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Sumner 704-708 Sumner Ave 4,592 SF 100% Leased Office Building Springfield, MA 01108 $499,900 ($108.86/SF) 8% Cap Rate
Executive Summary
LOTS OF ROOM TO IMPROVE RENT! Prime Mixed-Use Investment Opportunity! 704-708 Sumner Ave offers a unique opportunity to own a mixed-use property with both commercial and residential income potential. The street-level commercial space features excellent frontage, prominent signage, multiple offices, reception and waiting areas, making it ideal for professional, medical, retail, or service-based businesses. Commercial space is on a lease until Nov 2028. Above, residential apartments provide additional income and long-term investment value. All residential apartments are rented without a lease, month to month agreements. The property offers off-street parking, separate utilities, multiple electrical panels, 15 year old roof and a flexible layout suited for owner-occupants and investors alike. Earning $4,700 per month rental income, there is ample room to increase rents to market rent. Its classic brick exterior provides timeless curb appeal while its high-traffic location ensures outstanding visibility. Conveniently located near Forest Park, MGM Springfield, downtown Springfield, & major highways, including I-91 & the MA Turnpike.
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Office/Residential
Building Size
4,592 SF
Building Class
C
Year Built
1920
Price
$499,900
Price Per SF
$108.86
Cap Rate
8%
NOI
$39,992
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
1,531 SF
Building FAR
0.96
Lot Size
0.11 AC
Zoning
B1
Parking
3 Spaces (0.65 Spaces per 1,000 SF Leased)
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Very walkable
80/100
Very drivable
80/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | SPRI-011280-000000-000127 | Improvements Assessment | $251,600 |
| Land Assessment | $70,000 | Total Assessment | $321,600 |
Property Taxes
Parcel Number
SPRI-011280-000000-000127
Land Assessment
$70,000
Improvements Assessment
$251,600
Total Assessment
$321,600
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Sumner | 704-708 Sumner Ave
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