Holyoke, Massachusetts 01040 – Imposing 106,500 SF brick commercial building with outstanding redevelopment potential

345-363 Dwight St, Holyoke MA 01040

(AKA 345-363 Dwight St, Holyoke MA 01040 & 44 Race St, Holyoke MA 01040)

RARE INVESTMENT AND DEVELOPMENT OPPORTUNITY:

A building of this size, location and character are not often seen on the open market

IN A NEIGHBORHOOD THAT’S UNDERGOING MAJOR RE-DEVELOPMENT AND IN THE PROCESS OF RE-GENTRIFYING. AREA UNDERGOING MAJOR CHANGES AND IS SHOWING A POPULATION GROWTH AND RISING REAL ESTATE PRICES.

The neighborhood is home to several industrial mill buildings which have already been renovated to house office, industrial and artist tenants.

MAGNIFICENT AND IMPOSING 106,586 SF BRICK INDUSTRIAL BUILDING SITUATED WITHIN HOLYOKE’S UP AND COMING DOWNTOWN OVERLAY AND GATEWAY AREA.

3 to 5 story plus basement on 0.60 acres in a great location overlooking the canal, a few steps away of the new multi-Million Dollar high-speed passenger rail platform at Depot Square and close to Downtown Holyoke.

Suitable for a wide array of end-uses including industrial and manufacturing, wholesale, warehouse, storage and distribution, industrial flex (with subdivision into industrial units), residential condo conversion, apartment space, retail, bar and restaurants, offices, storage, retail or factory outlets, office condos, incubated professional/business enterprises, art studios, workshops, indoor commercial recreation, retail or personal services.

Potential for conversion into a mixed residential and commercial scheme with superb loft apartments, offices, retail units, restaurants and cafés.

1 Bedroom apartment across the road is selling for $159,000

Great Opportunity: Selling at only $1.83/ SF, way below comparables.

Selling with clear title, no liens or back taxes, warranty deed and no auction premium or document fees

Large commercial property with great potential close to Downtown Holyoke Massachusetts situated within Holyoke’s up and coming DOWNTOWN OVERLAY AND GATEWAY area. The property itself is situated in a superb location on Holyoke’s canal walk, a few steps away from the multi-million Dollars passenger rail platform at Depot Square, in a historic industrial area that is being revitalized and redeveloped, so the uses are very broad. The neighborhood is home to several industrial mill buildings which have been renovated to house office, industrial and artist tenants.

This 106,536 SFbrick building is waiting for someone with ideas to bring this massive building back to its glory days in an area that’s undergoing major re-development and in the process of re-gentrifying.

Description

BRICK BUILDING WITH HIGH CEILINGS AND ENORMOUS REDEVELOPMENT POTENTIAL WITH 106,536 SF OF FLOORSPACE

The building is comprised of 5 floors plus basement. Floors one through three consist of mainly open floor plans and the fifth floor is located in one section of the building

The areas are divided as follows*:

First Floor: 24,440 SF

Second Floor: 24,440 SF

Third Floor: 23,688 SF

Fourth Floor: 22,120

Fifth Floor: 11,840 SF

TOTAL: 106,536 SF

*(ref: City of Holyoke, property record card)

Basement: 24,440 SF

TOTAL AREA (Including Basement): 130,968 SF

Features:

High Ceilings
Open Floor Plan
Attractive Brick Building
Large basement.
Potential for conversion into apartments / lofts and many other uses.
Next to the canal with water views
In the middle of a major re-development area
Close to new multi-million Dollars passenger rail platform
New pedestrian walkway on canal
Increase in area traffic due to redevelopment
Improved roads and access

Condition:

The property is a solid brick building, but it needs serious rehabilitation.

The exterior of the building is solid, parts of the roof has been replaced, the gutters and spouts are operational, the property is currently boarded up and secure. Internally, the property needs major repairs and rehab, parts of floors have fallen and will need re-building.

A rehab plan has been submitted to the city for approval. A copy is attached. The buyer will be required to either adopt an approved plan or submit their own plans for approval.

Future Use:

Zoned IG, General Industry use within the special use districts known as the up and coming DOWNTOWN OVERLAY AND GATEWAY AREA , the facility allows, subject to zoning approval of the details, for a broad array of end-use opportunities including industrial and manufacturing, wholesale, warehouse, storage and distribution, industrial flex (with subdivision into industrial units), residential loft apartments/condos, retail or factory outlets, office condos, incubated professional/business enterprises, art studios, workshops. indoor commercial recreation, retail or personal services.

The owner’s proposed scheme includes Loft apartments, retail stores, offices and conference center, restaurants and cafes, garden terrace, elevator and secure garage parking. Attached are visuals of a proposed scheme of apartments on Race St which will enjoy pleasant views over the canal and retail with stores, cafés, restaurants on the first floor on Dwight St and Main St, offices and conference center on the second and third floors on Dwight St and Main St, and café and restaurants on the roof with the possibility of constructing glass roofs for them to operate all year round. The basement and the back yard and the back of the first floor can be used for parking. These proposals are at concept stage and the buyer can draw their own plans and submit to zoning. The City is encouraging development in this area.

THIS IS A UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A LARGE BUILDING IN THE CENTER OF A CITY AT A DISCOUNTED PRICE IN A GREAT LOCATION.

Location:

This property is located in Holyoke MA, an older northeast industrial city with a healthy service economy and an expanding downtown. The population of Holyoke is 40,000 and it is within the Springfield Metropolitan area which has a total population of 632,000.

The property takes a prominent position on the corner of Dwight St and Race St and backs off on Main Street. Dwight Street crosses the canal and leads to Downtown Holyoke which is less than 1 mile away. The neighborhood is primarily commercial with residential, office and retail locations nearby. Many major Holyoke employers are within a couple of miles of the property. The victory Theatre, The Children’s museum and other attractions are within ½ mile and major shopping at Holyoke Shopping Center and Holyoke Mall are around 4 miles away.

This property is located on the Second (lower) Canal in Holyoke MA in a section of the city which is undergoing major re-development and in the process of re-gentrifying. The canal walk has been newly renovated and the neighborhood is already home to several industrial mill buildings which have been converted or renovated to house offices, industrial, loft apartments and artist tenanted units.

The property is right next to the exciting Holyoke Arts District and only a few steps away from the multi-million Dollar new high-speed passenger rail platform at Depot Square which make the property very accessible and attractive to future occupants.

The property sits in an IG (General Industry) zone, with permitted uses that include manufacturing, wholesale, warehouse, parking, indoor commercial recreation, retail, personal services. It is also within the DOWNTOWN OVERLAY AND GATEWAY area which allows further uses. The purpose of this re-development area is to encourage reuse, redevelopment, and revitalization of historic mill structures along the canals in Holyoke’s traditional city center. The purpose of the district is to allow for a vibrant mix of uses that will attract residents, visitors, and customers to this downtown area.

The area is also conveniently located nearby to I-91 and I-391 access. Holyoke is located at the crossroads of New England, and allows easy access to and from all parts of the state. This property is located just miles from major highways I-90 (The Massachusetts Turnpike) and I-91. The Greater Springfield Area, which includes Holyoke, hosts a strong economic base and a business community which includes both large and small employers in the manufacturing, health care, retail, insurance, communications and education sectors. The city is situated within 25 miles of over 10 Colleges and Universities as well as numerous tourist destinations.

Airports: Westover Metro Airport: 4.1 miles- Bradley International Airport: 33 miles

Distance to major cities:

12 min to Springfield MA
35 min to Hartford CT
55 min to Worcester MA
1 hr 20 min to Albany NY
1 1/2 hrs to Boston MA
1 1/2 hrs Providence RI
2 1/2 hrs. to New York City

The property is located close to an excellent selection of local facilities and amenities:

Restaurants

Tiny Kitchen (.04mi), Caribbean Club (.3mi), Subway (.3mi), Holyoke Hummus Company (.3mi), Subway (.3mi), Fernandez Family Restaurant and Catering (.3mi), Brennan’s Place (.3mi), El Sabor Caribeno (.3mi), Kennedy Fried Chicken (.3mi), Unicorn Inn (.4mi), Salsa Rengue Restaurant Seafood (.4mi), The Clover (.4mi), City Pizza (.4mi), McDonald’s (.4mi), La Pescaderia Restaurant (.4mi), Amedeo’s Restaurant & Pizzeria (.4mi), China House (.4mi), Capri Pizza (.4mi), Delgado Restaurant (.4mi), Mambo Café (.4mi), New England Fish-N- Chips (.5mi), El Rincon Boricua Restaurant (.5mi), Pizza D’Action (.6mi), Egg & I Restaurant (.8mi), Underground Pizza (.8mi), Stoney’s Pub Bar (.8mi), Roger’s Place (.9mi), Al’s Diner (.9mi), Pizza Stop (.9mi), Country Corner Coffee House (.9mi), C and T Pizza (.9mi), Sarah’s Place (.9mi), Sarah’ Place (1mi), Beths Place Inc (1mi), Ebenezer’s bar and grill (1mi), Surf-n-Dogs (1mi), Mel’s Restaurant (1.1mi), Bodega Cookies (1.1mi), El Guanaco (1.1mi), Elizur Holyoke Pub (1.1mi), Pic’s Pub and Pizzeria (1.2mi), Rusty’s Place (1.2mi), Mi Isla Bakery & Restaurant (1.2mi), 733 Bar & Grille (1.2mi), Fine Dining Group (1.2mi), Hibiscus (1.3mi), Golden China (1.3mi), Springdale Lunch (1.3mi), Domino’s Pizza (1.3mi), TNT Pizza Sports Bar & Grill (1.4mi), Yankee Pedlar Restaurant & Banquets (1.4mi), Golden Chopsticks (1.4mi), Friendly’s (1.4mi), Silk Deli & Bistro (1.4mi), Nick’s Nest (1.4mi), Subway (1.5mi), Real China Restaurant (1.5mi), D’Angelo Grilled Sandwiches (1.5mi), McDonald’s (1.5mi), Maggios Pizza (1.5mi),

Coffee

Fiesta Café (.3mi), Dunkin’ Donuts (.3mi), City Corner Convenience (.4mi), Mt Joe To Go – Downtown (.4mi), Riverside Café (.9mi), Pride (1.4mi), Dunkin’ Donuts (1.4mi), Dugout Cafe & Pizza Shop (1.5mi), The Dam Café (1.5mi),

Bars

Francie’s Tavern (.4mi), Paper City Brewery Co Inc (.4mi), Sok’s (.9mi), The Den (1mi), Elizur Holyoke Pub Inc (1.1mi), Deaner’s 4-10 Lounge (1.3mi), View Street Tavern (1.9mi), Halfway House Lounge (2mi), Holyoke Farmers’ Market (.3mi), Holyoke Food & Fitness Program (.3mi), Betty Groceries (.3mi), La Favorita Mini Market (.3mi), Diaz Groceries (.3mi), Negron (.4mi), Old San Juan Bakery (.4mi), Genra Victoria (.4mi), C-Town Supermarkets (.4mi), Cuba Supermarket (.4mi), Mega Foods (.4mi), Evelyn Mini Market (.4mi), Amicol Grocery LLC (.5mi), Las Chicas Market (.5mi), Appleton Market (.7mi), Franklin Market (.7mi), Manny’s Market (.8mi), Dwight Market (.8mi), Tony’s Grocery Store (.8mi), ATM (Sunoco Sams’ Food Store) (.8mi), Chicopee Street General Store (.9mi), Peapod by Stop & Shop (1.1mi), Save-A-Lot (1.1mi), Spud’s Inc (1.3mi),

Parks

Deroy Park (.1mi), Ward 1 Playground (.1mi), Holyoke Heritage State Park (.2mi), Mcnally Field/Deroy Park (.2mi), McNally Field (.3mi), Saucy Park (.3mi), Hampden Park (.4mi), Kosciuzko Park (.4mi), Veterans Park (.4mi), Valley Arena Park (.5mi), Hamilton Park (.5mi), Holyoke Libary Park (.5mi), Pulaski Park (.5mi), Pulaski Park (.5mi), Valley Arena Park (.5mi), Prospect Park (.5mi), Elm School Park (.6mi), Mitchell Field (.7mi), Avery Field (.7mi), Mitchell Field (.7mi), Ward Ii Pool Park (.8mi), Dean Park (.8mi), Town Hall Playground (.8mi), Hadley Falls Canal Park (.8mi), Beachgrounds Park (.8mi), Ward Vi Pool Park (.9mi), Roberts Field (.9mi), MacKenzie Field (1mi), Mcnulty Park (1mi), McNulty Park (1mi), Williniausett Viaduct-Vet Park (1.2mi), Highland Park (1.3mi), South Hadley Canal Park (1.3mi), Rivers Park (1.4mi), Crosier Field (1.4mi), Nash Field (1.4mi), Riverside P (1.4mi),

Schools

Kelly Elementary School (.1mi), Holyoke Street School (.3mi), Springdale Education Center (.4mi), Mater Dolorosa Elementary School (.5mi), Center for Excellence (.5mi), Morgan Elementary School (.6mi), Holyoke High School (1.1mi), William R. Peck School (1.3mi), Streiber Memorial School (1.4mi), First Lutheran School (1.4mi), Bellamy Middle School (1.4mi), Fairview Middle School (1.5mi), Rfkcac Experiment With Travel School (1.5mi), Blessed Sacrament Elementary School (1.6mi), Rebecca M Johnson Elementary School (1.8mi), Holyoke Community Charter School (1.8mi), E N White Elementary School (1.9mi), Chicopee Comprehensive High School (1.9mi), South Hadley High School (2mi), Lambert-Lavoie Elementary School (2mi), Plains Elementary School (2.2mi), LT Clayre Sullivan Elementary School (2.2mi), St Joan Of Arc-st George School (2.3mi), WM J Dean Vocational Technical High School (2.3mi),

Shopping

Private Label (.2mi), Pearl Bridal Boutique. (.2mi), Eddie’s Fashion (.3mi), Brooks and Buyers (.3mi), Rainbow Shop (.3mi), New Star (.3mi), Fashion To Go (.3mi), Source of New York (.3mi), Emmanuel Clothing & Shoe Store (.3mi), Street Dreams (.4mi), K & C 7th Avenue (.4mi), Luigi’s Christian Book & Music Store (.4mi), Kids Fashion (.4mi),

Entertainment

Children’s Museum At Holyoke (.2mi), Holyoke Heritage State Park (.3mi), Wistariahurst (.7mi), Old Firehouse Museum (.9mi), Bellamy Homestead (3.4mi), Mount Holyoke College Art Museum (4mi), South Hadley’s Tower Theaters (4mi), Polish Center of Discovery and Learning (4.1mi), Skinner Museum (4.4mi), Roy E. Goodreau Memorial Overlook (4.7mi), Vietnam Veterans Memorial Bomb (4.9mi), West springfield (4.9mi),

Errands

Bank of America (.3mi), Holyoke Health Center (.4mi), Haberman True Value Hardware (.4mi), Holyoke Postal Credit Union (.5mi), Doorcraft Corporation (.5mi), Shawmut Bank (.6mi), CVS Pharmacy (.9mi), Interstate Plumbing & Heating Supply (.9mi), Citizens Bank (1.1mi), Stop & Shop Pharmacy (1.1mi), Alliance Industrial Sales Inc (1.1mi), Pip Printing And Marketing Services (1.1mi), Highland True Value Hdwe & Bike Shop (1.2mi)

(Walkscore.com)

Demographics 1 mile 3 miles 5 miles

Total Population: 18,391 81,924 135,197

Springfield 8.1 miles- Holyoke is part of the Springfield Metropolitan area which has a total population of 632,000

Population Growth: 2010- 2017: + 2.73% +2.82% +3.23%

Projected population Growth: 2017- 2022: +1.30% +1.23% +1.26%

% White: % 82.6 % 88.0 %88.4

% Black: % 10.4 % 6.4 % 6.0

*Costar

Daily Traffic:

Collection Street	Cross Street	Traffic Vol	Year
High St	Dwight St NE	7,300	2016
Dwight St	High St SE	4,288	2014
High St	Hampden St SW	5,000	2016
High St	Hampden St SW	5,307	2010

* Datametrix

Great Investment opportunity*:

Strong market demand:

The real estate market in the area has significant future capital appreciation potential with the market exhibiting lower vacancies and double digit yearly increase in prices and rentals through the various sectors.

Low vacancy rate: The commercial leasing vacancy rate in Hampden County is 5.9%.

The available space coming on the market has been decreasing steadily from about 17% of total stock in 2013 to just over 8% in 2017, while the leasing vacancy rate has decreased from about 13.0% in 2013 to under 6% in 2017.

The average asking rent for similar commercial property has increased from $3.40 at the end of 2016 to about $4.50 in 2017, a 32% increase in less than a year. Rehabbed space is renting at an average of $14/ SF.

The average sale price / SF for all commercial property in Springfield/ Holyoke is $46/SF although recent data shows a sharp increase over that figure in the last few months of 2017.

Average for only rehabbed properties is $219/SF.

Demand for Apartments:

According to Trulia.com the median sales price in this area is $187,950 and the selling price per SF is $126/ SF. Trends in Holyoke show a 11% year-over-year rise in median sales price and a 28% rise in median rent per month

Average rent in the area for

1 Bed: $735/ Month

2 Bed: $828/ Month

3 Bed: $943/ Month

4 Bed: $1,100/ Month

Apartment sale comparable:

101 Cabot Unit 402 Holyoke, MA 01040 – 1 bed Loft apartment converted into industrial warehouse, price: $149,900 (on the upper side of the same canal less than 0.6 miles away from the property)

Demand for Offices:

A lot of High Tech Enterprises are moving into the area which offers good facilities, accessibility at competitive prices. Office sale prices vary from $50 to $190/ SF and rents from around $15/ SF/Year

Demand for Retail:

Future retail units and restaurants and cafes will do well at this location due to proximity of the new passenger rail platform, Downtown Holyoke and the large number of offices and employers now in the vicinity. Retail sale prices vary from $40 to $200/ SF and rents from $12 to $21/ SF/Year

*(Ref Costar Analytics)

Price Comps/ similar properties

The property is selling at only $1.83/ SF, way below comparables.

For sale:

Needing a rehab:

380 Dwight Holyoke MA 01040- 69,817 SF- $495,500 – $7.09/ SF

110 Winter St, Holyoke, MA 01040- 44,700 SF- $299,000 – $6.69/ SF

108 Cabot Street Holyoke, MA, 01040- 61,500 SF- $700,000- $11.38/ SF

26 Hadley Mills Road, Holyoke, MA, 01040-53,246 SF- $400,000- $7.51/ SF

52 Main St , Holyoke, MA 01040 – 12,000 – $9.58 / SF

62-64 Commercial St Holyoke, MA 01040 – 11,520 SF- 16 units- needs a rehab- $775,000- $67.27 / SF

Rehabbed: