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    1365 Main St Springfield, MA 01103

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    For Lease
    Contact for pricing

    Historic building, multiple office types

    Lot size:
    27,608 SF

    Property Features for 1365 Main St

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    27,608 SF
    Total Rate
    34510

    Building Details

    Year Built
    1860
    Buildings
    1
    Stories
    4

    Spaces For Lease

    at 1365 Main St, Springfield, MA 01103 Contact us
    Unit 110

    $21 /Mo

    Size
    1,360 SF
    Contact us
    Unit 210

    $15 /Mo

    Size
    1,100 SF
    Contact us
    Unit 240

    $15 /Mo

    Size
    2,092 SF
    Contact us

    We can help!

    Listing Contact
    Paul Bongiorni
    Paul Bongiorni

    Listing Agency: SR Commercial Realty Listing Agent: Paul Bongiorni

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Market Place, located at 1365 Main Street in Springfield, MA, 01103, presents a unique opportunity for businesses seeking prime downtown office space. This historic four-story building, constructed in 1860, boasts a total of 27,608 square feet and offers a variety of office configurations suitable for traditional, executive, creative, or medical practices. The building features a single structure with elevators, and is zoned B3. Its multiple tenancy allows for flexibility in lease terms and space requirements. The property's strategic location in the heart of Springfield's downtown area places it just one block from the MassMutual Center and City Hall, ensuring high visibility and convenient access. The building is part of a vibrant hub that includes retail, dining, and professional services, creating a dynamic and convenient environment for tenants. A connecting atrium links Main Street to Market Street's attractive brick walkway, which hosts events and features the popular Nosh Cafe. The building's prominent position across from Monarch Place provides excellent exposure and reinforces its status as a key location in the city. Market Place offers an exceptional opportunity to establish, grow, or relocate a business in Western Massachusetts, benefiting from strong foot and vehicle traffic.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    New England Blue ... Construction Company Novalicious Beauty Bar Hair Salon C.HR Services Employment Agency Young Lenny Productions Recording Studio Berry Dumpster Rental Waste Management Facility

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Law Firm Food Market Gym & Fitness Center Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.589424
    Latitude
    42.1022934

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    FAQs

    What type of property is this?
    Restaurant - Historic building, multiple office types
    Where is this restaurant located?
    The property is located at 1365 Main St Springfield, MA.
    What is the lease rate?
    The lease rate is $15-$21 SF/Yr.
    What are key features of this property?
    This property features: High visibility and foot traffic in Springfield's downtown core.; Indoor atrium connecting Main Street to Market Street.; Attractive brick patio ideal for outdoor seating and events.
    (413) 459-0570 Call to check price and availability
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    1365 Main St Springfield, MA 01103
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    Springfield, MA 01103
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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.

    More about this property
    1365 Main St Springfield, MA 01103
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Paul Bongiorni
    Paul Bongiorni
    Real Estate License ID: 9575704
    (413) 459-0570 (413) 312-9299 (413) 459-4595
    Learn more
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