225 Park Ave West Springfield, MA 01089
- Retail properties
- 23,554 SF
- 1.29 lot acres
Current Use by Public Records
- KeyBank / Bank / Atm
- KeyBank ATM / Atm
Property Details for 225 Park Ave
- Year built
- 1974
- Lot size
- 1.29 lot acres
- Property size
- 23,554 SF
- Property type
- Retail properties
- Property subtype
- Office Properties & Spaces
Description
This exceptional investment opportunity presents a mixed-use property in West Springfield, MA, encompassing two buildings on four parcels totaling 23,554 square feet. The property features a prominent five-story office tower and a single-story building, offering flexibility for various business operations. The main building boasts luxurious office space, including a boardroom and multiple kitchens, and a two-lane drive-through/ATM. KeyBank, a national tenant, has a leaseback agreement for their recently renovated first-floor branch and a portion of the third floor, ensuring a stable income stream. The adjacent single-story building is currently vacant, presenting an opportunity for additional leasing or redevelopment. Located on a corner lot at a signalized intersection, the property enjoys high visibility and accessibility, situated minutes from downtown Springfield, major retail corridors, the Eastern States Exposition, and area highways. The property includes 71 parking spaces and an elevator in the tower. The sale includes four separate parcels (217, 225, 229, and 241 Park Ave.), offering diversification and potential for future development. Built in 1974, the property is zoned BA-1 and offers a compelling value-add investment opportunity with a current occupancy of 14%. The asking price is $2,450,000, with a price per square foot of $104.02. The lease type is NNN, and the investment type is a sale/leaseback.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- West Springfield
- County
- Hampden
- State
- Massachusetts
- Longitude
- -72.6222
- Latitude
- 42.1037
