191 Chestnut St Springfield, MA 01103
- Office Properties & Spaces
- 27,360 SF
- 0.63 lot acres
Current Use by Public Records
- ebenezer / Home Health Care Service
- Royal Prestige Distribuidor Autorizado Independiente / Home Goods Store
- Lessard Property Management Services Inc / Property Management Company
- Consumer Adjusters / Loss Adjuster
- Ford, Quinn & Associates, P.C. / Personal Injury Attorney / Social Security Attorney
Property Details for 191 Chestnut St
- Year built
- 1900
- Lot size
- 0.63 lot acres
- Property size
- 27,360 SF
- Property type
- Office Properties & Spaces
Description
This exceptional investment opportunity presents a five-story, 27,360-square-foot Class B office building situated in the heart of Springfield, Massachusetts. The property, built in 1900, boasts 26 individual units, currently operating under a gross lease structure. With a strong net operating income (NOI) of $124,715 and an attractive cap rate of 11.93%, this asset offers significant potential for investors. The asking price is $1,045,000, translating to $38.19 per square foot. Conveniently located just blocks from Union Station and major highways (Route 91 and the Mass Pike), the building benefits from excellent accessibility. Its proximity to the Mass Mutual Center, City Hall, and the MGM Casino further enhances its desirability. Ample parking is available with approximately 60 spaces. The building features a fully sprinklered system, and windows on floors two through five were recently replaced (approximately 7-8 years ago). The 0.63-acre lot is zoned B3. This well-maintained property is an ideal addition to any investment portfolio.
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
- Springfield
- County
- Hampden
- State
- Massachusetts
- Longitude
- -72.5905
- Latitude
- 42.107
