982 Main Street, Springfield, MA 01103
Retail property in downtown Springfield with established tenants and income.
- Added:
- Sep 17, 2024
- Days on Market:
- 633
- Last Refresh:
- Apr 22 at 7:10 am
Property Features for 982 Main Street
General Information
- Standard status
- Active
- Size
- 4,590 SF
- Lot size
- 0.14 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1929
Listing agent Rula Baki (413) 789-9830
Listing office Berkshire Hathaway HomeServices Realty Professionals
Listing date Sep 17, 2024
Source Parksquarerealty
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All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway HomeServices Realty Professionals
HighLights
- Immediate income from three established tenants.
- Two parcels of land on Wilcox Street designated for parking (approx. 6,098 sq. ft. combined).
- Located in the vibrant downtown Springfield area.
- Close proximity to amenities like the MassMutual Center, casino, hotels, and shopping centers.
- Easy highway access.
- Opportunity to purchase 1021 Main Street (MLS #73323738) as a package.
Overview
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $82.6k | $18.00 |
| − Vacancy | −$6.6k | −$1.44 |
| EGI | $76.0k | $16.56 |
| − OpEx | −$22.8k | −$4.97 |
| NOI | $53.2k | $11.59 |
Alternative Uses
Current Use by Public Records
Similar Places Nearby
- Langone's Florist — 838 Main St, Springfield, MA 01105
- Kathryn Kirby Wreath Studio — 340 Main St #1, Springfield, MA 01105
- Amar Flowers | Flower Delivery Springfield MA — 1000 hall of fame ave, springfield, ma 01105
Location Insight
- Map
- Local Demand
- City
- Springfield
- County
- Hampden
- State
- Massachusetts
- Longitude
- -72.5843235
- Latitude
- 42.0987416
