Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    38 Elm St 10 Westfield, MA 1085

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $425 /Mo

    Highly visible downtown office space with utilities included.

    Type:Commercial
    Added:
    Apr 20, 2026
    Days on Market:
    8
    Last Refresh:
    Apr 20 at 11:55 pm

    Property Features for 38 Elm St 10

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Melissa Lemanski
    Melissa Lemanski

    Listing agent Melissa Lemanski

    Listing office Park Square Realty

    Listing date Apr 20, 2026

    Source Elliman

    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 Park Square Realty

    Overview

    Downtown Westfield Office/Studio Space

    This Westfield office/studio space is situated in a visible downtown location along Routes 20/10/202. The space features large windows. It is suitable for those seeking to transition from a home office environment while maintaining low overhead. Electricity, heat, and air conditioning are included. The property is located two blocks from the Westfield Courthouse, with public and on-street parking available nearby. This location is suitable for attorneys, consultants, or creative professionals seeking a workspace in Westfield’s revitalized downtown district. Adjacent connecting space is also available. The space will be ready for move-in around July 1. The bike score is 50, indicating it is bikeable, and the walk score is 68, indicating it is somewhat walkable.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Westfield
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.7453842
    Latitude
    42.130654

    Nearby Similar for Lease

    • $425/Mo

      Westfield Office/Studio Space Available

      Prime downtown Westfield office space with utilities included.
      38 Elm Street #11, Westfield, MA 01085
      View Details
    • $2,000/Mo

      Versatile Commercial Space on Elm

      Adaptable commercial space suitable for restaurant, retail, or office.
      205 Elm St, Westfield, MA 01085
      View Details
    • $2,000/Mo

      Restaurant-Ready Commercial Space Available

      First-floor commercial space suitable for restaurant or other business.
      205 Elm St, Westfield, MA 01085
      View Details
    • $21 SF/Yr

      Pioneer Valley Professional Center Office

      Medical/office building on US Route 20 with ample parking.
      65 Springfield Rd, Westfield, MA 01085
      View Details
    • $365/Mo

      Downtown Westfield Second Floor Office

      Affordable office space in a well-maintained downtown building.
      102 Elm St #2, Westfield, MA 01085
      View Details
    • $300/Mo

      Downtown Westfield Office Space Available

      Affordable office space in downtown Westfield's H.S. Eaton Building.
      102 Elm St #12, Westfield, MA 01085
      View Details
    • $300/Mo

      Downtown Westfield Office Space Available

      Affordable office space in downtown Westfield's H.S. Eaton Building.
      102 Elm St 12, Westfield, MA 01085
      View Details
    • $8 SF/Yr

      Spacious Flex Space Available

      19,820 SF flex space with office and manufacturing areas.
      79 Mainline Dr, Westfield, MA 01085
      View Details
    • $6 SF/Yr

      Industrial Space Available For Lease

      50,000 SF industrial space for lease in Westfield.
      22 Progress Avenue, Westfield, MA, 01085
      View Details
    • $7,500/Mo

      Industrial Building with Office Space

      Industrial building with office space available for lease in Westfield.
      24 Elise St, Westfield, MA
      View Details
    • Contact for pricing

      Industrial Warehouse in Westfield, MA

      30,780 SF industrial warehouse suitable for food processing or warehouse.
      77 Servistar Industrial Way, Westfield, MA 01085
      View Details
    • Contact for pricing

      Industrial Warehouse on 5 Acres

      26,815 SF industrial warehouse for lease on 5 acres.
      69 Neck Rd, Westfield, MA 01085
      View Details

    FAQs

    What type of property is this?
    Office units - Highly visible downtown office space with utilities included.
    Where is this office units located?
    The property is located at 38 Elm St 10 Westfield, MA.
    What is the lease rate?
    The lease rate is $425 /Mo.
    What are key features of this property?
    This property features: Prime downtown Westfield location with high visibility on Routes 20/10/202.; All‑inclusive rent: Electricity, heat, and air conditioning included.; Affordable, turnkey office/studio space ideal for professionals.
    (413) 262-2462
    We can help!
    Listing Contact
    Melissa Lemanski
    Melissa Lemanski
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!