Modern Office
For Sale
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111 SILVER LAKE BLVD, Pittsfield, MA 01201
Two-tenant office property with private rooms and collaborative areas under IG zoning.
Property Size6,709 SF
Price / SF$253.39
Days on Market14
Property Features for 111 SILVER LAKE BLVD
General Information
Standard status
Active
Size
6,709 SF
Class
A
Total Parking Spaces
25
Property subtype
Office
Zoning
IG
Building Details
Year Built
2012
Stories
1
Units
1
Tenancy
Multi
Listing Agency:
Jennings Real Estate
(413) 731-7770
Listed By:
Jonathan Little · License #9519962
Source:
Crexi
Added: Jul 29
Changed: Aug 3
Last Checked: Aug 10 at 10:35AM
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 Jennings Real Estate
Investment Insights
Based on property information with market context.
Built in 2012, this 6,709-square-foot office building combines enclosed offices with larger shared areas for a flexible professional layout. The property is occupied by a bank and an insurance company, providing an established two-user configuration within a contemporary building design.
The property is located at 111 Silver Lake Boulevard in Pittsfield, Massachusetts, beside the Berkshire Innovation Center. It is subject to a land lease with the Pittsfield Economic Development Association and carries IG zoning.
The property is located at 111 Silver Lake Boulevard in Pittsfield, Massachusetts, beside the Berkshire Innovation Center. It is subject to a land lease with the Pittsfield Economic Development Association and carries IG zoning.
Key Highlights
- 6,709‑square‑foot office building constructed in 2012
- Currently occupied by a bank and an insurance company
- Combination of private offices and larger shared work areas
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
$104,121
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
6.12%
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%
$2,082,420
$2.1M
Cap Rate 7%
$1,487,443
$1.5M
Cap Rate 9%
$1,156,900
$1.2M
Market Conditions
NOI Build-Up for 6,709 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
$144.9K $21.60/SF
− Vacancy
−$6.1K −$0.91/SF
EGI
$138.8K $20.69/SF
− OpEx
−$34.7K −$5.17/SF
NOI
$104.1K $15.52/SF
Area
Berkshire County, MA
Vacancy
4.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$2,082,420
Cap Rate 7%
$1,487,443
Cap Rate 9%
$1,156,900
Alternative Uses
Best Use
Specialty Retail
$1.49M
$1.30M – $1.74M
NOI $104,121 @ 7.0% cap · market cap 6.12%
Second Best
Office B
$1.25M
$1.09M – $1.46M
NOI $87,383 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$1.96M
$1.72M – $2.29M
NOI $137,508 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
669
Businesses Nearby
Explore this area
Business Placement
Demographics for 01201, MA
45,494
Population
22,566
Households
2
Avg Household Size
44
Median Age
34%
College-Educated
93%
High-School Grad
60.4 sq mi
ZIP Area
753
Density / Sq Mi
$68,879
Median Household Income
$43,054
Median Earnings
$1,098
Median Rent
$236,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-tenant office property with private rooms and collaborative areas under IG zoning.
Where is this office building located?
The property is located at 111 SILVER LAKE BLVD Pittsfield, MA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 6,709‑square‑foot office building constructed in 2012; Currently occupied by a bank and an insurance company; Combination of private offices and larger shared work areas
