568 Main StSpringfield, MA 01151

Property Details for 568 Main St

Year built

1960

Lot size

0.46 AC

Property size (Sq ft)

2,507 SF

Zone code

B1

Property type

Medical offices

Property subtype

Medical centers

APN

SPRI S:08132 P:0147

APU

SPRIS08132P0147

Description

This exceptional 2,400 square foot office space, located at 568 Main St, Springfield, MA 01151, presents a unique investment opportunity. Situated on a signalized corner lot at the Ludlow Avenue bridge, this Class B building offers unparalleled visibility and accessibility. The property, built in 1940 and renovated in 2014, features a single-story design encompassing a total of 2,507 square feet across two suites. Currently, 2,400 square feet are available for lease, ideal for a single tenant seeking a contiguous space. The property boasts 56 loading docks and 56 dock-high doors, though it lacks elevators. The 0.46-acre lot provides ample parking. Zoned for Business A use, this versatile space is suitable for various office configurations, including medical offices and traditional office setups. Its location at a high-traffic intersection ensures maximum exposure, making it an attractive option for businesses seeking high visibility and convenient access. The property's adaptable layout allows for customization to meet specific business needs. This is a rare opportunity to secure a well-maintained, highly visible office space in a desirable Springfield location.

• CAP approach

  CAP return

  Valuation

  6%

  $414,482

  6.5%

  $382,599

  7%

  $355,270

• Comparable approach

  Method

  Valuation

  Relative Method

  $327,565

  Geo Method

  $327,565

• Alternative Use

  Use

  Valuation

  Residential

  $474,422

  Hospitality

  $434,568

  Educational

  $361,556

  Medical

  $373,990

  Retail

  $562,420

Location Insight

City

Springfield

County

Hampden

State

Massachusetts

Latitude

42.1558

Longitude

-72.4847

CBSA code

44140

CBSA name

SPRINGFIELD, MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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