Industrial Warehouse with
For Sale
Contact for pricing
80 Progress Ave, West Springfield, MA 01089
Warehouse space includes two 8'x10' dock doors, a drive-in door, and 12'–14' ceilings with office buildout.
Property Size36,680 SF
Lot Size2.30 Acres
Price / SF$62.70
Days on Market93
Property Features for 80 Progress Ave
General Information
Standard status
Active
Size
36,680 SF
Lot size
2.30 Acres
Property subtype
INDUSTRIAL
Zoning
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
14 ft
Dock-High Doors
2
Drive-In Doors
1
Heavy Power
Yes
Sprinkler System
Yes
Building Details
Year Built
1941
Construction
block, brick
Listing Agency:
CBRE | Hartford
(860) 525-9171
Listed By:
John Reed, SIOR
(860) 559-1562
Source:
Moodyscre
Added: Jun 5
Changed: Jul 22
Last Checked: Sep 4 at 10:15AM
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 CBRE | Hartford
Investment Insights
Based on property information with market context.
This industrial warehouse property totals approximately 36,680 SF, with about 28,700 SF of industrial space and 7,980 SF of office space. The building includes a substantial lower level area of about 30,554 SF. Loading features consist of two 8' x 10' dock doors equipped with dock face levelers and seals, along with one 10' x 8' 5" drive-in door. Ceiling height ranges from 12' to 14'.
Constructed in block and brick and built in 1941, the property features a built-up membrane roof. Interior systems include wet sprinkler service with an 8" riser and fluorescent lighting. Heat is provided by gas-fired FHA Weil-Mclain steam, with air conditioning available in the office. A 6,000 lb elevator supports vertical movement, and the power setup includes two 400 amp services.
Site and structural details include approximately 2.3 acres of land, ample parking, and column spacing of 37' x 57' with variations. The property is zoned for industrial use and is served by city water and sewer, with utilities including Eversource electricity and gas. Access is described as off Route 5 and Interstate 91 at exit 7B.
Constructed in block and brick and built in 1941, the property features a built-up membrane roof. Interior systems include wet sprinkler service with an 8" riser and fluorescent lighting. Heat is provided by gas-fired FHA Weil-Mclain steam, with air conditioning available in the office. A 6,000 lb elevator supports vertical movement, and the power setup includes two 400 amp services.
Site and structural details include approximately 2.3 acres of land, ample parking, and column spacing of 37' x 57' with variations. The property is zoned for industrial use and is served by city water and sewer, with utilities including Eversource electricity and gas. Access is described as off Route 5 and Interstate 91 at exit 7B.
Key Highlights
- Total size approx. 36,680 SF with approx. 28,700 SF industrial and approx. 7,980 SF office space
- Two 8' x 10' loading docks with dock face levelers and seals, plus one 10' x 8' 5" drive‑in lower‑level door
- Ceiling heights of 12'–14' with column spacing of 37' x 57' (varies)
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
$195,898
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
8.52%
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%
$3,917,960
$3.9M
Cap Rate 7%
$2,798,543
$2.8M
Cap Rate 9%
$2,176,644
$2.2M
Market Conditions
NOI Build-Up for 36,680 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
$299.3K $8.16/SF
− Vacancy
−$19.5K −$0.53/SF
EGI
$279.9K $7.63/SF
− OpEx
−$84.0K −$2.29/SF
NOI
$195.9K $5.34/SF
Area
Hampden County, MA
Vacancy
6.50%
Lease Rate
$8.16 /SF/Yr
Expense Ratio
30.00%
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%
$3,917,960
Cap Rate 7%
$2,798,543
Cap Rate 9%
$2,176,644
Alternative Uses
Best Use
Flex RnD
$6.73M
$5.89M – $7.85M
NOI $471,213 @ 7.0% cap · market cap 20.49%
Second Best
Warehouse
$3.40M
$2.97M – $3.96M
NOI $237,876 @ 7.0% cap · market cap 10.34%
Theoretical Best
Office A
$22.61M
$19.78M – $26.37M
NOI $1,582,463 @ 7.0% cap · market cap 68.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
2
Dock-high doors
1
Drive-in doors
Yes
Heavy power
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,223
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01089, MA
28,835
Population
13,095
Households
2.2
Avg Household Size
41
Median Age
35%
College-Educated
91%
High-School Grad
16.7 sq mi
ZIP Area
1,727
Density / Sq Mi
$70,401
Median Household Income
$43,186
Median Earnings
$1,121
Median Rent
$307,900
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Memo's Restaurant — 1272 Memorial Ave, West Springfield, MA 01089
- Richard's Grinders — Gate 9, 875 Memorial Ave, West Springfield, MA 01089
Frequently Asked Questions
What type of property is this?
Flex space - Warehouse space includes two 8'x10' dock doors, a drive-in door, and 12'–14' ceilings with office buildout.
Where is this flex space located?
The property is located at 80 Progress Ave West Springfield, MA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Total size approx. 36,680 SF with approx. 28,700 SF industrial and approx. 7,980 SF office space; Two 8' x 10' loading docks with dock face levelers and seals, plus one 10' x 8' 5" drive‑in lower‑level door; Ceiling heights of 12'–14' with column spacing of 37' x 57' (varies)
