4 Plumtree RdSpringfield, MA 01118

Property Details for 4 Plumtree Rd

Year built

1927

Lot size

0.19 AC

Property size (Sq ft)

2,876 SF

Zone code

B1

Property type

Healthcare properties

Property subtype

Medical offices

APN

SPRI S:09800 P:0010

APU

SPRIS09800P0010

Description

This fee-simple medical office building in Springfield, MA, presents a compelling investment opportunity. The property, located at 4 Plumtree Rd, 01118, encompasses 2,750 square feet on a 0.19-acre lot and was built in 1927. Currently 100% occupied by Veterinary Innovative Partners under a 10-year Absolute NNN lease (commencing March 9, 2022, and expiring March 9, 2032), offering a remaining lease term of approximately 7.3 years. The lease includes a corporate guarantee and annual rent bumps of 2% during the option period. A single, five-year lease option is also included. The asking price is $240,000, representing a price per square foot of $87.27 and a 7.00% cap rate based on a Net Operating Income (NOI) of $16,800. This investment benefits from a strong tenant in a recession-resistant industry, with the veterinary services market experiencing consistent growth. The property offers zero landlord responsibilities, making it an attractive, low-maintenance investment. The location boasts a dense population of over 232,000 within a five-mile radius. This offering provides a bite-sized price point with below-market rents and extremely healthy unit-level operations.

• CAP approach

  CAP return

  Valuation

  6%

  $475,489

  6.5%

  $438,913

  7%

  $407,562

• Comparable approach

  Method

  Valuation

  Relative Method

  $375,778

  Geo Method

  $375,778

• Alternative Use

  Use

  Valuation

  Residential

  $544,252

  Hospitality

  $498,532

  Educational

  $414,772

  Medical

  $429,037

  Retail

  $645,202

Location Insight

City

Springfield

County

Hampden

State

Massachusetts

Latitude

42.0925

Longitude

-72.5456

CBSA code

44140

CBSA name

SPRINGFIELD, MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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