.6K $11.59/SF

Area

Springfield, MA

Vacancy

8.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,472,180

Cap Rate 7%

$1,051,557

Cap Rate 9%

$817,878

Alternative Uses

Best Use

Retail

$1.05M

$920.1K – $1.23M (±1% cap)

NOI $73,609 @ 7.0% cap · market cap 7.52%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.72M

$1.51M – $2.01M (±1% cap)

NOI $120,701 @ 7.0% cap · market cap 12.33%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Smoke-Stock & Chimney Cleaning ... Building Supply

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

417

Businesses Nearby

156k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 46% Shops & Services 17% Groceries 16% Apparel 16%

Price Rite Groceries

25,606 visits/mo 0.1 miles

Kohl's Apparel

25,250 visits/mo 0.5 miles

McDonald's Dining

24,681 visits/mo 0.4 miles

Burger King Dining

16,021 visits/mo 0.2 miles

Wendy's Dining

14,796 visits/mo 0.3 miles

Demographics for 01119, MA

14,393

Population

5,517

Households

2.6

Avg Household Size

35

Median Age

20%

College-Educated

88%

High-School Grad

3.5 sq mi

ZIP Area

4,112

Density / Sq Mi

$59,172

Median Household Income

$45,179

Median Earnings

$1,181

Median Rent

$222,900

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Strip mall - Retail strip center on busy Boston Road Rt 20.

Where is this strip mall located?

The property is located at 16-24 Arnold Ave Springfield, MA.

What is the asking price?

The asking price for this property is $979,000.

What are key features of this property?

This property features: Retail strip center on busy Boston Road Rt 20.; Located in Springfield's Pine Point section.; Corner lot location.