Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    500 Armory St, Unit 508 Springfield, MA 01104-1900

    • Retail space
    • 10,155 SF
    • 0.28 lot acres
    OFF-MARKET
    Last Sale
    Feb 07, 2024
    $410,000
    Value Estimations
    $410,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1115852
    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

    • Metro by T-Mobile / Cell Phone Store
    • The Image Makers II Beauty Salón / Beauty Salon
    • Jasmin Creations and tuxedo / Bridal Shop

    Property Details for 500 Armory St

    Year built
    1988
    Lot size
    0.28 lot acres
    Property size
    10,155 SF
    Zone code
    B1
    Property type
    Retail space
    APN
    SPRI S:00645 P:0107
    APU
    SPRIS00645P0107

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $410,000
      ML approach
      $410,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $409,000
      Market price range: $410k - $1.14M
      AI Estimate
      $393,000
      Market price range: $383k - $1.17M

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.5891
    Latitude
    42.122
    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
    2023
    $14,356
    $61,700
    $332,700
    $394,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $245,000
      6,444 SF

      608-612 Page Blvd

      RETAIL STORES (PERSONAL SERVICES) • 6,444 SF
      608-612 Page Blvd, Springfield, MA 01104
      View Details
    • Value Estimation
      $350,000
      6,950 SF

      1620 Page Blvd

      RETAIL STORES (PERSONAL SERVICES) • 6,950 SF
      1620 Page Blvd, Springfield, MA 01104-1704
      View Details
    • Value Estimation
      $335,000
      7,275 SF

      1003 Saint James Ave

      RETAIL STORES (PERSONAL SERVICES) • 7,275 SF
      1003 Saint James Ave, Springfield, MA 01104-2148
      View Details
    • Value Estimation
      $285,000
      7,920 SF

      2180-2184 Main St

      RETAIL STORES (PERSONAL SERVICES) • 7,920 SF
      2180-2184 Main St, Springfield, MA 01104
      View Details
    • Value Estimation
      $255,000
      4,785 SF

      881 Carew St, Unit 889

      RETAIL STORES (PERSONAL SERVICES) • 4,785 SF
      881 Carew St, Springfield, MA 01104-2522
      View Details
    • Value Estimation
      $405,000
      4,864 SF

      23 Saint James Blvd, Unit 29

      RETAIL STORES (PERSONAL SERVICES) • 4,864 SF
      23 Saint James Blvd, Springfield, MA 01104-2959
      View Details

    Similar Nearby for Sale

    • $850,000

      Versatile Commercial Property For Sale

      3278 SF A-zoned property with high visibility and traffic.
      599-609 Page Blvd, Springfield, MA 01104
      View Details
    • $365,000

      Mixed-Use Property with Income Potential

      Investment property featuring a barbershop and a three-bedroom apartment.
      774-776 Liberty St, Springfield, MA 01104
      View Details
    • $1,725,000
      57,508 SF

      Industrial Warehouse and Showroom Space

      57,508 SF industrial warehouse and showroom for sale.
      83-95 Warwick St, Springfield, MA 01104
      View Details
    • $1,112,414

      Retail Building on Highly Visible Corner

      Retail building with excellent signage and strong traffic counts.
      1003 Saint James Ave, Springfield, MA 01104
      View Details
    • $1,100,000

      Springfield Specialty Property For Sale

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

      Well-Maintained Four-Family Investment Property

      Turnkey 4-unit property, ideal for investors or owner-occupants.
      1440 Carew St, Springfield, MA 01104
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,700 SF

      Springfield Retail Space For Lease

      444,000 SF shopping center with grocery anchor.
      1333 Liberty St, Springfield, MA 01104
      View Details
    • $12 SF/Yr
      5,852 SF

      Retail Space in Liberty Plaza

      5,800 SF retail space available for lease.
      655-665 Liberty St, Springfield, MA 01104
      View Details
    • $12 SF/Yr
      41,980 SF

      6,000 SF Retail Space Available

      Retail space with high visibility, ample parking, customizable layout.
      665 Liberty St, Springfield, MA 01104
      View Details
    • Contact for pricing
      36,000 SF

      Springfield Shopping Center Retail Space

      444,000 SF shopping center with grocery anchor.
      1225-1395 Liberty St, Springfield, MA 01104
      View Details
    • Contact for pricing
      18,071 SF

      Springfield Retail Center Space Available

      Retail space in a 444,000 SF shopping center.
      1387 Liberty St, Springfield, MA 01104
      View Details
    • Contact for pricing
      25,342 SF

      Springfield Retail Center Space Available

      Retail spaces available in a large Springfield shopping center.
      1275-1379 Liberty St, Springfield, MA 01104
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    500 Armory St, Unit 508
    Springfield, MA 01104-1900
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.