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    Mixed-Use Commercial and Residential Building Title is generated by Realmo AI

    570-582 Main Street, Springfield, MA 01119

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    For Sale
    $750,000

    Three interconnected front stores operate as a church, with residential units on the second and third floors.

    Type:Multi-family
    Added:
    Mar 14, 2025
    Days on Market:
    451
    Last Refresh:
    Jun 5 at 2:54 am

    Property Features for 570-582 Main Street

    General Information

    Standard status
    Active
    Property subtype
    Multi-family

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Fallah Razzak

    Listing office Lock and Key Realty Inc.

    Listing date Mar 14, 2025

    Source Kelleyrege

    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 Lock and Key Realty Inc.

    HighLights

    • Mixed‑use property with three interconnected front stores on Main St used as a church
    • Second floor features 2 residential units: one with 3BR/2BA, one with 2BR/2BA
    • Each second‑floor unit includes a living room and kitchen
    • Third floor offers 4 residential units with similar layouts, each with a big bedroom, kitchen, and full bathroom
    • Year built: 1900

    Overview

    This mixed-use building at 570–582 Main Street combines commercial and residential space in a single structure. On the ground level, there are three front stores that are open to each other and are currently used as a church. The second floor contains two residential units, including one with three bedrooms and two bathrooms, along with a living room and kitchen, and a second unit with two bedrooms and two bathrooms, along with a living room and kitchen. The third floor offers four additional units that are described as similar to each other, each with a big bedroom, kitchen, and a full bathroom.

    The property is located on Main Street in Springfield, Massachusetts. The configuration of the front stores being open to one another supports a shared, flexible ground-floor setup, while the stacked unit layout places multiple residences above the commercial/church area.

    For buyers and investors, the building presents a straightforward mixed-use income profile with on-site residential units on two upper floors and dedicated ground-level space currently arranged for religious use. Prospective owners should review the current unit layouts and ground-floor configuration during a private showing to confirm fit with their intended operating strategy.
    Location Intelligence

    Current Use by Public Records

    Churches & religious facilities

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Law Firm Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.5812346
    Latitude
    42.0939867

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    FAQs

    What type of property is this?
    Apartment building - Three interconnected front stores operate as a church, with residential units on the second and third floors.
    Where is this apartment building located?
    The property is located at 570-582 Main Street Springfield, MA.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: Mixed‑use property with three interconnected front stores on Main St used as a church; Second floor features 2 residential units: one with 3BR/2BA, one with 2BR/2BA; Each second‑floor unit includes a living room and kitchen
    We can help!
    Listing Contact
    Fallah Razzak
    Learn More
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    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.

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