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    Property profile & analytics

    475 Main St Westfield, MA 01085

    • Retail properties
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 475 Main St

    Property type
    Retail properties
    Property subtype
    Restaurants

    Description

    Westfield Shops presents a unique opportunity for businesses seeking high-visibility retail space in a thriving market. Located in Westfield, Massachusetts, this dominant shopping center enjoys a prime location just 15 miles west of Springfield and 40 miles north of Hartford. The center benefits from its position within an affluent and educated community, boasting a strong public school system and the presence of Westfield State University. This translates to a robust customer base with significant spending power. Currently, three retail spaces are available, ranging in size from 3,400 square feet to 9,500 square feet, offering flexibility for various business needs. The center itself features a diverse tenant mix, including strong anchor stores, fitness centers, entertainment venues, restaurants, and service providers, creating a vibrant and attractive shopping environment. Westfield Shops offers unparalleled access and visibility, ensuring maximum exposure for your business. This is an exceptional opportunity to establish or expand your retail presence in a highly desirable location with a proven track record of success. The multiple tenancy structure provides a dynamic and collaborative atmosphere. The property is categorized as retail, specifically encompassing retail and restaurant uses. The property is situated in Hampden County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Westfield
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.7232
    Latitude
    42.1117

    Comparable in this City

    • Value Estimation
      $190,000
      5,090 SF

      9 Bartlett St

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    • Value Estimation
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      2,168 SF

      475 Southampton Rd

      DEPARTMENT STORE • 2,168 SF
      475 Southampton Rd, Westfield, MA 01085-1495
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    • Value Estimation
      $270,000
      2,750 SF

      36 Southwick Rd

      DEPARTMENT STORE • 2,750 SF
      36 Southwick Rd, Westfield, MA 01085-4728
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    • Value Estimation
      $480,000
      13,960 SF

      81 Springfield Rd

      DEPARTMENT STORE • 13,960 SF
      81 Springfield Rd, Westfield, MA 01085-1817
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    • Value Estimation
      $240,000
      3,612 SF

      150 Elm St

      DEPARTMENT STORE • 3,612 SF
      150 Elm St, Westfield, MA 01085-2919
      View Details
    • Value Estimation
      $260,000
      4,800 SF

      427 Elm St

      DEPARTMENT STORE • 4,800 SF
      427 Elm St, Westfield, MA 01085-1616
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
      17,900 SF

      Westfield Shops Retail Spaces Available

      Prime Retail Space in Westfield, MA
      475 Main St, Westfield, MA 01085
      View Details
    • Contact for pricing
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      Westfield Day Care - Turnkey Ready

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    • $1.00 SF/Yr

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    • $500,000
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      Retail Space on Elm Street

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    • $1,500 /Mo

      New ATM Location Available

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      230 Southampton Rd, Westfield, MA 01085
      View Details
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    475 Main St
    Westfield, MA 01085
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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.

    More about this property
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