9 Chapel StWestfield, MA 01085

Property Details for 9 Chapel St

Year built

1890

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.03 AC

Property size (Sq ft)

1,880 SF

Property type

Office buildings

APN

WFLD M:9 L:26

APU

WFLDM9L26

Description

This exceptional investment opportunity presents a 1,880 square foot, two-story office building located at 9 Chapel Street in Westfield, Massachusetts (01085). The property, built in 1890 and extensively renovated in 2020, boasts a strong 8.77% cap rate and a substantial net operating income (NOI) of $36,372. Currently 100% occupied by a credit-rated tenant, Westfield Bank, under a triple-net (NNN) lease with a remaining term of approximately 3.1 years. The lease, originally commenced January 1st, 2015, and includes a recent 5-year option exercise, extending the lease to January 5th, 2028. Rent increases are tied to the Consumer Price Index (CPI). The building sits on a 4,356 square foot lot and is zoned for Business A use. Recent improvements include a new roof and HVAC system. The tenant, Westfield Bank, a member of the FDIC, operates its IT department within the building and maintains 25 branches across Western Massachusetts and Northern Connecticut, ensuring financial stability and long-term occupancy potential. This property is strategically located within Westfield's Opportunity Zone, offering additional investment incentives. The asking price is $414,900, translating to $220.69 per square foot. This is a rare chance to acquire a stable, high-performing asset with a strong tenant and significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $352,263

  6.5%

  $325,166

  7%

  $301,940

• Comparable approach

  Method

  Valuation

  Relative Method

  $245,641

  Geo Method

  $245,641

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $640,177

  Retail / Commercial

  $328,279

  Mixed-Use / Specialty

  $327,109

  Hospitality / Lodging

  $239,989

  Institutional / Educational

  $340,062

  Residential Income

  $397,872

  Multifamily

  $477,186

  Automotive / Energy

  $291,481

  Parking / Income-Based Land

  $100,587

  Restaurant / Food Service

  $170,132

  Healthcare / Senior Housing

  $335,444

Location Insight

City

Westfield

County

Hampden

State

Massachusetts

Latitude

42.1232

Longitude

-72.7478

CBSA code

44140

CBSA name

SPRINGFIELD, MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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