153 Main St Springfield, MA 01151

Property Details for 153 Main St

Year built

1900

Lot size

1.05 lot acres

Property size

10,976 SF

Property type

Commercial real estate

APN

spr-008132-000000-000283

Description

This exceptional mixed-use property, located at 153 Main Street in Springfield, Massachusetts, presents a compelling investment opportunity for owner-occupiers or value-add investors. The 10,976 square foot building, constructed in 1900 and extensively renovated in 2022, boasts a prime corner location with high visibility. The property features seven units: five commercial/retail spaces on the ground floor and two one-bedroom residential apartments on the second floor. All tenants are on month-to-month leases with below-market rents, providing significant upside potential for the new owner. Recent capital improvements include new doors and windows, a refreshed exterior façade, a new rear parking lot, new roofs, rebuilt chimneys, a new rear staircase, a new front balcony, and a new mini-split HVAC system in the bar. The property sits on a 1.05-acre lot and offers ample on-street parking, along with additional private rear parking. The asking price is $695,000, representing a price per square foot of $63.32 and a 7.43% cap rate, based on a net operating income (NOI) of $51,620. The seller is open to including the bar in the sale, though a non-disclosure agreement is required for pro forma information related to the bar's financials. This Class B property presents a rare opportunity to acquire a well-maintained, income-producing asset with significant value-add potential in a desirable location. The property's APN is spr-008132-000000-000283. The building is two stories and currently enjoys 100% occupancy.

Location Insight

City

Springfield

County

Hampden

State

Massachusetts

Longitude

-72.503126949371

Latitude

42.159623527184