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    988 Main St Springfield, MA 01105

    Sponsored
    For Sale
    $895,000

    Historic building, high foot traffic, MGM proximity

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional storefront opportunity, located at 988 Main Street in Springfield, Massachusetts, presents a unique investment prospect. The property, built in 1890, boasts a rich history and currently enjoys 75% occupancy, with full occupancy anticipated by July 18, 2024. Situated on a 0.11-acre lot, this two-story building offers 10 parking spaces, a significant advantage in a high-traffic area. Its prime location at the corner of Main and Union Streets provides unparalleled visibility and accessibility, placing it steps from the MGM Casino and the Mass Mutual Center. Surrounded by thriving businesses, this property benefits from consistent foot traffic and easy access to I-91, making it ideal for a wide range of retail ventures. The building's historic charm and architectural details blend seamlessly with the vibrant energy of Springfield's commercial hub. The asking price for this owner/user investment is $895,000. This is a rare chance to acquire a piece of Springfield's legacy and capitalize on its dynamic commercial landscape. The property's strong location and historical significance make it an attractive investment for those seeking a high-return opportunity in a thriving urban setting. Don't miss this chance to own a piece of Springfield's vibrant commercial history.

    Property Features for 988 Main St

    General Information

    Property type
    Individual retail properties
    Lot Size
    4,792 SF

    Building Details

    Year Built
    1890
    Stories
    2
    Property Profile Location Intelligence

    Current Use by Public Records

    Milano Importing Italian Restaurant

    Suggested Use

    Realty agency Restaurant Spa & Massage Hair Salon Dental Office Nail Salon Building Supply Gym & Fitness Clothing Store Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.5844154
    Latitude
    42.0988069

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    FAQs

    What type of property is this?
    Individual retail property - Historic building, high foot traffic, MGM proximity
    Where is this individual retail property located?
    The property is located at 988 Main St Springfield, MA.
    What is the asking price?
    The asking price for this property is $895,000.
    Request Owner's contact information
    988 Main St Springfield, MA 01105
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    Springfield, MA 01105
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    Realmo Value Estimation

    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.

    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.

    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
    988 Main St Springfield, MA 01105
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