Medical Office
For Sale
Contact for pricing
29 Broad Street, Westfield, MA 01085
Healthcare real estate portfolio comprising specialized dental condominiums and a standalone building in Western Massachusetts.
Property Size22,669 SF
Price / SF$291.83
Days on Market131
Property Features for 29 Broad Street
General Information
Standard status
Active
Size
22,669 SF
Property subtype
Office
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$604,490
Building Details
Buildings
5
Units
8
Tenancy
Single
Listing Agency:
Marcus & Millichap - Cleveland
(216) 264-2049
Listed By:
Christopher Mitchel · License #OH SAL.2014000892
Source:
Crexi
Added: Apr 23
Changed: Aug 30
Last Checked: Aug 30 at 7:41AM
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 Marcus & Millichap - Cleveland
Investment Insights
Based on property information with market context.
This healthcare portfolio includes multiple dental condominium units and one standalone dental building across the Pioneer Valley region of Western Massachusetts. The properties total 22,669 square feet and were configured for dental operations, with treatment rooms, imaging areas, and installations for specialized equipment. These improvements support established medical functionality within each asset.
The portfolio includes properties in Springfield and Greenfield, serving regional healthcare and commercial centers. The assets are occupied by practices affiliated with Dental Care Alliance and operate under a double-net lease structure, limiting certain landlord responsibilities. The offering is anchored by medical-use real estate with purpose-built layouts and existing dental infrastructure.
The portfolio includes properties in Springfield and Greenfield, serving regional healthcare and commercial centers. The assets are occupied by practices affiliated with Dental Care Alliance and operate under a double-net lease structure, limiting certain landlord responsibilities. The offering is anchored by medical-use real estate with purpose-built layouts and existing dental infrastructure.
Key Highlights
- 22,669‑square‑foot portfolio of dental healthcare real estate
- Multiple dental condominium units plus one standalone dental building
- Purpose‑built treatment rooms, imaging areas, and specialized equipment installations
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
$307,109
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
4.64%
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%
$6,142,180
$6.1M
Cap Rate 7%
$4,387,271
$4.4M
Cap Rate 9%
$3,412,322
$3.4M
Market Conditions
NOI Build-Up for 22,669 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
$571.3K $25.20/SF
− Vacancy
−$59.4K −$2.62/SF
EGI
$511.8K $22.58/SF
− OpEx
−$204.7K −$9.03/SF
NOI
$307.1K $13.55/SF
Area
Hampden County, MA
Vacancy
10.40%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$6,142,180
Cap Rate 7%
$4,387,271
Cap Rate 9%
$3,412,322
Alternative Uses
Best Use
Office B
$10.28M
$8.99M – $11.99M
NOI $719,296 @ 7.0% cap · market cap 10.87%
Second Best
Healthcare Medical
$4.39M
$3.84M – $5.12M
NOI $307,109 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$13.97M
$12.22M – $16.30M
NOI $977,995 @ 7.0% cap · market cap 14.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,037
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01085, MA
41,529
Population
17,054
Households
2.4
Avg Household Size
41
Median Age
33%
College-Educated
92%
High-School Grad
59.7 sq mi
ZIP Area
696
Density / Sq Mi
$83,821
Median Household Income
$44,737
Median Earnings
$1,064
Median Rent
$296,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Healthcare real estate portfolio comprising specialized dental condominiums and a standalone building in Western Massachusetts.
Where is this medical office space located?
The property is located at 29 Broad Street Westfield, MA.
What is the asking price?
The asking price for this property is $6,615,534.
What are key features of this property?
This property features: 22,669‑square‑foot portfolio of dental healthcare real estate; Multiple dental condominium units plus one standalone dental building; Purpose‑built treatment rooms, imaging areas, and specialized equipment installations
