Value Add Multi-Tenant Mixed-Use Asset 289-309 Bridge St 38,746 SF 78% Leased Office Building Online Auction Sale Springfield, MA 01103
INVESTMENT HIGHLIGHTS
- Prominently visible six-story, 38,746-SF multi-tenant office/retail building on a sought-after corner lot on key roads in Springfield, Massachusetts.
- Incredible investment opportunity to acquire a 66% occupied acquisition with exceptional upside opportunity through new leases at market rents.
- Conveniently located within a block of numerous public transportation bus routes and walking distance from the Springfield Amtrak Hartford Line Train.
- Advantageously situated minutes from the heart of Springfield’s CBD with seamless accessibility to major transportation routes I-91, I-291, and US 20.
- Historic property exudes one-of-a-kind charm in the flourishing Hampden County office submarket, which is seeing decreasing vacancies.
EXECUTIVE SUMMARY
Accessibly positioned between Main and Dwight Streets, 289-309 Bridge Street conveniently boasts immediate proximity to Springfield’s thriving Central Business District. Its prime location ensures unmissable visibility and quick access to major thoroughfares Interstates 91, 291, and US Route 20. Numerous public transportation bus routes surround the property within one block providing businesses and their visitors with ultimate convenience navigating to and from the building. The Springfield Amtrak Hartford Line Train is also excellently located a quick four-minute walk from the property, positioning tenants with seamless connectivity to the asset, its encompassing amenities, and downtown.
Springfield is home to an emerging marketing with a dynamic environment perfect to acquire a 97% leased acquisition such as 289-309 Bridge Street. The Hampden County office submarket has seen impressively low vacancy rates with a vacancy rate decrease of 1.8% over the past year. With some tenants currently on month-to-month lease agreements, a new investor can find this asset attractive by seeing immediate upside through signing new long-term agreements with committed tenants. Rental rates within this office submarket have grown year-over-year with a five-year average of 3.4% growth. Acquire 289-307 Bridge Street to add premier value through increased lease rents at market rates and boost profitability.
Property tours are available by appointment only. Please contact the broker to schedule.
DATA ROOM Click Here to Access
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
9.9%
Market Cap Rate
9.9%
Market Sale Price/SF Change (YOY)
Market Sale Price per SF
Springfield - MA USA
Market Cap Rate
Springfield - MA USA
Market Sale Price per SF by Star Rating
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4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
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Market Sale Price per SF Distribution
Market Cap Rate Distribution
PROPERTY FACTS
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
Abundant natural light pours in through large windows, creating a bright and inviting atmosphere throughout the office. The well-appointed kitchen is perfect for quick meals or informal gatherings, while two versatile conference rooms offer ample space for presentations, brainstorming sessions, or client meetings. Private restrooms add to the convenience and comfort of the space. Located in the heart of the downtown district, you’ll be surrounded by an array of shops, restaurants, and cultural attractions—making it easy for team members to enjoy a vibrant urban lifestyle. Plus, with utilities included in the rent, managing your business has never been simpler. This office space is not just a place to work—it’s an environment designed to inspire innovation and success.
| Space | Size | Space Use | Condition | Available |
| 5th Floor | 6,000 SF | Office | Full Build-Out | Now |
5th Floor
| Size |
| 6,000 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
ABOUT HAMPDEN COUNTY
Springfield is the third-largest city by population in Massachusetts, located about 90 miles west of downtown Boston. The region is well-connected to major transportation corridors. The Massachusetts Turnpike provides access to Boston and Worcester further east, while Hartford, Connecticut, lies further south, connected via Interstate 91. Residents here are drawn to serene green spaces, golf courses, and water access along the Connecticut River.
Travel by car is the favored method for those commuting out of the region, but Delta, American, and JetBlue airlines service the Worcester Regional Airport to the east for longer trips. It is a one-hour drive from central Springfield.
Major employers with presences in the region include MassMutual and Big Y World Class Markets. Nonetheless, with Baystate Medical Center, Mercy Medical Center, and multiple colleges and universities, education and healthcare remain at the forefront of the city’s economy and employ many in the local workforce.
Investors looking to place capital in office assets won’t need to contend with large amounts of speculative supply pressuring lease-up performance. Very few starts have materialized in the past few years, which could help support a higher floor for rent growth as broader markets attempt a recovery. Pricing here is well below half the average asset cost in Boston, which adds further upside return potential on reduced capital outlays.
DEMOGRAPHICS
Demographics
PROPERTY TAXES
| Parcel Number | SPRI-001840-000000-000075 | Improvements Assessment | $992,300 |
| Land Assessment | $213,700 | Total Assessment | $1,206,000 |
SALE ADVISOR
SALE ADVISOR
Zack Mittelstadt, Associate
Prior to joining CBRE, Zack was an intern for a commercial real estate firm in Hartford Connecticut, which focused on the leasing and sales of industrial properties.
While obtaining his degree from Clark, Zack was a four year member of the Men’s varsity basketball team.
