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    229 Park St W Springfield, MA 01089
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    Property profile & analytics

    229 Park St W Springfield, MA 01089

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    • Office buildings
    • 5,884 SF
    • 0.51 lot acres
    For Lease
    $9 SF/Yr
    View Listing →
    Freestanding Office Building For Rent For Lease
    $9 SF/Yr
    5,884 SF

    Freestanding Office Building For Rent

    Single tenant office/retail building with high visibility available for lease.

    229 Park St, W Springfield, MA
    View Listing
    Property ID
    US38-1014591
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 229 Park St

    Year built
    1955
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.51 lot acres
    Property size
    5,884 SF
    Property type
    Office buildings
    APN
    WSPR M:00422 B:00801 L:00032
    APU
    WSPRM00422B00801L00032

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    West Springfield
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.6222
    Latitude
    42.1033
    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
    $16,777
    $115,700
    $447,300
    $563,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      147 Norman St

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      147 Norman St, West Springfield, MA 01089-5003
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    • Value Estimation
      $975,000
      18,368 SF

      246 Park St

      OFFICE BUILDING • 18,368 SF
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    • Value Estimation by Request
      3,910 SF

      1654 Riverdale St

      OFFICE BUILDING • 3,910 SF
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      2,074 SF

      459 Riverdale St

      OFFICE BUILDING • 2,074 SF
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      View Details
    • Value Estimation by Request
      1,252 SF

      812 Un St

      OFFICE BUILDING • 1,252 SF
      812 Un St, West Springfield, MA 01089-4117
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      West Springfield Office Building For Sale

      Well-maintained office building with excellent rental history and convenient location.
      1233A Westfield St, West Springfield, MA 01089
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    • $850,000
      8,217 SF

      West Springfield Office Building For Sale

      Office building with on-site parking and highway access.
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      17,424 SF

      West Springfield Executive Office Building

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      Westfield Street Office Building

      Well-maintained office building with excellent rental history and parking.
      1233A Westfield St, West Springfield, MA 01089
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    • $2,100,000
      23,554 SF

      West Springfield Commercial Investment Opportunity

      Prime commercial real estate package with leaseback and redevelopment potential.
      225 Park Ave, West Springfield, MA 01089
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    • $325,000

      Retail or Office Building ForSale

      Flexible building with large lot, suitable for retail or office.
      148 River St, West Springfield, MA 01089
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr
      5,884 SF

      Freestanding Office Building For Rent

      Single tenant office/retail building with high visibility available for lease.
      229 Park St, W Springfield, MA 01089
      View Details
    • $9 SF/Yr

      Freestanding Office Building For Rent

      Freestanding office building with high visibility in West Springfield.
      229 Park Ave, West Springfield, MA 01089
      View Details
    • $23 SF/Yr

      Renovated Office Space Available

      Move-in ready office space with modern amenities and convenient location.
      200 Hillside Cir, West Springfield, MA 01089
      View Details
    • $6,800 /Mo

      West Springfield Office Suites for Lease

      Office suites available for lease with flexible layouts and convenient access.
      117 Park Ave, West Springfield, MA 01089
      View Details
    • $2,100 /Mo
      1,700 SF

      Warehouse Office Combination For Rent

      Warehouse with office space available for rent, close to highways.
      163 Doty Cir, West Springfield, MA 01089
      View Details
    • $23 SF/Yr
      29,560 SF

      Renovated Office Space Available

      Move-in ready office space with natural light and modern amenities.
      200 Hillside Cir, West Springfield, MA 01089
      View Details
    View Listing
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    W Springfield, MA 01089
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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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