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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    115 Progress Ave Springfield, MA 01104-3230

    • Office buildings
    • 12,348 SF
    • 1.75 lot acres
    OFF-MARKET
    Value Estimations
    $2,270,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1573891
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Teamsters Local 404 / Advocacy Group

    Property Details for 115 Progress Ave

    Year built
    1970
    Lot size
    1.75 lot acres
    Property size
    12,348 SF
    Zone code
    I2
    Property type
    Office buildings
    APN
    SPRI S:09945 P:0057
    APU
    SPRIS09945P0057

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,025,000
      6.5%
      $2,790,000
      7%
      $2,590,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,504,000
      Market price range: $485k - $3.96M
      AI Estimate
      $1,517,000
      Market price range: $384k - $2.46M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.5338
    Latitude
    42.1401
    CBSA code
    44140
    CBSA name
    SPRINGFIELD, MA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $28,938
    $96,100
    $698,900
    $795,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $545,000
      5,760 SF

      1 Stafford St

      OFFICE BUILDING • 5,760 SF
      1 Stafford St, Springfield, MA 01104-2394
      View Details
    • Value Estimation by Request
      1,380 SF

      104-106 Cleveland St

      OFFICE BUILDING • 1,380 SF
      104-106 Cleveland St, Springfield, MA 01104
      View Details
    • Value Estimation
      $2,305,000
      9,940 SF

      604 Cottage St

      OFFICE BUILDING • 9,940 SF
      604 Cottage St, Springfield, MA 01104-4200
      View Details
    • Value Estimation by Request
      1,794 SF

      824 Liberty St

      OFFICE BUILDING • 1,794 SF
      824 Liberty St, Springfield, MA 01104-2452
      View Details
    • Value Estimation
      $2,335,000
      11,632 SF

      221 Industry Ave

      OFFICE BUILDING • 11,632 SF
      221 Industry Ave, Springfield, MA 01104-3253
      View Details
    • Value Estimation
      $6,640,000
      36,112 SF

      1 Carando Dr

      OFFICE BUILDING • 36,112 SF
      1 Carando Dr, Springfield, MA 01104-3211
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Springfield Executive Office Building

      77,864 SF Office Building on 9.5 Acres
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    • $1,100,000

      Springfield Specialty Property For Sale

      Specialty property available for purchase in Springfield, Massachusetts.
      175 Progress Ave, Springfield, MA 01104
      View Details
    • $399,900

      Well-Maintained Two-Family Home

      Two-family home with finished attic, new roof, delivered vacant.
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      View Details
    • $650,000

      Well-Maintained Four-Family Investment Property

      Turnkey 4-unit property, ideal for investors or owner-occupants.
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    • $365,000

      Mixed-Use Property with Income Potential

      Investment property featuring a barbershop and a three-bedroom apartment.
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    Similar Nearby for Lease

    • $14 SF/Yr
      11,632 SF

      Spacious Office Building Near Highways

      11,632 SF office building with ample parking and highway access.
      221 Industry Ave, Springfield, MA 01104
      View Details
    • $22 SF/Yr
      1,515 SF

      Office Space For Rent

      Office space available for lease in Springfield, MA.
      281 Cottage St, Springfield, MA 01104
      View Details
    • $16 SF/Yr
      19,200 SF

      Springfield Office Space For Lease

      19,200 square feet of office space available for lease.
      88 Industry Ave, Springfield, MA 01104
      View Details
    • $16 SF/Yr
      8,000 SF

      Springfield Office Space Available

      8,000 SF office space available October 1, 2025.
      66 Industry Ave, Springfield, MA 01104
      View Details
    • Contact for pricing
      11,500 SF

      Springfield Warehouse Space Available

      10,000 SF Warehouse, Ideal Location
      44 Turnbull St, Springfield, MA 01104
      View Details
    • Contact for pricing
      7,700 SF

      Springfield Retail Space For Lease

      444,000 SF shopping center with grocery anchor.
      1333 Liberty St, Springfield, MA 01104
      View Details
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    115 Progress Ave
    Springfield, MA 01104-3230
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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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