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    988 Main St, Unit 994 Springfield, MA 01103-2120
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    Property profile & analytics

    988 Main St, Unit 994, Springfield, MA 01103-2120

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    • Investment properties
    • 5,038 SF
    • 0.12 lot acres
    Off-Market
    Property ID
    US38-0674553
    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
    $660,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Milano Importing / Restaurant

    Property Details for 988 Main St

    Year built
    1890
    Lot size
    0.12 lot acres
    Zone code
    B2
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    SPRI S:08130 P:0088
    APU
    SPRIS08130P0088

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Oct 6, 1987 — Antonio Recchia — Deed Of Trust · related $125k · Ne Allbank For Savings

    Description

    This exceptional Springfield, MA property, located at 988 Main Street on a 0.11-acre lot, presents a unique investment opportunity. Situated at the highly visible corner of Main and Union Streets, this building currently houses Milano Imported Fine Foods, Inc., a well-established business contributing to the vibrant community atmosphere. Its strategic location offers unparalleled exposure to significant foot traffic, benefiting from proximity to the MGM Casino, outdoor concert venues, and the Mass Mutual Center. The easy access to I-91 further enhances its appeal for a diverse range of businesses. The property itself comprises two street-level storefronts, providing ample space for retail or commercial ventures. Additionally, a sizable upper level presents a significant residential opportunity, whether for owner occupancy or leasing. A dedicated parking lot adds further convenience for both tenants and customers. This property embodies the architectural charm of Springfield while benefiting from its dynamic commercial growth. The combination of established tenancy, prime location, and versatile space makes this an ideal investment for both established businesses seeking expansion and entrepreneurs looking to establish a presence in a thriving market. The potential for franchise opportunities and second-floor residential leasing further enhances the return on investment. This is a chance to acquire a piece of Springfield's rich history and participate in its continued success.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $549,000
      Market price range: $212k - $722k
      AI Estimate
      $762,000
      Market price range: $85.5k - $1.12M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $400,000
      Current use
      AUTO REPAIR, GARAGE
      $655,000
      Change: +64% Conversion: Difficult
      RESTAURANT
      $430,000
      Change: +9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Hampden
    State
    Massachusetts
    Longitude
    -72.5844
    Latitude
    42.0988
    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
    $0.00
    $100,000
    $265,400
    $365,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $5,630,000
      48,503 SF

      1985 Main St

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      View Details
    • Value Estimation
      $5,285,000
      52,512 SF

      11 Park St, Unit 31

      OFFICE/RESIDENTIAL (MIXED USE)
      11 Park St, Springfield, MA 01103-2102
      View Details
    • Value Estimation
      $615,000
      10,076 SF

      899 Main St

      OFFICE/RESIDENTIAL (MIXED USE)
      899 Main St, Springfield, MA 01103-2150
      View Details
    • Value Estimation
      $7,650,000
      40,000 SF

      1553 Main St, Unit 1573

      OFFICE/RESIDENTIAL (MIXED USE)
      1553 Main St, Springfield, MA 01103-1413
      View Details
    • Value Estimation
      $1,160,000
      11,080 SF

      232-236 Worthington St

      OFFICE/RESIDENTIAL (MIXED USE)
      232-236 Worthington St, Springfield, MA 01103
      View Details
    • Value Estimation
      $26,780,000
      155,803 SF

      70 Harrison Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      70 Harrison Ave, Springfield, MA 01103-1728
      View Details

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    Springfield, MA 01103-2120
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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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