38,500 SF Flex
For Sale
Contact for pricing
120 Tapley St, Springfield, MA 01104
Flex building on 1.52 acres for sale or lease.
Property Size38,500 SF
Lot Size1.52 Acres
Price / SF$103.90
Days on Market917
Property Features for 120 Tapley St
General Information
Standard status
Active
Size
38,500 SF
Lot size
1.52 Acres
Property subtype
Industrial
Zoning
I2
Building Details
Year Built
1954
Listing Agency:
The Stubblebine Company
(781) 862-6168
Listed By:
Alan Ringuette · License #MA 9020688
Source:
Crexi
Added: Feb 7, 2024
Changed: Aug 8
Last Checked: May 12 at 10:43PM
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 The Stubblebine Company
Investment Insights
Based on property information with market context.
A 38,500 square foot flex building situated on 1.52 acres is available for sale or lease. The building can be subdivided for lease down to 14,000 square feet.
Key Highlights
- 38,500 SF Flex Building
- Available for Sale or Lease
- Subdivision for Lease Option (up to 14,000 SF)
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
$351,455
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
8.79%
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%
$7,029,100
$7.0M
Cap Rate 7%
$5,020,786
$5.0M
Cap Rate 9%
$3,905,056
$3.9M
Market Conditions
NOI Build-Up for 38,500 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
$531.3K $13.80/SF
− Vacancy
−$29.2K −$0.76/SF
EGI
$502.1K $13.04/SF
− OpEx
−$150.6K −$3.91/SF
NOI
$351.5K $9.13/SF
Area
Springfield, MA
Vacancy
5.50%
Lease Rate
$13.80 /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%
$7,029,100
Cap Rate 7%
$5,020,786
Cap Rate 9%
$3,905,056
Alternative Uses
Best Use
Flex RnD
$7.42M
$6.49M – $8.65M
NOI $519,219 @ 7.0% cap · market cap 12.98%
Second Best
Industrial
$5.02M
$4.39M – $5.86M
NOI $351,455 @ 7.0% cap · market cap 8.79%
Theoretical Best
Office A
$10.45M
$9.15M – $12.20M
NOI $731,808 @ 7.0% cap · market cap 18.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flex building on 1.52 acres for sale or lease.
Where is this flex space located?
The property is located at 120 Tapley St Springfield, MA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 38,500 SF Flex Building; Available for Sale or Lease; Subdivision for Lease Option (up to 14,000 SF)
