For Sale
$2,450,000

225 Park AveWest Springfield, MA 01089

Prime location, KeyBank leaseback, high potential.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a mixed-use property in West Springfield, MA, encompassing two buildings on four parcels totaling 23,554 square feet. The property features a prominent five-story office tower and a single-story building, offering flexibility for various business operations. The main building boasts luxurious office space, including a boardroom and multiple kitchens, and a two-lane drive-through/ATM. KeyBank, a national tenant, has a leaseback agreement for their recently renovated first-floor branch and a portion of the third floor, ensuring a stable income stream. The adjacent single-story building is currently vacant, presenting an opportunity for additional leasing or redevelopment. Located on a corner lot at a signalized intersection, the property enjoys high visibility and accessibility, situated minutes from downtown Springfield, major retail corridors, the Eastern States Exposition, and area highways. The property includes 71 parking spaces and an elevator in the tower. The sale includes four separate parcels (217, 225, 229, and 241 Park Ave.), offering diversification and potential for future development. Built in 1974, the property is zoned BA-1 and offers a compelling value-add investment opportunity with a current occupancy of 14%. The asking price is $2,450,000, with a price per square foot of $104.02. The lease type is NNN, and the investment type is a sale/leaseback.

Highlights

  • Four separate parcels included (217, 225, 229, and 241 Park Ave.).
  • Corner lot at a signalized intersection with high visibility.
  • Excellent location near downtown Springfield, major highways, and the Eastern States Exposition.
  • Ample parking with 71 spaces.
  • Sale/leaseback opportunity with KeyBank, a national tenant.
  • Elevator in the five-story office tower.

Property Details for 225 Park Ave

Property type
Retail properties, Office properties
Square Feet
23,554 SF
Year Built
1974
Buildings
2
Stories
5
Lot Size (sq. ft)
56,192 SF

Location Insight

City
West Springfield
County
Hampden
State
Massachusetts
Latitude
42.1036622
Longitude
-72.6221853
225 Park Ave, West Springfield, Massachusetts

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225 Park Ave
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