2.52 Acre Commercial
For Sale
Contact for pricing
1349 Boston Rd, Springfield, MA 01129
Commercial property with bank, restaurant, and cell tower leases.
Property Size9,000 SF
Lot Size2.52 Acres
Price / SF$443.33
Days on Market872
Property Features for 1349 Boston Rd
General Information
Standard status
Active
Size
9,000 SF
Class
A
Lot size
2.52 Acres
Property subtype
Retail
Zoning
Business A
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$278,045
Building Details
Year Built
2004
Year Renovated
2004
Buildings
2
Units
3
Tenancy
Multi
Listing Agency:
Jennings Real Estate
Listed By:
Jonathan Little · License #9519962
(413) 731-7770
Source:
Crexi
Added: Apr 15, 2024
Changed: Aug 22
Last Checked: Sep 1 at 10:18AM
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 Jennings Real Estate
Investment Insights
Based on property information with market context.
This 2.52-acre commercial property includes a 3,113-square-foot bank building leased to M&T Bank, a 4,884-square-foot restaurant building leased to the Flynn Group under a corporate Applebee’s lease, and a cell tower leased to Verizon and managed by Vertical Bridge. The property is situated on Boston Road in Springfield, a commercial corridor with a daily traffic volume exceeding 23,000 vehicles.
Key Highlights
- Located on Boston Road with high‑traffic, seeing over 23,000 vehicles per day.
- Features three income‑generating leases: M&T Bank, Flynn Group/Applebee's, and Verizon/Vertical Bridge.
- Includes a 3,113 sq ft bank building leased to M&T Bank.
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
$120,528
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
3.02%
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%
$2,410,560
$2.4M
Cap Rate 7%
$1,721,829
$1.7M
Cap Rate 9%
$1,339,200
$1.3M
Market Conditions
NOI Build-Up for 9,000 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
$172.8K $19.20/SF
− Vacancy
−$12.1K −$1.34/SF
EGI
$160.7K $17.86/SF
− OpEx
−$40.2K −$4.46/SF
NOI
$120.5K $13.39/SF
Area
Springfield, MA
Vacancy
7.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$2,410,560
Cap Rate 7%
$1,721,829
Cap Rate 9%
$1,339,200
Alternative Uses
Best Use
Specialty Retail
$1.72M
$1.51M – $2.01M
NOI $120,528 @ 7.0% cap · market cap 3.02%
Second Best
Retail
$1.49M
$1.30M – $1.74M
NOI $104,328 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$2.44M
$2.14M – $2.85M
NOI $171,072 @ 7.0% cap · market cap 4.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
458
Businesses Nearby
286k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 37%
Groceries 20%
Apparel 16%
Shops & Services 14%
Marshalls
Apparel
46,021 visits/mo
0.1 miles
Lowe's
Home Improvements & Furnishings
32,945 visits/mo
0.4 miles
Stop & Shop
Groceries
31,652 visits/mo
0.5 miles
Aldi
Groceries
24,147 visits/mo
0.2 miles
Dollar Tree
Shops & Services
22,838 visits/mo
0.1 miles
Demographics for 01129, MA
7,024
Population
2,699
Households
2.6
Avg Household Size
43
Median Age
31%
College-Educated
96%
High-School Grad
3.4 sq mi
ZIP Area
2,066
Density / Sq Mi
$92,500
Median Household Income
$49,316
Median Earnings
$1,325
Median Rent
$239,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Commercial property with bank, restaurant, and cell tower leases.
Where is this bank located?
The property is located at 1349 Boston Rd Springfield, MA.
What is the asking price?
The asking price for this property is $3,990,000.
What are key features of this property?
This property features: Located on Boston Road with high‑traffic, seeing over 23,000 vehicles per day.; Features three income‑generating leases: M&T Bank, Flynn Group/Applebee's, and Verizon/Vertical Bridge.; Includes a **3,113 sq ft bank building leased to M&T Bank**.
