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    Property profile & analytics

    406 Main St East Longmeadow, MA 01028

    • Commercial real estate
    • 27,200 SF
    • 13.22 lot acres
    For Lease
    View listing
    Last Sale
    May 22, 2023
    $952,000
    Value Estimations
    $1,055,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0879889
    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

    • Heritage Park Plaza / Shopping Center & Mall
    • Dollar Tree / Discount Store

    Property Details for 406 Main St

    Year built
    1974
    Construction
    STEEL FRAME
    Lot size
    13.22 lot acres
    Property size
    27,200 SF
    Zone code
    MULT
    Property type
    Commercial real estate
    APN
    ELON M:0013 B:0014 L:000D
    APU
    ELONM0013B0014L000D

    Description

    Heritage Park Plaza, located at 406 North Main Street in East Longmeadow, Massachusetts (zip code 01028), offers exceptional retail opportunities. This 117,337 square foot neighborhood shopping center boasts a strong tenant mix, anchored by a Stop & Shop supermarket that has been a fixture since 1995 and holds the #1 market share in New England. The property, situated on a 47.51-acre lot, benefits from its high-traffic location on North Main Street. The center's success is further evidenced by the presence of national and regional brands such as Petco, Dollar Tree, Panera Bread, and 99 Restaurant. Currently, there are two available retail spaces, each offering a flexible footprint ranging from 2,376 to 2,437 contiguous square feet. A total of 4,813 square feet is currently vacant. The building was constructed in 1974 and underwent renovations in 1995. This property presents a unique chance to establish a presence in a thriving retail environment within Hampden County, Massachusetts. The minimum divisible space is 2,376 square feet. This is an excellent opportunity for businesses seeking high visibility and strong foot traffic in a well-established shopping center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $800,000

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

    Location Insight

    • Map
    • Local Demand
    City
    East Longmeadow
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.5267
    Latitude
    42.0775
    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
    $470,039
    $4,209,600
    $21,143,100
    $25,352,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,655,000
      16,896 SF

      250 Main St

      SHOW ROOM, WAREHOUSE • 16,896 SF
      250 Main St, East Longmeadow, MA 01028-1834
      View Details
    • Value Estimation by Request
      8,000 SF

      Main St

      SHOW ROOM, WAREHOUSE • 8,000 SF
      Main St, East Longmeadow, MA 01028
      View Details
    • Value Estimation by Request
      2,640 SF

      353 Shaker Rd

      COMMERCIAL (GENERAL) • 2,640 SF
      353 Shaker Rd, East Longmeadow, MA 01028-3125
      View Details
    • Value Estimation
      $545,000
      16,044 SF

      251 Shaker Rd

      SHOW ROOM, WAREHOUSE • 16,044 SF
      251 Shaker Rd, East Longmeadow, MA 01028-7004
      View Details
    • Value Estimation by Request
      5,350 SF

      48 Maple St

      COMMERCIAL (GENERAL) • 5,350 SF
      48 Maple St, East Longmeadow, MA 01028-2735
      View Details
    • Value Estimation by Request
      3,200 SF

      Shaker Rd

      COMMERCIAL (GENERAL) • 3,200 SF
      Shaker Rd, East Longmeadow, MA 01028
      View Details

    Similar Nearby for Sale

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      3.09 acre site suitable for retail, office, or medical.
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    Similar Nearby for Lease

    • $18 SF/Yr
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      East Longmeadow Office Suites

      Prime Retail/Office Space Available
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    • $1,325 /Mo
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      East Longmeadow Commercial Unit For Rent

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    • $1,600 /Mo

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      Highly visible retail or office space with on-site parking.
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    • Contact for pricing
      251 SF

      Medical/Professional Office Space Available

      Medical/professional office space for rent, centrally located near Route 83.
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    • $7 SF/Yr
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      East Longmeadow Warehouse Space Available

      17,800 SF warehouse space for lease in East Longmeadow.
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      View Details
    • $20 SF/Yr
      2,000 SF

      East Longmeadow Retail/Office Space

      2,000 SF retail or office space on Route 220.
      165 Shaker Rd, East Longmeadow, MA 01028
      View Details
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    East Longmeadow, MA 01028
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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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