2.52 Acre Retail w/ 3 Corporate Ground Leases 1349 Boston Rd 4,114 SF Retail Building Springfield, MA 01119 $3,990,000 ($969.86/SF) 6.97% Cap Rate
EXECUTIVE SUMMARY
Jennings Real Estate Services, Inc.- The offering includes three ground leases on a 2.52 acre parcel that is improved with a free standing bank building, a free standing restaurant and a cell tower. The M&T bank consists of 3,116 square feet which was built in 2006 with a recent significant renovation. The restaurant is a corporate Applebee's lease and is a 4,884 square foot building built in 2007. The cell tower at the rear of the property is leased to Verizon. The property is located on the busy commercial corridor of Boston Road in Springfield that sees over 23,000 vehicle trips per day.
PROPERTY HIGHLIGHTS
M&T BANK GROUND LEASE IMPROVED WITH A 3,116 SQUARE BANK BANCH WITH DRIVE THRU
APPLEBEES GROUND LEASE IMPROVED WITH A 4,884 SQUARE FOOT RESTAURANT
VERIZON WIRELESS GROUND LEASE IMPROVED BY A MULTI CARRIER CELL TOWER
PROPERTY HIGHLIGHTS
M&T BANK GROUND LEASE IMPROVED WITH A 3,116 SQUARE BANK BANCH WITH DRIVE THRU
APPLEBEES GROUND LEASE IMPROVED WITH A 4,884 SQUARE FOOT RESTAURANT
VERIZON WIRELESS GROUND LEASE IMPROVED BY A MULTI CARRIER CELL TOWER
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
4,114 SF
Building Class
C
Year Built
1924
Price
$3,990,000
Price Per SF
$969.86
Cap Rate
6.97%
NOI
$278,045
Tenancy
Single
Building Height
1 Story
Building FAR
0.04
Lot Size
2.52 AC
Zoning
Business A
Parking
83 Spaces (20.18 Spaces per 1,000 SF Leased)
Frontage
300’ on Boston Road
Walk Score®
Very Walkable (72)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | SPRI-001655-000000-000472 | Improvements Assessment | $1,345,800 |
| Land Assessment | $1,374,700 | Total Assessment | $2,720,500 |
