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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    26 Progress Ave Springfield, MA 01104-3231

    • Commercial real estate
    • 6,450 SF
    • 1.00 lot acres
    OFF-MARKET
    Last Sale
    Sep 07, 2023
    Value Estimations
    $695,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1223927
    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

    • T.J. Conway Company / Mechanical Contractor

    Property Details for 26 Progress Ave

    Year built
    1967
    Lot size
    1.00 lot acres
    Property size
    6,450 SF
    Zone code
    I2
    Property type
    Commercial real estate
    APN
    SPRI S:09945 P:0010
    APU
    SPRIS09945P0010

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $656,000
      Market price range: $409k - $1.21M
      AI Estimate
      $472,000
      Market price range: $185k - $862k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $715,000
      Current use
      OFFICE BUILDING
      $1,050,000
      Change: +46% Conversion: Easy
      AUTO REPAIR, GARAGE
      $835,000
      Change: +17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.535
    Latitude
    42.1427
    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
    2020
    $16,904
    $90,000
    $406,500
    $496,500
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $4,080,000
      39,145 SF

      633 Liberty St, Unit 665

      COMMERCIAL (GENERAL) • 39,145 SF
      633 Liberty St, Springfield, MA 01104-2419
      View Details
    • Value Estimation
      $4,075,000
      44,472 SF

      150 Brookdale Dr

      SHOW ROOM, WAREHOUSE • 44,472 SF
      150 Brookdale Dr, Springfield, MA 01104-3208
      View Details
    • Value Estimation
      $3,280,000
      67,500 SF

      145 Performance Blvd

      SHOW ROOM, WAREHOUSE • 67,500 SF
      145 Performance Blvd, Springfield, MA 01104-3238
      View Details
    • Value Estimation
      $31,935,000
      181,000 SF

      2145 Roosevelt Ave

      COMMERCIAL (GENERAL) • 181,000 SF
      2145 Roosevelt Ave, Springfield, MA 01104-1650
      View Details
    • Value Estimation by Request
      1,091 SF

      299 Carew St Ste, Unit 322

      COMMERCIAL CONDOMINUIM • 1,091 SF
      299 Carew St Ste, Springfield, MA 01104-2431
      View Details
    • Value Estimation
      $690,000
      4,368 SF

      771 Page Blvd

      COMMERCIAL (GENERAL) • 4,368 SF
      771 Page Blvd, Springfield, MA 01104-3036
      View Details

    Similar Nearby for Sale

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      0.38 Acres

      Springfield Industrial Building - High Visibility

      Prime Springfield location, 4,452 SF industrial space.
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    • $1,100,000

      Springfield Specialty Property For Sale

      Specialty property available for purchase in Springfield, Massachusetts.
      175 Progress Ave, Springfield, MA 01104
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    • $650,000

      Well-Maintained Four-Family Investment Property

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      Versatile Commercial Property For Sale

      3278 SF A-zoned property with high visibility and traffic.
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    • $399,900

      Well-Maintained Two-Family Home

      Two-family home with finished attic, new roof, delivered vacant.
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    • $365,000

      Mixed-Use Property with Income Potential

      Investment property featuring a barbershop and a three-bedroom apartment.
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    Similar Nearby for Lease

    • $22 SF/Yr
      1,515 SF

      Office Space For Rent

      Office space available for lease in Springfield, MA.
      281 Cottage St, Springfield, MA 01104
      View Details
    • Contact for pricing
      38,500 SF

      Springfield Warehouse - 38,500 SF

      Industrial warehouse, 1.52 acres, for sale or lease.
      120 Tapley St, Springfield, MA 01104
      View Details
    • Contact for pricing
      9,320 SF

      Industrial Warehouse Near Interstate 91

      9,320 SF warehouse with heavy power and loading docks.
      60 Avocado St, Springfield, MA 01104
      View Details
    • Contact for pricing

      Commercial Pad Site Available

      Pad site available for lease or sale.
      Springfield, MA 01104
      View Details
    • Contact for pricing
      77,864 SF

      Prime Springfield Retail Space

      Massive 77,864 SF Retail Building
      1250 St James Ave, Springfield, MA 01104
      View Details
    • $16 SF/Yr
      8,000 SF

      Springfield Office Space Available

      8,000 SF office space available October 1, 2025.
      66 Industry Ave, Springfield, MA 01104
      View Details
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    26 Progress Ave
    Springfield, MA 01104-3231
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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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