Mixed-Use Property with Lodging and
New
For Sale
$849,900
664-668 Page Blvd, Springfield, MA 01104
The property combines licensed room lodging with a leased, renovated restaurant operation.
Property Size2,268 SF
Price / SF$374.74
Days on Market4
Property Features for 664-668 Page Blvd
General Information
Standard status
Active
Size
2,268 SF
Property subtype
5+ Family - Rooming House
Additional Details
Floor
1
Building Details
Year Built
1926
Year Renovated
2023
Listing Agency:
Berkshire Hathaway HomeServices Realty Professionals
(413) 596-6711
Listed By:
Anthony Ardolino · License #9517020-RE-B
(413) 241-4775
Source:
Lockandkeyre
Added: Oct 13
Changed: Oct 15
Last Checked: Oct 14 at 11:14PM
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 Berkshire Hathaway HomeServices Realty Professionals
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
At 664-668 Page Boulevard in Springfield, this mixed-use property contains a 12-room lodging house and a first-floor tavern/restaurant. The lodging house is licensed, and the tavern is leased. The restaurant interior received a substantial renovation in 2023, with approximately $300,000 invested in the work. The property was built in 1926 and contains 2,268 square feet.
The tavern tenant pays base rent and is responsible for 50% of real estate taxes and 50% of the water expense. The lodging operation has an established placement relationship with a local social service organization, which assists with resident issues and administers participating residents’ funds and rent payments. The license’s status, renewal requirements, transferability, and approval requirements should be verified independently.
The tavern tenant pays base rent and is responsible for 50% of real estate taxes and 50% of the water expense. The lodging operation has an established placement relationship with a local social service organization, which assists with resident issues and administers participating residents’ funds and rent payments. The license’s status, renewal requirements, transferability, and approval requirements should be verified independently.
Key Highlights
- Licensed 12‑room lodging house
- First‑floor tavern/restaurant is leased
- Restaurant renovation completed in 2023; approximately $300,000 invested
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,618
Cap Rate
3.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$612,360
$612.4K
Cap Rate 7%
$437,400
$437.4K
Cap Rate 9%
$340,200
$340.2K
Market Conditions
NOI Build-Up for 2,268 SF
Gross rent
$54.4K $24.00/SF
− Vacancy
−$5.4K −$2.40/SF
EGI
$49.0K $21.60/SF
− OpEx
−$18.4K −$8.10/SF
NOI
$30.6K $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 Rate 5%
$612,360
Cap Rate 7%
$437,400
Cap Rate 9%
$340,200
Alternative Uses
Best Use
Mixed Use
$437.4K
$382.7K – $510.3K
NOI $30,618 @ 7.0% cap · market cap 3.60%
Second Best
Specialty Retail
$433.9K
$379.7K – $506.2K
NOI $30,373 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$615.9K
$538.9K – $718.5K
NOI $43,110 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
42k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
McDonald's
Dining
17,701 visits/mo
0.2 miles
Burger King
Dining
14,009 visits/mo
0.2 miles
Dunkin' Donuts
Dining
10,263 visits/mo
0.1 miles
Demographics for 01104, MA
23,598
Population
9,562
Households
2.5
Avg Household Size
38
Median Age
13%
College-Educated
77%
High-School Grad
5.2 sq mi
ZIP Area
4,538
Density / Sq Mi
$47,530
Median Household Income
$37,463
Median Earnings
$1,004
Median Rent
$210,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines licensed room lodging with a leased, renovated restaurant operation.
Where is this mixed-use property located?
The property is located at 664-668 Page Blvd Springfield, MA.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Licensed 12‑room lodging house; First‑floor tavern/restaurant is leased; Restaurant renovation completed in 2023; approximately $300,000 invested
