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    Property profile & analytics

    1373 Main St Springfield, MA 01103

    • Office buildings
    • 41,329 SF
    • 0.25 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1484465
    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

    • Las Kangris Restaurant & Bar / Restaurant

    Property Details for 1373 Main St

    Year built
    1909
    Lot size
    0.25 lot acres
    Property size
    41,329 SF
    Zone code
    B3
    Property type
    Office buildings
    APN
    SPRI S:08130 P:0550
    APU
    SPRIS08130P0550

    Description

    This exceptional four-story, 41,329 square foot building, constructed in 1909, presents a unique investment opportunity in the heart of downtown Springfield. Located within the vibrant Market Place complex at 1373-1383 Main Street, this historically significant property offers unparalleled accessibility. Its strategic position ensures proximity to City Hall, the MassMutual Center, and major area highways, providing convenient access for both tenants and clients. The building's classification as a Traditional Office space, under B3 zoning in Hampden County, allows for a variety of uses. The single building comprises multiple tenancies, making it ideal for a diverse portfolio of businesses or a single large-scale operation. Its rich history and prime location combine to create a compelling investment prospect with significant potential for growth and return. The building's 41,329 square feet are spread across four stories, offering ample space for various configurations to suit diverse business needs. This property represents a rare chance to acquire a landmark building in a thriving downtown area. Its established location and flexible zoning make it an attractive option for a wide range of commercial enterprises.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,612,000
      Market price range: $937k - $20.1M
      AI Estimate
      $2,863,000
      Market price range: $957k - $10.2M

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.5895
    Latitude
    42.1025
    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
    $25,800
    $185,000
    $523,800
    $708,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,200,000
      24,016 SF

      133 State St, Unit 141

      OFFICE BUILDING • 24,016 SF
      133 State St, Springfield, MA 01103-2260
      View Details
    • Value Estimation
      $3,140,000
      50,112 SF

      95 Liberty St

      OFFICE BUILDING • 50,112 SF
      95 Liberty St, Springfield, MA 01103-1046
      View Details
    • Value Estimation
      $700,000
      47,440 SF

      1610 Main St, Unit 1626

      OFFICE BUILDING • 47,440 SF
      1610 Main St, Springfield, MA 01103-1379
      View Details
    • Value Estimation by Request
      37,788 SF

      1645 Main St, Unit 1663

      OFFICE BUILDING • 37,788 SF
      1645 Main St, Springfield, MA 01103-1213
      View Details
    • Value Estimation
      $1,320,000
      10,656 SF

      266 Brg St

      OFFICE BUILDING • 10,656 SF
      266 Brg St, Springfield, MA 01103-1410
      View Details
    • Value Estimation
      $2,155,000
      9,144 SF

      270-272 Brg St

      OFFICE BUILDING • 9,144 SF
      270-272 Brg St, Springfield, MA 01103
      View Details

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    1373 Main St
    Springfield, MA 01103
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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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