66 Broad StWestfield, MA 01085

Property Details for 66 Broad St

Year built

1977

Construction

STEEL FRAME

Lot size

1.52 AC

Property size (Sq ft)

27,969 SF

Property type

Assisted living facilities

Property subtype

Retirement homes

APN

WFLD M:12 L:19

APU

WFLDM12L19

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $5,406,320

  6.5%

  $4,990,450

  7%

  $4,633,980

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,764,060

  Geo Method

  $3,764,060

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $9,523,990

  Retail / Commercial

  $4,883,850

  Mixed-Use / Specialty

  $4,866,440

  Hospitality / Lodging

  $3,570,350

  Office

  $4,837,530

  Institutional / Educational

  $5,059,140

  Residential Income

  $5,919,190

  Multifamily

  $7,099,160

  Automotive / Energy

  $4,336,400

  Parking / Income-Based Land

  $1,496,440

  Restaurant / Food Service

  $2,531,070

Location Insight

City

Westfield

County

Hampden

State

Massachusetts

Latitude

42.1166

Longitude

-72.747

CBSA code

44140

CBSA name

SPRINGFIELD, MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].