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2.52ACRE Retail W/ 3 Corp Gnd Leases 2 Retail Properties Offered at $3,990,000 in Springfield, MA
INVESTMENT HIGHLIGHTS
- M&T BANK GROUND LEASE IMPROVED WITH A 3,116 SQUARE BANK BANCH WITH DRIVE THRU
- VERIZON WIRELESS GROUND LEASE IMPROVED BY A MULTI CARRIER CELL TOWER
- APPLEBEES GROUND LEASE IMPROVED WITH A 4,884 SQUARE FOOT RESTAURANT
EXECUTIVE SUMMARY
Jennings Real Estate Services, Inc.- The property is a 2.52-acre parcel that includes a free-standing bank building, a free-standing restaurant building, and a cell tower. The bank building is 3,113 square feet and is leased to M&T Bank. The restaurant is a 4,884-square-foot building leased to the Flynn Group under a corporate Applebee’s lease. The cell tower at the rear of the property is leased to Verizon and managed by Vertical Bridge. The property is located on the busy commercial corridor of Boston Road in Springfield that sees more than 23,000 vehicle trips per day.
TAXES & OPERATING EXPENSES (ACTUAL - 2022) Click Here to Access |
ANNUAL |
|---|---|
| Gross Rental Income |
$99,999
|
| Other Income |
-
|
| Vacancy Loss |
-
|
| Effective Gross Income |
$99,999
|
| Net Operating Income |
-
|
TAXES & OPERATING EXPENSES (ACTUAL - 2022) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Other Income | |
|---|---|
| Annual | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Net Operating Income | |
|---|---|
| Annual | - |
PROPERTY FACTS
| Price | $3,990,000 | Number of Properties | 2 |
| Price / SF | $527.36 / SF | Individually For Sale | 1 |
| Cap Rate | 6.97% | Total Building Size | 7,566 SF |
| Sale Type | Investment | Total Land Area | 5.04 AC |
| Status | Active |
| Price | $3,990,000 |
| Price / SF | $527.36 / SF |
| Cap Rate | 6.97% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 1 |
| Total Building Size | 7,566 SF |
| Total Land Area | 5.04 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
|
Applebee's
1349 Boston Rd, Springfield, MA 01119 |
Retail | 4,450 SF | 1924 | $3,990,000 |
| 1355 Boston Rd, Springfield, MA 01119 | Retail | 3,116 SF | 2006 | - |
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2.52ACRE Retail W/ 3 Corp Gnd Leases
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