Building Details

Year Built 1940

Listing Agency: Perella Real Estate Show Phone

Listed By: Carl Perella · License #9018160 Show Phone

Source: Lockandkeyre

Added: Oct 29 Changed: Oct 30 Last Checked: Oct 30 at 1:25PM

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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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Investment Insights

Based on property information with market context.

This 2,480-square-foot automotive property was built in 1940 and is currently used as a meeting hall. The building includes a gas stove with a hood, and its prior automotive-repair configuration is identified as a potential use.

Located at 41–45 Colton St in Springfield, Massachusetts, the property is zoned B2.

Key Highlights

• 2,480 square feet; built in 1940
• Currently used as a meeting hall
• Gas stove with hood

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,639

Cap Rate

8.54%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$452,780 $452.8K

Cap Rate 7%

$323,414 $323.4K

Cap Rate 9%

$251,544 $251.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,480 SF

Gross rent

$34.2K $13.80/SF

− Vacancy

−$1.9K −$0.76/SF

EGI

$32.3K $13.04/SF

− OpEx

−$9.7K −$3.91/SF

NOI

$22.6K $9.13/SF

Area

Springfield, MA

Vacancy

5.50%

Lease Rate

$13.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$452,780

Cap Rate 7%

$323,414

Cap Rate 9%

$251,544

Alternative Uses

Best Use

Retail

$410.7K

$359.4K – $479.1K (±1% cap)

NOI $28,748 @ 7.0% cap · market cap 10.85%

Second Best

Industrial

$323.4K

$283.0K – $377.3K (±1% cap)

NOI $22,639 @ 7.0% cap · market cap 8.54%

Theoretical Best

Office A

$673.4K

$589.3K – $785.7K (±1% cap)

NOI $47,140 @ 7.0% cap · market cap 17.79%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

women in recovery project Computer & Electronic Repair

Suggested Use

Top Pick Real Estate Agency Law Firm Building Supply Spa & Massage Center Kitchen & Bath Showroom Hair 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

848

Businesses Nearby

56k

Monthly Visits Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 46% Shops & Services 36% Groceries 19%

McDonald's Dining

17,243 visits/mo 0.2 miles

America's Food Basket Groceries

10,389 visits/mo 0.2 miles

Family Dollar Shops & Services

10,086 visits/mo 0.4 miles

KFC Dining

8,172 visits/mo 0.4 miles

AutoZone Shops & Services

3,591 visits/mo 0.5 miles

Demographics for 01109, MA

30,968

Population

10,786

Households

2.9

Avg Household Size

30

Median Age

17%

College-Educated

77%

High-School Grad

5.4 sq mi

ZIP Area

5,735

Density / Sq Mi

$46,821

Median Household Income

$34,971

Median Earnings

$1,112

Median Rent

$203,100

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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Similar Off Market Nearby

• Juniors Auto Body — 151 Pine St, Springfield, MA 01105
• Ashley Gift — 85 Ashley St, Springfield, MA 01105
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Frequently Asked Questions

What type of property is this?

Auto shop - B2 zoning and an existing gas stove with hood support the property's current meeting-hall configuration.

Where is this auto shop located?

The property is located at 41 -45 Colton St Springfield, MA.

What is the asking price?

The asking price for this property is $265,000.

What are key features of this property?

This property features: 2,480 square feet; built in 1940; Currently used as a meeting hall; Gas stove with hood