For Sale
$5,100,000

66 Broad St Westfield, MA 01085

Multi-tenant industrial; 7% cap rate

Overview

Added:
Dec 11, 2024
Days on market:
138
This exceptional multi-tenant industrial property in Westfield, MA, offers a compelling investment opportunity. Encompassing approximately 69,991 square feet across two 1-story buildings on a 4-acre lot, this Class B property boasts 68,541 square feet of net rentable space. Currently 88% occupied by 12 tenants, the property features a strong mix of long-term leases with consistent renewals and significant annual rent increases. Built in 1948 with extensive renovations between 2012 and 2020, including roof and sprinkler system upgrades, loading dock repairs, and the creation of smaller, more attractive tenant spaces, the property offers 6 loading docks and ceiling heights ranging from 14 to 16 feet. The property benefits from a prime location near major retailers like Big Y, Rite Aid, Stop & Shop, and Ace Hardware, as well as numerous restaurants and is adjacent to municipal property. Most utilities are separately metered. The property is zoned Industrial A and is offered at $5,100,000, representing a 7.00% cap rate and a pro-forma NOI of $357,000. The price per unit is $425,000, and the price per square foot is $72.87. This stabilized investment presents a rare opportunity for strong returns.

Highlights

  • Multi-tenant industrial building totaling approximately 70,000 square feet.
  • Fully leased with 12 tenants, demonstrating consistent lease renewals and strong rental growth.
  • Excellent location near major retailers and amenities, adjacent to municipal property.
  • Stabilized investment offering a 7.00% cap rate.
  • Recently renovated with significant improvements to the roof, sprinkler system, loading docks, and interior spaces.

Property Details for 66 Broad St

Property type
Warehouses, Industrial properties
Square Feet
69,991 SF
Class
B
Year Built
1948
Buildings
2
Stories
1
Lot Size (sq. ft)
174,240 SF
Units
12

Location Insight

City
Westfield
County
Hampden
State
Massachusetts
Latitude
42.110301
Longitude
-72.7460128

FAQs

What type of property is this?
Warehouse - Multi-tenant industrial; 7% cap rate
Where is the warehouse located?
The property is located at 66 Broad St Westfield, MA.
What is the asking price?
The asking price for this property is $5,100,000.
What are key features of this property?
This property features: Multi-tenant industrial building totaling approximately 70,000 square feet.; Fully leased with 12 tenants, demonstrating consistent lease renewals and strong rental growth.; Excellent location near major retailers and amenities, adjacent to municipal property.
How can I contact the broker?
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66 Broad St
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