Historic Wedding Venue
For Sale
$599,000
151 Smead Hill Road, Greenfield, MA 01301
Historic hospitality property in a Rural Residential zone with flexibility for lodging and event uses.
Property Size8,744 SF
Price / SF$68.50
Days on Market507
Property Features for 151 Smead Hill Road
General Information
Standard status
Active
Size
8,744 SF
Property subtype
Commercial
Zoning
Rural Residential
Additional Details
Business Included
Yes
Building Details
Year Built
1994
Listing Agency:
SR Commercial Realty
Listed By:
Zaisha Robert
(413) 557-4846
Source:
Sarkisboston
Added: Apr 19, 2025
Changed: Sep 6
Last Checked: Sep 6 at 9:26AM
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 SR Commercial Realty
Investment Insights
Based on property information with market context.
151 Smead Hill Rd is a historic hospitality property that previously operated as a sought-after wedding venue. The site offers flexible, adaptable space suited to multiple hospitality concepts, including a boutique bed and breakfast, an event-oriented operation, or a seasonal retreat. The property is positioned to support reconfiguration under applicable land-use rules, with an emphasis on preserving expansive, natural communal areas.
The property is located in Greenfield, Massachusetts within the Rural Residential zone. The provided information indicates zoning allows open space cluster development, which can influence how future improvements and layouts may be planned while maintaining significant portions of the property as natural common area.
For buyers and operators, the combination of a historic hospitality footprint and zoning that contemplates open space cluster development may align well with entrepreneurial plans for a hospitality-first business model. If you’re looking for a property where event hosting and guest lodging can be designed around an existing, adaptable venue format, this asset provides a foundation for creative repurposing within the Rural Residential framework.
The property is located in Greenfield, Massachusetts within the Rural Residential zone. The provided information indicates zoning allows open space cluster development, which can influence how future improvements and layouts may be planned while maintaining significant portions of the property as natural common area.
For buyers and operators, the combination of a historic hospitality footprint and zoning that contemplates open space cluster development may align well with entrepreneurial plans for a hospitality-first business model. If you’re looking for a property where event hosting and guest lodging can be designed around an existing, adaptable venue format, this asset provides a foundation for creative repurposing within the Rural Residential framework.
Key Highlights
- Built in 1994
- Located in Greenfield’s Rural Residential zone
- Zoning permits open space cluster development
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
$52,956
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
8.84%
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%
$1,059,120
$1.1M
Cap Rate 7%
$756,514
$756.5K
Cap Rate 9%
$588,400
$588.4K
Market Conditions
NOI Build-Up for 8,744 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
$131.2K $15.00/SF
− Vacancy
−$19.7K −$2.25/SF
EGI
$111.5K $12.75/SF
− OpEx
−$58.5K −$6.69/SF
NOI
$53.0K $6.06/SF
Area
Franklin County, MA
Vacancy
15.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$1,059,120
Cap Rate 7%
$756,514
Cap Rate 9%
$588,400
Alternative Uses
Best Use
Hotel Hospitality
$756.5K
$662.0K – $882.6K
NOI $52,956 @ 7.0% cap · market cap 8.84%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$3.63M
$3.17M – $4.23M
NOI $253,812 @ 7.0% cap · market cap 42.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
13
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Historic hospitality property in a Rural Residential zone with flexibility for lodging and event uses.
Where is this wedding venue located?
The property is located at 151 Smead Hill Road Greenfield, MA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Built in 1994; Located in Greenfield’s Rural Residential zone; Zoning permits open space cluster development
