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Property profile & analytics
OFF-MARKET
Estimated value
$1,505,000
Medical Office Space
222 Carew St, Springfield, MA 01104-4109
Entity Owned
~
Est. High Equity
Property ID
US38-1010892
Property summary
AI-generated overview
This 20,000-square-foot medical office building in Springfield, Massachusetts, offers a 5,000-square-foot lease opportunity on the third floor. The renovated space features approximately 26 rooms, including six spacious offices and four bathrooms. A welcoming reception area showcases exposed brick walls. The building boasts ample fenced parking with handicap-accessible entry and two elevators. Located at 222 Carew St, Springfield, MA 01104, in Hampden County, this property is conveniently situated near Mercy and Baystate Hospitals. The space is zoned SR3O1 and offers approximately 5,000 square feet at a net lease rate of $14.43 per square foot. The building has a total of 41 parking spaces. This is a single-tenant occupancy property.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1911
Total area
29,325 SF
Lot
1.21 ac (52,799 SF)
Zoning code
SR3O1
APN
SPRI S:02360 P:0038
UPID
US38-1010892
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
T.K. Raman M.D. F.A.C.P. Physician
-
Francis Dolan Murray Physician
-
Golden Years Staffing Employment Agency
-
Dr. Gregory Braden Physician Medical Clinic
-
Dr. Francis D. Murray, MD Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.38M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$955k
Blend (final)
Blend
$1.51M
Owner & transaction history
Newlife Shared Living LLC
Newlife Shared Living LLC
since 2025
Last sale
$2.0M
4 recorded transactions
Zoning & alternative use
SR3O1 · Springfield, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.3M
+77.2%
Retail stores
$2.1M
+56.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Springfield submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Springfield submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,195,000
ML approach
$1,380,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,320,000
Current use
COMMERCIAL (GENERAL)
$2,340,000
Change: +77% · Conversion: Easy
RETAIL STORES
$2,065,000
Change: +56% · Conversion: Difficult
Blend value · Realmo final
$1.51M
Range $1.35M – $1.66M · ±10% · vs last sale $2.00M (Jul 27 2025)
Last sale anchor
$2.00M
Jul 27 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$51 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$69,790
Tax year 2023
Assessed value
$1,917,300
Assessed 2023
Previous assessed
$1,917,300
+0.0% YoY
Effective rate
3.64%
On assessed value
Assessed land
$177,300
Assessed improvement
$1,740,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1911
Heating
FORCED AIR
Buildings
1
Stories
4
Rooms
12
Bathrooms
2
Total area
29,325 SF
Lot
1.21 ac (52,799 SF)
Zoning code
SR3O1
APN
SPRI S:02360 P:0038
UPID
US38-1010892
Jurisdiction
SPRINGFIELD
Zoning & alternative use
SR3O1 · Springfield, MA
Zoning SR3O1 · permitted uses
SR3O1 · Springfield, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Springfield. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$1.3M
COMMERCIAL (GENERAL)
Est. value
$2.3M
RETAIL STORES
Est. value
$2.1M
MEDICAL BUILDING Current
COMMERCIAL (GENERAL)
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1911
Heating
FORCED AIR
Stories
4
Buildings
1
Rooms
12
Bathrooms
2
Lot
1.21 ac
Current owner
From public records · entity-resolved
Newlife Shared Living LLC
Entity
Mailing address
222 CAREW ST, SPRINGFIELD, MA 01104-4109
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 27, 2025
$2,000,000
Newlife Shared Living LLC
38 Center Square RT
Deed
$1,600,000 · Greenfield Savings Bank
May 11, 2023
$1,400,000
38 Center Square RT
Cmc Dev Associates LP
Quit Claim Arm's Length For Ne States
$1,120,000 · Monson Savings Bank
Feb 27, 2004
—
Casimir S Lopata
—
Deed Of Trust
related
$250,000 · Chicopee Savings Bank
Dec 30, 1997
—
Cmc Dev Assocs LP
—
Deed Of Trust
related
$2,100,000 · Protective Life Ins
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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