1 Allen St 171,898 SF 46% Leased Industrial Building Springfield, MA 01108 $4,817,855 CAD ($28.03 CAD/SF)

The Springfield Armory Redevelopment represents a rare opportunity to acquire a fully designed, institution-grade self-storage adaptive reuse project in one of Western Massachusetts’ most underserved, high-density urban submarkets. Strategically positioned at 1 Allen Street, the property sits within an established redevelopment corridor that benefits from meaningful public investment, strong workforce demographics, and immediate access to The X, a prominent six-way intersection funnelling consistent local and commuter traffic. This location places the asset in the heart of a densely populated trade area that includes more than 238,000 residents within five miles, supported by anchors such as Springfield College, MGM Springfield, regional medical employers, and a longstanding manufacturing base.
Despite the density, the immediate one-mile radius has no competitive storage properties, establishing a meaningful first-mover advantage. The broader Springfield market reflects only 6.5 square feet of storage per capita, well below urban equilibrium, enabling future ownership to capitalize on both existing pent-up demand and long-term stability within an infill environment. The project includes a completed full architectural design for 100 percent climate-controlled units delivered through adaptive reuse of historic mill-style structures, supported by heavy timber construction, masonry exteriors, and modernized low-slope roof systems.
Investors will benefit from approximately $2 million in approved Historic Tax Credits as well as the substantial tax advantages associated with its federally designated Opportunity Zone location, which allows deferral, step-up benefits, and potential elimination of tax liability on long-term appreciation when held through a Qualified Opportunity Fund.
With ±145,000 NRSF planned across two buildings, clear phasing, and $16,000+ in existing monthly income offsetting carrying requirements, the asset delivers an exceptional runway for development execution. Public commitment to surrounding infrastructure improvements reinforces the long-term trajectory for value creation. The Springfield Armory Redevelopment is positioned to become the submarket’s flagship modern storage facility and a uniquely compelling offering for investors seeking tax-advantaged yield in a constrained, demand-rich market.