Legal Arts Building | 924-934 Main St
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Legal Arts Building 924-934 Main St
5,658 SF Vacant Office Building Springfield, MA 01103 $475,000 ($84/SF)
Investment Highlights
- High visibility, high vehicle and foot traffic
- Separate utilities
- Fenced in parking lot
- Basement for storage
Executive Summary
PRICE REDUCED! The opportunity is here to own this two story professional office/retail building consisting of approximately 5658 square feet of space. This high visibility property is located just a few blocks from the MGM casino. The property currently consists of four units two on each floor. The two units on the left side each contain approximately 1,829 square feet of space and the two units on the right side each contain approximately 1,000 square feet of space. The two first floor units also have access to a partially finished basement for additional space. There are separate gas and electric meters for each unit. The 8891 square foot lot contains a fenced in paved 20 car parking lot. The second floor windows and roof were replaced approximately 10 years ago. High efficiency LED lighting has also been installed. One of the HVAC units was replaced less than two years ago. All information is As Per Owner.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$73,554
|
$13.00
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,678
|
$0.65
|
| Effective Gross Income |
$69,876
|
$12.35
|
| Taxes |
$13,736
|
$2.43
|
| Operating Expenses |
$13,014
|
$2.30
|
| Total Expenses |
$26,750
|
$4.73
|
| Net Operating Income |
$43,126
|
$7.62
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $73,554 |
| Annual Per SF | $13.00 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $3,678 |
| Annual Per SF | $0.65 |
| Effective Gross Income | |
|---|---|
| Annual | $69,876 |
| Annual Per SF | $12.35 |
| Taxes | |
|---|---|
| Annual | $13,736 |
| Annual Per SF | $2.43 |
| Operating Expenses | |
|---|---|
| Annual | $13,014 |
| Annual Per SF | $2.30 |
| Total Expenses | |
|---|---|
| Annual | $26,750 |
| Annual Per SF | $4.73 |
| Net Operating Income | |
|---|---|
| Annual | $43,126 |
| Annual Per SF | $7.62 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
5,658 SF
Building Class
C
Year Built
1951
Price
$475,000
Price Per SF
$84
Percent Leased
Vacant
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
2,829 SF
Slab To Slab
10’
Building FAR
0.64
Lot Size
0.20 AC
Zoning
B2 - Business Zoning
Parking
20 Spaces (3.53 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Basement
1 of 1
Walk Score ®
Very Walkable (89)
Transit Score ®
Excellent Transit (73)
PROPERTY TAXES
| Parcel Number | SPRI-008130-000000-000083 | Total Assessment | $387,900 |
| Land Assessment | $173,500 | Annual Taxes | $13,736 ($2.43/SF) |
| Improvements Assessment | $214,400 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
SPRI-008130-000000-000083
Land Assessment
$173,500
Improvements Assessment
$214,400
Total Assessment
$387,900
Annual Taxes
$13,736 ($2.43/SF)
Tax Year
2024
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Legal Arts Building | 924-934 Main St
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