$125,000 non-performing loan secured by a first mortgage on the property described below with an outstanding balance of $103,700 (October 15, 2020).
Property was bought by the borrower in June 2018 for $195,000
Prices in this location have since increased by about 20 % (realtor.com , Turlia.com)
Full repayment was due back in March 2019 and loan is non-performing.
Last two payments received : February 11, 2020: $15,000 and March 15, 2020: $1,500.
Yearly interest rate on default : 6.00%
The sale is for the loan note secured by a first mortgage on the above proeprty and the buyer needs to foreclose and will either get the balance or the property.
A copy of the loan Promissory Note, the recorded deed and mortgage and other loan documentation is included in the Due Diligence section.
(AKA 345-363 Dwight St, Holyoke MA 01040 & 44 Race St, Holyoke MA 01040)
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 AND OVERLOOKING THE CANAL.
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), cannabis operation, 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 (3-D visualizations atatched).
1 Bedroom apartment across the road is selling for $159,000
Great Opportunity- see below comparable prices.
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 SF brick 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:
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 through and will need re-building.
A rehab plan has been submitted to the city for approval back in 2018. A copy is attached. The owner will be required to either adopt a similar 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), cannabis operation, 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 previous 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:
The property is located close to an excellent selection of local facilities and amenities:
Restaurants
Beer Garden at Gateway City Arts (0.1mi), Fernandez Family Restaurant and Catering (0.3mi), Brennan's Place (0.3mi), Unicorn Inn (0.3mi), The Clover (0.3mi), El Sabor Caribeno (0.3mi), Kennedy Fried Chicken (0.3mi), Caribbean Club (0.3mi), Salsa Rengue Restaurant Seafood (0.4mi), Amedeo's Restaurant & Pizzeria (0.4mi), McDonald's (0.4mi), City Pizza (0.4mi), Subway (0.4mi), Holyoke Hummus Company (0.4mi), El Rincon Boricua Restaurant (0.4mi)
Coffee
Mt Joe To Go – Downtown (0.3mi), City Corner Convenience (0.3mi), Fiesta Café (0.4mi), Dunkin' Donuts (0.4mi), Riverside Cafe (0.8mi), Pride (1.4mi), Dunkin' Donuts (1.4mi), The Dam Café (1.6mi), Dugout Cafe & Pizza Shop (1.6mi), Dunkin Donuts (2.2mi), Dunkin' Donuts (2.4mi), Starbucks (2.5mi), Panera Bread (2.6mi), Dunkin' Donuts (2.8mi)
Bars
Francie's Tavern (0.3mi), City Lounge LLC (0.3mi), Race Street Bar (0.4mi), Paper City Brewery Co. (0.5mi), Stoneys Pub (0.7mi), Sok's (0.8mi), B Bar (1.1mi), Elizur Holyoke Pub (1.1mi), The Clubhouse (1.1mi), Deaner's 4-10 Lounge (1.3mi), Cjm Enterprises Inc (1.7mi), Western Mass College Nights (1.8mi), Halfway House Lounge (1.9mi), Club House (2.2mi), Now or Later (2.4mi), Applebee's Neighborhood Grill & Bar (2.6mi), BG Hunters Pub (3.1mi), My Brothers Place (3.7mi), Rollin' Roc Tavern (4mi),Cabot Pub Ii (4mi), Maximum Capacity Sports Bar (4.1mi), Red Fez Lounge (4.2mi), Mingle's Lounge (4.3mi), Angel Entertainment (4.8mi), Casey's Big Dog Saloon (4.8mi), Corner Stone Lounge (5mi)
Groceries
Holyoke Farmers' Market (0.2mi), Bj's Liquor (0.3mi), Jizays (0.3mi), Cuba Supermarket (0.4mi), C Town Market (0.5mi), High Street Liquor (0.6mi), Appleton Market (0.7mi), Tony's Grocery Store (0.8mi), Stop & Shop (1mi), Jenrose Wines & Liquors (1mi), Liquors 44 (1.1mi), Greg & Adams Package Store (1.2mi), PriceRite (1.5mi), Absolute Nutrition (1.7mi), Magri's Fruit & Produce (1.7mi), Big Y (2mi), Holyoke Liquor Mart (2.1mi), Lighthouse Liquors (2.1mi), Stop & Shop (2.2mi), Big Y World Class Market (2.5mi), Aldi (2.7mi), Strum's Deli & Meats (2.7mi), GNC (3.2mi), Chicopee Farmers Market (3.6mi), 202 Liquors (3.8mi), Rudy Gawron & Sons (3.8mi), White Eagle Wines and Liquors (3.9mi), Chicopee Provision Co. (3.9mi), Fruit Fair (4mi), Herbarium (4mi), Cabot Liquors (4mi), Granby Liquor Store (4.1mi), Williams Distributing (4.1mi), South Hadley Farmers' Market (4.7mi), Flanagan's Package Store (4.8mi), Stop & Shop (4.8mi), FRESHco Food Market (4.9mi), Spirit Shoppe (4.9mi), Plaza Package Store (4.9m)
Parks
Ward 1 Playground (0.2mi), Deroy Park (0.2mi), Ward 1 Pool Park (0.2mi), Mcnally Field (0.2mi), Holyoke Heritage State Park (0.2mi), Kosciuzko Park (0.3mi), Mcnally Field/Deroy Park (0.3mi), Hampden Park (0.3mi), Veterans Park (0.3mi), McNally Field (0.4mi), Saucy Park (0.4mi), Feldman Park (0.4mi), Holyoke Libary Park (0.5mi), Valley Arena Park (0.6mi), Hamilton Park (0.6mi), Valley Arena Park (0.6mi), Mitchell Field (0.6mi), Avery Field (0.7mi), Mitchell Field (0.7mi), Hadley Falls Canal Park (0.7mi), Town Hall Playground (0.7mi), Dean Park (0.7mi), Beachgrounds Park (0.7mi), Ward Ii Pool Park (0.9mi), Mcnulty Park (0.9mi), McNulty Park (0.9mi), Roberts Field (1mi), Ward Vi Pool Park (1mi), MacKenzie Field (1mi), South Hadley Canal Park (1.2mi), Highland Park (1.2mi), Williniausett Viaduct-Vet Park (1.3mi), Crosier Field (1.4mi), Morgan Street Park (1.4mi), Fairview Memorial Park (1.4mi), Rivers Park (1.5mi), Nash Field (1.5mi), Riverside P (1.5m)
Schools
Kelly Elementary School (0.2mi), Holyoke Street School (0.3mi), Mater Dolorosa Elementary School (0.4mi), Springdale Education Center (0.4mi), Center for Excellence (0.6mi), Morgan Elementary School (0.7mi), Holyoke High School (1.1mi), William R. Peck School (1.3mi), First Lutheran School (1.4mi), Streiber Memorial School (1.4mi), Fairview Middle School(1.5mi), Bellamy Middle School (1.5mi), Rfkcac Experiment With Travel School (1.6mi)
Shopping
Motherwear International (0.1mi), Russell-Hall Vending Service (0.1mi), Brooks and Buyers (0.2mi), Bodega 24 (0.3mi), Luigi's Christian Book & Music Store (0.3mi), Rainbow Shop (0.3mi), Lugis Book and Music (0.3mi), Conklin Office Furniture (0.3mi), Juju S Boutique (0.3mi), Paper City Music Shop (0.3mi), Dream Decor Holyoke (0.4mi), Edaron (0.4mi), Racing Mart (0.4mi), Circle K (0.4mi), Sam's Food Store (0.5mi), Family Dollar Store (0.5mi), Specialty Loose Leaf (0.6mi), Lineco (0.7mi), Pawn Depot (0.7mi), Barclay Furniture Assoc (0.8mi), Fish Frenzy (0.8mi), Aaron's (0.8mi), Valley Green (0.9mi), Lemelin Environmental Services (0.9mi), Exercise Finished Dog Training Center (0.9mi), Sunoco Sams' Food Store (1m), Eddie's Furniture Co. (1.1mi), Highlands Card and Gift (1.1mi), Family Dollar Store (1.2mi), Cumberland Farms (1.2mi), Cookies Bodega (1.2mi), Friar Tuck Ltd (1.2mi), Taylor Rental (1.2mi), Gerry's Music (1.2mi), Liquid Sun (1.3mi), Holyoke Sporting Goods (1.3mi), Pioneer Valley Eye Associates (1.4mi), Shell Gas (1.4mi), The Cottage (1.4mi)
Entertainment
Paper City Studios (0.08mi), Enchanted Circle Theater (0.1mi), Volleyball Hall of Fame (0.2mi), Sonido Musical (0.3mi), Lucchesi Billiards (0.4mi), Wistariahurst Museum (0.7mi), Old Firehouse Museum (0.7mi), Holyoke Turn Verein (0.8mi), A.L. Paper City Post 325 (0.8mi), Redbox (0.9mi), Muse Custom Framing & Gallery (0.9mi), Redbox (1.6mi), Anthony's Dance Club (2.4mi), Westover ARB Bowling Center & Snack Bar (2.8mi), Mountain Park (3mi), Knights Of Columbus (3.3mi), Chapin Auditorium (3.6mi), Mount Holyoke College Art Museum (3.9mi), Arts Unlimited (3.9mi), South Hadley's Tower Theaters (3.9mi), Rivoli Theatre (4mi), Portuguese American Club (4mi), Redbox (4.2mi), Polish Center of Discovery & Learning (4.2mi), Skinner Museum (4.2mi), Mingle's Lounge (4.3m)
Errands
Bank of America (0.3mi), Holyoke Health Center (0.3mi), Holyoke Postal Credit Union (0.4mi), Haberman True Value Hardware (0.4mi), Doorcraft Corporation (0.5mi), Shawmut Bank (0.5mi), CVS Pharmacy (0.9mi), Citizens Bank (1mi), Stop & Shop Pharmacy (1mi), Interstate Plumbing & Heating Supply (1mi), Pip Printing And Marketing Services (1.1mi), Highland True Value Hdwe & Bike Shop (1.1mi), Bank of America (1.2mi), Berkshire Bank (1.2m)
(Walkscore.com)
Demographics 2 miles 5 miles 10 miles
Total Population: 50,273 131,935 439,647
Number of employees 20,267 62,289 238,608
Number of businesses 2,052 5,211 22,148
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%
% White: % 82.6 % 88.0 %88.4
% Black: % 10.4 % 6.4 % 6.0
Average Household income $61,103 $68,985 $72,369
*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 under 8% in 2019, while the leasing vacancy rate has decreased from about 13.0% in 2013 to under 6% in 2020.
The average asking rent for similar industrial warehouse property has increased from $3.40 at the end of 2016 to about $4.50 in 2017 and $6.06 in 2020 a 34% increase in the last 2 years. Rehabbed industrial warehouse manufacturing space is renting at an average of $15/ SF. The rental rate is projected to increase well into 2025 according to Costar Analytics.
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 2019. The sale price / SF is projected to steadily increase in the next 5 years according to Costar Analytics.
Demand for Apartments:
According to Trulia.com the median sales price in this area is $220,107 and the selling price per SF is $156/ SF. Trends in Holyoke show a 11% year-over-year rise in median sales price and a 28% yearly rise in median monthly rent
Average rent in the area* for
1 Bed: $963/ Month
2 Bed: $1,139/ Month
3 Bed: $1,213/ Month
4 Bed: $1,738/ Month
*rentometer.com
Apartment sale comparables:
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)
101 Cabot St # 204 Holyoke, MA 01040 - 2 bed Loft 1,360 SF apartment converted into industrial warehouse, price: $174,900 (on the upper side of the same canal less than 0.6 miles away from the property)
1 Canal St # 5A South Headly, Holyoke, MA 01075 - 3 bed Loft 1,420 SF apartment converted into industrial warehouse, price: $244,900 (accross the river about 1.2 miles away from the property)
74 Saint Kolbe Dr # D Holyoke, MA 01040 - 2 bed Loft 740 SF apartment , price: $130,000
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 $18/ 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 $22/ SF/Year
*(Ref Costar Analytics)
Price Comps/ similar properties
If the note is purchased at the minimum bid and allowing for forclosure costs the property may be acquired through foreclosure (if the loan is not repaid) for only $0.77/ SF, at a small fraction of the comparables as below.
For sale:
Needing a rehab/industrial/ warehouse / storage:
12 Crescent St, Holyoke MA 01040- 76,880 SF- $895,500 - $11.64/ SF
195 Appelton St, Holyoke MA 01040- 230,000 SF- $2,700,000- $11.73/ SF
111 Mosher St, Holyoke MA 01040- 110,800 SF- $3,000,000- $27.07/ SF
108 Cabot Street Holyoke, MA, 01040- 60,000 SF- 900,000- $15.00/ SF
42-48 Main St, Holoke MA 01040 - 30,000 SF- $499,000- $16.63/ SF
514 Main St, Holyoke MA 01040- 43,409 SF- $1,000,000- $23.04/ SF
For sale with partial or full lease:
380 Dwight Holyoke MA 01040- 52,000 SF- warehouse- part leased- $1,999,000 - $38.44/ SF
620 Beaulieu St, Holyoke MA 01040 - 24,938 SF- warehouse- rent: $6/ SF- $1,200,000- $47.92/ SF
850 High St, Holyoke MA 01040 - 18,250 SF- offices - part leased- $1,200,000- $67.75/ SF
For lease:
100 Water St, Holyoke MA 01040- 284,897 SF - storage/ warehouse- yearly rent: $5/ SF/ NNN
4 Open Square Way, Holyoke MA 01040- 225,546 SF- industrial- available: 8,000- 18,0000 SF- Yearly rent $4.00/ SF and Offices: 1,800- 9,000 SF- Yearly rent $18.00/ SF
316-318 High St, Holyoke, MA 01040- $10.00 / SF/Year
1 Open Square Way, Holyoke, MA 01040- $8.00 to $21.18 / SF/Year
72-100 Front St, Holyoke, MA 01040 - $12.00 / SF/Year
306 Race St Holyoke, MA 01040- 6,000 SF- $15.00/ SF/ Year
Sold
480 Hampden ST, Holyoke MA 01040 - 16,630 SF- $799,900- $48.10/ SF- Under contract- 29% leased
444-448 Appleton St, Holyoke MA 01040 - 17,860 SF-- sold April 2 2020 for $1,330,000- $74.46/ SF- built 1925 - leased apartments with 60% occupancy
5 Appleton St , Holyoke MA 01040 - 158,077 SF- sold 2/28/2020 for $1,130,000- $7.15/ SF- industrial warehouse, needs a rehab.
90 Sargeant St , Holyoke MA 01040 - 15,686 SF- sold 11/21/2019 for $250,000- $15.94/ SF- industrial warehouse.
Low Real Estate Taxes:
Hampden County, MA parcel ID: 033-06-003
Low Taxes: $3,047/ year
Buyer will get an assignment of the loan and mortgage.
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
Buyer is responsible for 8% auction premium and $500 document fees
10% non-refundable deposit is due into escrow within 48 hours of auction close.
Final Payment to be made within 10 calender days of the Auction close.
All bidders to do their due diligence. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding this sale. By bidding the buyer acknowledges and understands that seller does not make any assertions or guarantees as to the condition of the property securing the loan or any of its elements and Buyer is purchasing as-is, where-is with no financing, inspection or other contingencies to sale. The various suggested uses of the property securing the loan are subject to zoning approval and it is the buyer’s full responsibility to check with the zoning and also to satisfy themselves as to the possibility and feasibility of these alternatives uses and the seller does not make any representations or offers any warrantees to that effect.
Seller expressly disclaim any liability for errors, omissions or changes regarding any information provided in this auction. By bidding, buyers acknowledge to have read the documentation included in the Due Diligence section and any other disclosures. Buyers are deemed to have relied entirely on their own information, judgments and inspections in making a decision to purchase this loan note.
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