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181 State St
Springfield, MA 01103 Downtown Springfield

$1,800,000

Loft Creative Space For Sale  •  31,525 Sq Ft

Property Details

  • Property Type Loft Creative Space
  • Total Building Size 31,525 Sq Ft
  • Lot Size 0.99 ac
  • Building Class B
  • Year Built 1930
  • Cap Rate 7.13 %
  • Tenancy Multiple
  • Zoning B3
63 Transit Score
93 Walk Score

Description

Priced at appraised value, Seller willing to negotiate for investor to achieve reasonable cap rate.  The Maplegate Building, is one of the cities icons, almost an entire block 4, 18, 20 Maple Street with it's legal address as 181 State Street encompasses a parking garage for tenants and area businesses.  97% occupied with a variety lease mix for 25 current professional services occupants.  This location is on the bus line, it's private garage holds 98 cars, with a good percentage of spaces taken by monthly prepaid parking of tenants and tenant validations.  There are also meters along side both one way streets around the property.  It is walking distance to court house, across the street is the convention center and the quadrangle, downtown centro and MGM casino are within a few blocks as well.   Building has an elevator, tenants have shared restrooms on each floor, some office spaces have private restrooms and the second floor shared is handicapped accessible.  Class B Building in good condition and has been maintained by onsite owner.  Currently operating with a Parking Lot Attendant Monday through Friday, utilities are included, tenants pay for phone internet and cable and have the ability to have your client parking validated. Maplegate Rehab has affiliation with Seller/Owner whom occupies approximately 3500 square feet of this property. Sale condition requires this operation the ability to lease back it's office space with a 5 year fixed lease at current rate with the flexibility to renew two additional 5 year terms up to a total of 15 years at a predetermined and/or reasonable increase in lease.  Photographs were taken as we remodeled and entered into new leases with tenants.  Other notes under financials listed here:  Other income is parking lot validations and monthly stickers and income used is year end 2019.  Proforma was not used.  2018 & 2019 Rent Roll and Parking Lot Income available for serious and qualified investors as well as last 2016-2017-2018 Operating statements.   Broker Agent is well versed on this property and will provide documentation to serious investors.  Contact listing agent directly for scheduling onsite visits and to entertain other questions.

Highlights

Long term tenants, natural light
Excellent tenant mix
Offices in good condition
Walking distance to downtown centro, court house and MGM
On the busline
Maintenance workspace onsite approximately 1500 square feet

Financial Summary (Actual)

Net Operating Income: $128,400 (2019)
Cap Rate: 7.13 %
Total Expenses: $253,100

Major Tenants

Tenant SF Occupied Lease End Date
Attorneys 7,100 SF
Gym 4,368 SF
Hampden County 850 SF
Healthcare placement 2,800 SF
Human Services 3,500 SF
Maplegate Rehab Inc 3,400 SF
Psychotherapists 1,900 SF
Unions 4,575 SF

Amenities

  • 24 Hour Access
  • Air Conditioning
  • Bus Line
  • Fitness Center
  • Property Manager on Site
  • Security System
  • Central Heating
  • Fully Carpeted
  • Direct Elevator Exposure
  • Natural Light
  • Shower Facilities
  • Drop Ceiling

Public Transportation

AirportDriveWalkDistance
Bradley International Airport 27 min - 14.2 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 20
Type: Covered
Included in Rent: Yes
Shirley Simolari 860-324-4177 Berkshire Hathaway HomeServices New England
Shirley Simolari 860-324-4177 Berkshire Hathaway HomeServices New England