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    Property profile & analytics

    1643 Memorial Dr Chicopee, MA 01020-3132

    • Office buildings
    • 1,100 SF
    • 0.14 lot acres
    OFF-MARKET
    Last Sale
    Aug 30, 2022
    $180,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1936262
    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

    • James Rippa / Alternative Medicine Practice
    • Sound Mind Massage / Alternative Medicine Practice / Spa & Massage Center

    Property Details for 1643 Memorial Dr

    Year built
    1950
    Construction
    FRAME
    Lot size
    0.14 lot acres
    Property size
    1,100 SF
    Zone code
    111
    Property type
    Office buildings
    APN
    CHIC M:0690 P:00051
    APU
    CHICM0690P00051

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicopee
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.5714
    Latitude
    42.2023
    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
    2024
    $6,833
    $123,500
    $91,500
    $215,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      821 Main St

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      821 Main St, Chicopee, MA 01020-6305
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      1,008 SF

      799 Frnt St

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      799 Frnt St, Chicopee, MA 01020-1719
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      2,513 SF

      17 Broadway St

      OFFICE BUILDING • 2,513 SF
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      3,596 SF

      12 Dallaire Ave

      OFFICE BUILDING • 3,596 SF
      12 Dallaire Ave, Chicopee, MA 01020-1237
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    • Value Estimation by Request
      440 SF

      1840 Memorial Dr

      OFFICE BUILDING • 440 SF
      1840 Memorial Dr, Chicopee, MA 01020-3149
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,878 SF

      Commercial Buildings on Memorial Drive

      Two buildings with office and retail space on Memorial Drive.
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      Retail and Office Investment Opportunity

      Well-maintained property with rental income and potential office space.
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      Commercial Office/Retail Space on Corner

      Two buildings on a busy corner, suitable for multiple businesses.
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      Commercial Office or Retail Space

      Three-story commercial building with updates, signage, and parking.
      1847 Memorial Dr, Chicopee, MA 01020
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      Versatile Commercial Space in Chicopee

      Commercial space suitable for retail or office use.
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    • $169,000
      6,500 SF

      Thriving Country Restaurant - Chicopee, MA

      Established Restaurant, Turnkey Opportunity, High Occupancy
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    Similar Nearby for Lease

    • Contact for pricing
      2,604 SF

      Single Tenant Building For Lease

      Single tenant building, formerly a veterinary clinic, available for lease.
      1361 Memorial Dr, Chicopee, MA 01020
      View Details
    • Contact for pricing

      High-Visibility Office Space Available

      Single-story office building with flexible space for lease.
      641 Grattan St, Chicopee, MA 01020
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    • $1,600 /Mo

      Chicopee Falls Retail/Office Space

      Retail or office space for lease in Chicopee Falls.
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    • $24 SF/Yr
      800 SF

      Chicopee Falls Retail/Office Space

      800 SF retail or office space for lease.
      151 East St, Chicopee, MA 01020
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    • Contact for pricing
      7,354 SF

      Chicopee Industrial/Warehouse Space Available

      Industrial/warehouse space for lease near Mass Pike in Chicopee, MA.
      33 Haynes Cir, Chicopee, MA 01020
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    • Contact for pricing
      19,732 SF

      Main Street Chicopee Retail Center

      Prime Chicopee retail space, ample parking.
      70-90 Main St, Chicopee, MA 01020
      View Details
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    Chicopee, MA 01020-3132
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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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