1675 Main StSpringfield, MA 01103

Property Details for 1675 Main St

Year built

1917

Lot size

0.10 AC

Property size (Sq ft)

11,457 SF

Zone code

B3

Property type

Office buildings

APN

SPRI S:08130 P:0519

APU

SPRIS08130P0519

Description

1675 Main Street in Springfield, MA presents a unique investment opportunity. This impressive masonry building, originally constructed as a bank, offers a blend of historical charm and modern adaptability. The property's prominent downtown location ensures high visibility and accessibility. The ground floor features two separate retail spaces, each offering excellent street frontage and potential for a variety of commercial uses. These spaces are ready for immediate occupancy or can be customized to suit specific tenant needs. Ascending to the second floor reveals a generously sized, open-plan area characterized by impressive, high ceilings. This expansive space is incredibly versatile, suitable for a wide range of commercial applications, from offices and co-working spaces to studios and event venues. The layout's flexibility allows for creative design and efficient space planning. The building's architectural details and historical significance add to its unique appeal, offering a prestigious address in the heart of Springfield's bustling commercial district. The property is priced at $325,000 and presents a compelling opportunity for investors seeking a landmark property with significant potential for return. The lot size is zero acres, indicating the building is situated on a smaller footprint within the downtown area. This prime location offers unparalleled exposure and access to Springfield's vibrant business community.

• CAP approach

  CAP return

  Valuation

  6%

  $1,894,184

  6.5%

  $1,748,478

  7%

  $1,623,586

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,496,972

  Geo Method

  $1,496,972

• Alternative Use

  Use

  Valuation

  Residential

  $2,168,112

  Hospitality

  $1,985,979

  Educational

  $1,652,312

  Medical

  $1,709,137

  Retail

  $2,570,262

Location Insight

City

Springfield

County

Hampden

State

Massachusetts

Latitude

42.1046

Longitude

-72.5942

CBSA code

44140

CBSA name

SPRINGFIELD, MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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