Updated Dec 21, 2024
Hutton Springfield MA ST LLC Acquires Development Site In Springfield Massachusetts For $1.1M
710 Liberty Street
$1,100,000
Building Size
—
Asset Type
Development Site
Closing
Dec 13, 2024
About this deal
AI
710 Liberty Street is a development site comprising 1.04 acres located in Springfield, MA. The property was sold for $1,100,000 as part of a transaction aimed at repurposing a former funeral home into a car wash facility after zoning changes and special permits were secured.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,100,000
- Buyer: Hutton Springfield MA ST, LLC
- Seller: Tinkham Glen Realty, LLC
- Buyer's Representative: M Square Commercial
- Seller's Representatives: Kevin Jennings & Jonathan Little - Jennings Real Estate Services
- Market: Springfield, MA
Jennings Real Estate Services played a crucial role in facilitating the transaction, ensuring all necessary zoning changes and permits were in place for the redevelopment project.
Springfield Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
14.42%
Cash-on-Cash
-4.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93