Entity Owned 
For Lease
1 / 22
$20 SF/Yr
222 Carew St, Springfield, MA 01104
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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
Current use
Occupant on record · Public records
-
Physician
-
Physician
-
Employment Agency
-
Physician Medical Clinic
-
Physician
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.38M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$955k
Blend (final)
Blend
$1.20M
Owner & transaction history
since 2025
Last sale
$2.0M
4 recorded transactions
Zoning & alternative use
SR3O1 · Springfield, MA
Top alternative use upside
Commercial (general)
$2.3M
+77.2%
Retail stores
$2.1M
+56.0%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
3 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$1.20M
Value range
$1.08M – $1.31M
±10% around blend
Estimated value / SF
$41 / SF
Confidence
Property data
100
Comparable evidence
60
Income certainty
100
$1.08M
blend $1.20M
$1.31M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
29,325 SF
Lot area
1.21 ac
Year built
1911
Stories
4
APN
SPRI S:02360 P:0038
Zoning
SR3O1
Assessed value
$1,917,300
Annual tax
$69,790
3
Income approach: direct capitalization
Partial preview
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$69,790
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$955k
Range $955k – $1.82M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$1.20M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Alternative use screening
Partial preview
Top alternative use
Commercial (general)
Gross theoretical uplift
+77%
vs current-use indication
Retail Stores
Medical Building · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
NOI build-up · 9 steps
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$1.97M
Move the market yield to see immediate price impact.
Value / SF
$67
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$124k
$2.48M
$1.77M
$1.38M
$138k
$2.75M
$1.97M
$1.53M
$151k
$3.03M
$2.16M
$1.68M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
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
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
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, MAZoning SR3O1 · permitted uses
SR3O1 · Springfield, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · 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
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
SR3O1
Jurisdiction
Springfield, MA
Recorded code
SR3O1
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for SR3O1 in Springfield, MA.
What opens after registration
Zoning profile
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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