12-Unit Apartment
For Sale
$1,600,000
11 Conway St, Greenfield, MA 01301
Multifamily property with balanced unit mix, individually metered electric, and coin-operated laundry.
Property Size7,920 SF
Price / SF$202.02
Days on Market269
Property Features for 11 Conway St
General Information
Standard status
Active
Size
7,920 SF
Property subtype
Multi-Family
Zoning
CC
Net Operating Income
$42,600
Taxes and HOA fees
Annual Taxes
$15,975
Building Details
Building Size
7,920 SF
Year Built
1920
Stories
3
Listing Agency:
REMAX Andrew Realty Services
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Dec 4, 2025
Changed: Aug 29
Last Checked: Aug 29 at 11:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of REMAX Andrew Realty Services
Investment Insights
Based on property information with market context.
Located at 11 Conway St in Greenfield, Massachusetts, this 12-unit apartment building was constructed in 1920 and includes six one-bedroom apartments and six two-bedroom apartments. Two units are currently vacant, while the remaining apartments are occupied under month-to-month agreements.
Electric service is separately metered to each unit, with tenants responsible for their own usage. The landlord covers gas for heating and hot water. Building features include a 10-year-old roof and coin-operated laundry equipment that generates additional revenue. The property also offers golf course views and is zoned CC.
Electric service is separately metered to each unit, with tenants responsible for their own usage. The landlord covers gas for heating and hot water. Building features include a 10-year-old roof and coin-operated laundry equipment that generates additional revenue. The property also offers golf course views and is zoned CC.
Key Highlights
- 12‑unit apartment building with 6 one‑bedroom and 6 two‑bedroom units
- Two current vacancies; remaining tenants are on month‑to‑month agreements
- Individually metered electric; tenants pay their own electric usage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$105,161
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.57%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,103,220
$2.1M
Cap Rate 7%
$1,502,300
$1.5M
Cap Rate 9%
$1,168,456
$1.2M
Market Conditions
NOI Build-Up for 7,920 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$199.6K $25.20/SF
− Vacancy
−$8.4K −$1.06/SF
EGI
$191.2K $24.14/SF
− OpEx
−$86.0K −$10.86/SF
NOI
$105.2K $13.28/SF
Area
Franklin County, MA
Vacancy
4.20%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,103,220
Cap Rate 7%
$1,502,300
Cap Rate 9%
$1,168,456
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.31M – $1.75M
NOI $105,161 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$3.28M
$2.87M – $3.83M
NOI $229,893 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,355
Businesses Nearby
Explore this area
Business Placement
Demographics for 01301, MA
18,042
Population
8,761
Households
2.1
Avg Household Size
45
Median Age
38%
College-Educated
92%
High-School Grad
25.3 sq mi
ZIP Area
713
Density / Sq Mi
$54,347
Median Household Income
$37,630
Median Earnings
$1,098
Median Rent
$253,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with balanced unit mix, individually metered electric, and coin-operated laundry.
Where is this apartment building located?
The property is located at 11 Conway St Greenfield, MA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 12‑unit apartment building with 6 one‑bedroom and 6 two‑bedroom units; Two current vacancies; remaining tenants are on month‑to‑month agreements; Individually metered electric; tenants pay their own electric usage
