66 S Broad St, Westfield, MA 01085 For Sale

Multi-tenant industrial building. Fully leased. Good mix of long term tenants, with repeated renewals and considerable bumps in rental rates. This approx. 70,000 square foot industrial property is situated just outside of the town center, adjacent to the Towns municipal property for public works and equipment, in close proximity to Big Y, Rite Aid, Stop & shop, Ace Hardware, TD Bank and over ten restaurants. It is 100 % leased with a good mix of 12 tenants. Most of the utilities are separately metered. Over the last 10 years, the property has undergone extensive renovations. Substantial roof and sprinkler system repairs and replacements, installation of multiple overhead doors, loading dock repairs, demising of large space into smaller, more attractive spaces, installation of multiple new bathrooms, paving, construction of finished office spaces, utility service separations, electrical, lighting and HVAC updates. There are consistent renewals from existing tenants with little turnover and good annual growth in rents.

The property is offered at a 7.00% CAP rate.