Medical Office with Basement
For Sale
Contact for pricing
688 Prospect St, Chicopee, MA 01020
Commercial space includes a main work area, private office room, full bath, breakroom kitchen, and usable basement.
Property Size962 SF
Price / SF$1.56
Days on Market101
Property Features for 688 Prospect St
General Information
Standard status
Active
Size
962 SF
Property subtype
Commercial
Building Details
Year Built
1950
Listing Agency:
ERA M Connie Laplante Real Estate
(413) 536-9111
Listed By:
Erin Houle
(413) 330-3746
Source:
Lockandkeyre
Added: Jul 12
Changed: Oct 19
Last Checked: Oct 19 at 11:17AM
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 ERA M Connie Laplante Real Estate
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Investment Insights
Based on property information with market context.
This commercial space offers a large main work area plus a separate room for an office. The interior also includes a full bathroom and a kitchen suitable for a breakroom. In addition, the basement is described as usable space, providing extra room for operational needs.
Located in the Fairview section of Chicopee with frontage on a busy road, the property is positioned for visibility near Memorial Drive. The existing layout supports a range of professional uses, including salon or wellness operations, as well as doctor or therapist offices.
Overall, the configuration combines dedicated office space with additional interior space in the basement, along with onsite restroom and breakroom amenities.
Located in the Fairview section of Chicopee with frontage on a busy road, the property is positioned for visibility near Memorial Drive. The existing layout supports a range of professional uses, including salon or wellness operations, as well as doctor or therapist offices.
Overall, the configuration combines dedicated office space with additional interior space in the basement, along with onsite restroom and breakroom amenities.
Key Highlights
- Commercial space built in 1950
- Includes a main work area plus a separate private office room
- Features a full bathroom and a breakroom kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,033
Suggested Prices Based on Cap Rates
Cap Rate 5%
$260,660
$260.7K
Cap Rate 7%
$186,186
$186.2K
Cap Rate 9%
$144,811
$144.8K
Market Conditions
NOI Build-Up for 962 SF
Gross rent
$24.2K $25.20/SF
− Vacancy
−$2.5K −$2.62/SF
EGI
$21.7K $22.58/SF
− OpEx
−$8.7K −$9.03/SF
NOI
$13.0K $13.55/SF
Area
Hampden County, MA
Vacancy
10.40%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$260,660
Cap Rate 7%
$186,186
Cap Rate 9%
$144,811
Alternative Uses
Best Use
Office B
$436.1K
$381.6K – $508.8K
NOI $30,525 @ 7.0% cap · market cap 2,035.00%
Second Best
Healthcare Medical
$186.2K
$162.9K – $217.2K
NOI $13,033 @ 7.0% cap · market cap 868.87%
Theoretical Best
Office A
$592.9K
$518.8K – $691.7K
NOI $41,503 @ 7.0% cap · market cap 2,766.87%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 01020, MA
29,781
Population
14,154
Households
2.1
Avg Household Size
44
Median Age
23%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
2,382
Density / Sq Mi
$70,971
Median Household Income
$45,378
Median Earnings
$1,153
Median Rent
$259,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Similar Off Market Nearby
- Acupuncture Services-Chicopee — 665 Prospect St, Chicopee, MA 01020
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Commercial space includes a main work area, private office room, full bath, breakroom kitchen, and usable basement.
Where is this spa & wellness property located?
The property is located at 688 Prospect St Chicopee, MA.
What are key features of this property?
This property features: Commercial space built in 1950; Includes a main work area plus a separate private office room; Features a full bathroom and a breakroom kitchen
