Mixed-Use Building with
For Sale
$289,000
Pending
435-455 State Street, Springfield, MA 01105
Street-level retail space with storage and rear delivery access is paired with upper-floor apartments under B1 zoning.
Property Size1,121 SF
Days on Market113
Property Features for 435-455 State Street
General Information
Standard status
Pending
Size
1,121 SF
Total Parking Spaces
8
Property subtype
Contingent
Zoning
B1
Property Condition
Severity
Repairs Needed
Evidence
waiting your finishing touches
Taxes and HOA fees
Annual Taxes
$54,100
Amenities
private rear porch
2 Accessible restrooms
storage
delivery access
Building Details
Building Size
1,121 SF
Year Built
1875
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
REMAX Executive Realty
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 12
Changed: Aug 31
Last Checked: Aug 30 at 2:20PM
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 REMAX Executive Realty
Investment Insights
Based on property information with market context.
Built in 1875, this mixed-use property combines street-level commercial space with residential apartments on the second and third floors. The retail area includes storage, rear delivery access, and first-floor-only access to the basement, along with 2 accessible restrooms. The commercial layout supports a range of potential storefront uses, subject to applicable requirements.
The upper floors contain spacious apartments with eat-in kitchens and private rear porches. The property is located at 435-455 State Street in Springfield, Massachusetts, within a city redevelopment zone. B1 zoning is in place, and the configuration offers commercial space below residential units in a single building.
The upper floors contain spacious apartments with eat-in kitchens and private rear porches. The property is located at 435-455 State Street in Springfield, Massachusetts, within a city redevelopment zone. B1 zoning is in place, and the configuration offers commercial space below residential units in a single building.
Key Highlights
- Mixed‑use property at 435‑455 State Street, Springfield, MA 01105
- B1 zoning within a city redevelopment zone
- Street‑level retail area with storage and rear delivery access
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
$15,134
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
5.24%
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%
$302,680
$302.7K
Cap Rate 7%
$216,200
$216.2K
Cap Rate 9%
$168,156
$168.2K
Market Conditions
NOI Build-Up for 1,121 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
$26.9K $24.00/SF
− Vacancy
−$2.7K −$2.40/SF
EGI
$24.2K $21.60/SF
− OpEx
−$9.1K −$8.10/SF
NOI
$15.1K $13.50/SF
Area
Springfield, MA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$302,680
Cap Rate 7%
$216,200
Cap Rate 9%
$168,156
Alternative Uses
Best Use
Mixed Use
$216.2K
$189.2K – $252.2K
NOI $15,134 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$210.9K
$184.5K – $246.0K
NOI $14,760 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$304.4K
$266.4K – $355.1K
NOI $21,308 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
644
Businesses Nearby
Explore this area
Business Placement
Demographics for 01105, MA
12,051
Population
5,554
Households
2.2
Avg Household Size
33
Median Age
8%
College-Educated
64%
High-School Grad
1.2 sq mi
ZIP Area
10,043
Density / Sq Mi
$22,994
Median Household Income
$24,078
Median Earnings
$976
Median Rent
$238,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level retail space with storage and rear delivery access is paired with upper-floor apartments under B1 zoning.
Where is this mixed-use property located?
The property is located at 435-455 State Street Springfield, MA.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Mixed‑use property at 435‑455 State Street, Springfield, MA 01105; B1 zoning within a city redevelopment zone; Street‑level retail area with storage and rear delivery access
