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    Commercial Buildings on Corner Lot Title is generated by Realmo AI

    Memorial Dr, Chicopee, MA 01020

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    For Sale
    $400,000

    Two commercial buildings with office and retail space for sale.

    Added:
    Oct 29, 2024
    Days on Market:
    585
    Last Refresh:
    May 13 at 8:25 pm

    Property Features for Memorial Dr

    General Information

    Standard status
    Active
    Property subtype
    Other

    Building Details

    Year Built
    1937

    We can help!

    Listing Contact
    Kimberly Allen Team

    Listing agent Kimberly Allen Team

    Listing office Berkshire Hathaway HomeServices Realty Professionals

    Listing date Oct 29, 2024

    Source Xome

    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 Berkshire Hathaway HomeServices Realty Professionals

    HighLights

    • Two buildings on a busy corner with signal light, offering high visibility and accessibility.
    • Large commercial/retail space with 3 floors and many updates.
    • Potential for multiple businesses (up to 8) with 12+ offices and open spaces.
    • Ample off‑street parking.
    • Large building has 3 heating/cooling units and kitchenette; small building has full kitchen.
    • Owner may consider holding mortgage for qualified investor (700+ credit score).

    Overview

    Two buildings are available for purchase, including a large commercial office or retail space custom built in 1987. The property is located on a busy corner with a signal light. The larger building features three floors and has been updated. The second building offers 710 square feet of office or retail space. The property can accommodate one large business or up to eight different businesses, with 12 or more offices and open spaces. The large building has three heating and cooling units and two electric panels, along with a kitchenette on the second floor. The smaller building includes a full kitchen. There is significant signage facing the street and ample off-street parking. The property is located on Memorial Ave.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    Map

    City
    Chicopee
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.578982
    Latitude
    42.167009

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    FAQs

    What type of property is this?
    Office building - Two commercial buildings with office and retail space for sale.
    Where is this office building located?
    The property is located at Memorial Dr Chicopee, MA.
    What is the asking price?
    The asking price for this property is $400,000.
    What are key features of this property?
    This property features: Two buildings on a busy corner with signal light, offering high visibility and accessibility.; Large commercial/retail space with 3 floors and many updates.; Potential for multiple businesses (up to 8) with 12+ offices and open spaces.
    (413) 213-1500
    We can help!
    Listing Contact
    Kimberly Allen Team
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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.

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