Corner Lot Retail Strip
16-24 Arnold Ave, Springfield, MA 01119
For Sale
$899,000
Corner-lot retail strip center on busy Boston Road at Route 20 in Springfield’s Pine Point section.
Property Size6,350 SF
Days on Market130
Property Features for 16-24 Arnold Ave
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Building Details
Building Size
Year Built
Listing Agency:
Perella Real Estate
Listed By:
Carl Perella · License MA #9018160
(413) 531-5030
Source:
Classifiedrealtygroup
Added: Jul 7
Changed: Nov 12
Last Checked: Nov 12 at 4:50AM
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 Perella Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This property is a retail strip center designed for storefront-based leasing, situated on a corner lot. The center offers a retail-focused configuration consistent with strip development and provides a straightforward option for tenants seeking street-level presence.
The building’s location places it on Boston Road (Route 20) within Springfield’s Pine Point section. Being on a corner lot on a busy roadway supports visibility to passing traffic and creates convenient approach from the street.
For retail operators, this center may be a practical fit for businesses that benefit from storefront frontage along a major corridor. For buyers, it provides a retail strip asset positioned for occupancy by multiple retail tenants, with access and visibility tied directly to Boston Road and the corner-lot setting.
The building’s location places it on Boston Road (Route 20) within Springfield’s Pine Point section. Being on a corner lot on a busy roadway supports visibility to passing traffic and creates convenient approach from the street.
For retail operators, this center may be a practical fit for businesses that benefit from storefront frontage along a major corridor. For buyers, it provides a retail strip asset positioned for occupancy by multiple retail tenants, with access and visibility tied directly to Boston Road and the corner-lot setting.
Key Highlights
- Retail strip center on a corner lot
- Located on busy Boston Road (Rt 20) in Springfield’s Pine Point section
- Year built: 1980
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,609
Cap Rate
8.19%
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
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
NOI $73,609 @ 7.0% cap · market cap 8.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,701 @ 7.0% cap · market cap 13.43%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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See the owner, sales and loan history
Open Analytics
Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Strip mall - Corner-lot retail strip center on busy Boston Road at Route 20 in Springfield’s Pine Point section.
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 $899,000.
What are key features of this property?
This property features: Retail strip center on a corner lot; Located on busy Boston Road (Rt 20) in Springfield’s Pine Point section; Year built: 1980
