109 Chestnut Street, Springfield, MA

Office for Sale - $499,000 - 37,800 Sq. Ft.

FRE.COM

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Agent Info

NameDebi Roks
CompanyFRE.COM

Property Info

CIMLS #1059454
Location109 Chestnut Street
Springfield MA 01103
Last UpdatedOctober 8th, 2019
TypeOffice
Price$499,000
Building37,800 Sq. Ft.
DemographicsView sample

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Property Description

ONLINE AUCTION EVENT – Opportunity Zone!

MINIMUM BID: $499,000; BID DEADLINE: November 21st at 5:00 pm EST. For more property information, auction details and to register to place a bid, visit www.FRE.com/306

Located in the historic Apremont Triangle District in Springfield, Massachusetts. This ±37,800 square foot Commercial Building offers a prime investment opportunity adjacent to and surrounded by redevelopment and new construction projects of all types. From housing, hospitality, major transportation hubs and expanding employment to local shopping, restaurants and entertainment, this offering is central to it all. Approximately ±4,700 businesses are based within the city, employing more than ±73,000 workers, making Springfield the economic hub of the region.

Location Overview:

Springfield sits on the eastern bank of the Connecticut River. Between the Springfield downtown core and the former Springfield Armory (now Springfield Technical Community College) is home to the Union Railroad Station redevelopment (completed June 2019) and the newly completed Federal Court House. The entrances to the major North/South Interstate I-91 and the major East/West Interstate I-90 are minutes from the Birnie Building property. The recently constructed MGM Springfield Hotel and Casino is open and only a ±5 minute walk from the subject property. Also walking distance from the property is Springfield Union Station and a state of the art regional intermodal transit center with local and long-distance buses and a new parking garage. Offering Amtrak rail service, it also includes office, retail and restaurant space which has been leased. Bradley International Airport is only ±14 miles from this property. And, located in the heart of downtown Springfield just two blocks from the Birnie Building is The Quadrangle which is home to the city’s 5 Museums and the Planetarium.

Property Features:

• ±37,800 Square Feet - Two Story Class B Building

• Municipality: City of Springfield, Hampden County, Massachusetts

• Strong financial upside due to the 65-70% vacancy and current tenants at below market rents on a month-to-month (at will) rental term.

• City of Springfield Population: ±155,032 (2018 estimate) and is the 3rd largest city in Massachusetts, the 4th most populous city in New England and the 12th most populous in the Northeastern United States.

• Built in 1923 for the cutting edge technology of the day, the automobile, the Birnie Building, as with its sister building the Harris-Green building across the apex of the triangle, provided ground floor show rooms for the sale of new automobiles (including Rolls-Royces then manufactured in Springfield).


Financials

Tax Benefits for Redevelopment & Investment:

• MassDevelopment has offered tax-exempt bond financing with the possibility of loan guarantees and limited recourse.

• Given its location in a federally designated historic district, the Birnie Building is eligible for historic rehabilitation tax credits, 20% federal and 10% state.

• The property is also eligible for the federal New Markets Tax Credits of 39%.

• Opportunity Zone!



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