Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    579 State St, Unit 589 Springfield, MA 01109-4103

    • Retail space
    • 6,482 SF
    • 0.53 lot acres
    OFF-MARKET
    Value Estimations
    $625,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1250266
    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

    • Retail space

    Property Details for 579 State St

    Year built
    1965
    Lot size
    0.53 lot acres
    Property size
    6,482 SF
    Zone code
    B2
    Property type
    Retail space
    APN
    SPRI S:11110 P:0540
    APU
    SPRIS11110P0540

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $610,000
      Market price range: $262k - $725k
      AI Estimate
      $441,000
      Market price range: $228k - $442k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $440,000
      Current use
      AUTO REPAIR, GARAGE
      $840,000
      Change: +91% Conversion: Difficult
      RESTAURANT
      $555,000
      Change: +26% Conversion: Easy
      COMMERCIAL (GENERAL)
      $510,000
      Change: +16% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.5734
    Latitude
    42.1091
    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
    $15,466
    $145,400
    $279,500
    $424,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,905,000
      19,624 SF

      559 State St

      RETAIL STORES (PERSONAL SERVICES) • 19,624 SF
      559 State St, Springfield, MA 01109
      View Details
    • Value Estimation by Request
      11,810 SF

      817 State St

      RETAIL STORES (PERSONAL SERVICES) • 11,810 SF
      817 State St, Springfield, MA 01109-3103
      View Details
    • Value Estimation
      $700,000
      5,244 SF

      469 Boston Rd, Unit 475

      RETAIL STORES (PERSONAL SERVICES) • 5,244 SF
      469 Boston Rd, Springfield, MA 01109-1231
      View Details
    • Value Estimation by Request
      2,400 SF

      216 Hancock St

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      216 Hancock St, Springfield, MA 01109-4350
      View Details
    • Value Estimation by Request
      1,609 SF

      1500 State St

      RETAIL STORES (PERSONAL SERVICES) • 1,609 SF
      1500 State St, Springfield, MA 01109-2542
      View Details
    • Value Estimation by Request
      2,900 SF

      378 Boston Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,900 SF
      378 Boston Rd, Springfield, MA 01109
      View Details

    Similar Nearby for Sale

    • $2,103,197
      8,320 SF

      Family Dollar NNN Investment Opportunity

      NNN leased Family Dollar with rental increases and zero responsibilities.
      247 Hancock St, Springfield, MA 01109
      View Details
    • $725,000

      Turnkey Restaurant with Liquor License

      Restaurant for sale with property, business, and liquor license.
      1633 Bay St, Springfield, MA 01109
      View Details
    • $999,900

      Automotive Business Opportunity in Springfield

      Established automotive business with real estate, licenses, and prime location.
      512 St. James Ave, Springfield, MA 01109
      View Details
    • Contact for pricing

      Well-Maintained Two-Family Home

      Spacious corner lot, remodeled unit, strong income potential.
      28-30 Nelson Ave, Springfield, MA 01109
      View Details
    • Contact for pricing

      Spacious Two-Family Home

      Two-family home with upside potential near colleges and amenities.
      162 Northampton Ave, Springfield, MA 01109
      View Details
    • $385,000

      Renovated Six-Bedroom Duplex Opportunity

      Freshly renovated six-bedroom duplex with modern amenities and great curb appeal.
      52-54 Aster St, Springfield, MA 01109
      View Details

    Similar Nearby for Lease

    • $1,950 /Mo
      1,400 SF

      Retail with Warehouse Space

      Retail space with office and warehouse in Springfield, MA.
      889 Alden St, Springfield, MA 01109
      View Details
    • Contact for pricing

      Retail Space with Drive-Thru

      Retail space with drive-thru available in Springfield, Massachusetts.
      Springfield, MA 01109
      View Details
    • $13 SF/Yr
      3,000 SF

      Restaurant/Retail Space Near Landmark

      Restaurant or retail space with existing infrastructure and parking.
      886-892 State St, Springfield, MA 01109
      View Details
    • Contact for pricing

      Commercial Space on State Street

      2600+ Sq Ft commercial space, ideal for various businesses.
      687 State A, Springfield, MA 01109
      View Details
    • $16 SF/Yr
      3,400 SF

      Springfield Retail Space - Alden St

      Prime Springfield retail space, 3,400 sq ft.
      883 Alden St, Springfield, MA 01109
      View Details
    • Contact for pricing
      1,587 SF

      Office Space Near MassMutual HQ

      Office space for rent near major employers and universities.
      1217-1219 State St, Springfield, MA 01109
      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.
    579 State St, Unit 589
    Springfield, MA 01109-4103
    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.
    Sign Up Successful!
    You now have access to more from Realmo!