Four-Unit Short-Term Rental
New
For Sale
$1,625,000
135 Stockbridge, Lee, MA 01238
Historic carriage house with furnished, renovated units and separately metered utilities.
Property Size4,144 SF
Lot Size1.75 Acres
Price / SF$392.13
Days on Market4
Property Features for 135 Stockbridge
General Information
Standard status
Active
Size
4,144 SF
Total Parking Spaces
4
Lot size
1.75 Acres
Property subtype
Commercial
Additional Details
Furnished
Yes
Utilities to Site
Yes
Multifamily Units
4
Building Details
Year Built
1910
Year Renovated
2005
Buildings
1
Listing Agency:
Inn Advisors
Listed By:
Carol Edmondson
(413) 528-4423
Source:
Barnbrookrealty
Added: Sep 15
Changed: Sep 17
Last Checked: Sep 16 at 7:02PM
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 Inn Advisors
Investment Insights
Based on property information with market context.
This carriage house property occupies 1.75 acres and contains four furnished apartments that have been renovated for current short-term and seasonal rental use. The original building dates to 1910, with renovation completed in 2005. Each apartment has separate utility metering, supporting distinct operational accounting across the units.
A built-in four-car garage provides on-site parking or storage and is excluded from the reported building area. The second floor includes a substantial vacant section that may support conversion, subject to applicable approvals. The property is currently operating with short-term and seasonal rentals in place.
A built-in four-car garage provides on-site parking or storage and is excluded from the reported building area. The second floor includes a substantial vacant section that may support conversion, subject to applicable approvals. The property is currently operating with short-term and seasonal rentals in place.
Key Highlights
- Four furnished, renovated apartments operating as short‑term and seasonal rentals
- Property spans 1.75 acres
- Original structure dates to 1910; renovation completed in 2005
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
$56,632
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
3.49%
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%
$1,132,640
$1.1M
Cap Rate 7%
$809,029
$809.0K
Cap Rate 9%
$629,244
$629.2K
Market Conditions
NOI Build-Up for 4,144 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
$104.4K $25.20/SF
− Vacancy
−$1.5K −$0.35/SF
EGI
$103.0K $24.85/SF
− OpEx
−$46.3K −$11.18/SF
NOI
$56.6K $13.67/SF
Area
Berkshire County, MA
Vacancy
1.40%
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%
$1,132,640
Cap Rate 7%
$809,029
Cap Rate 9%
$629,244
Alternative Uses
Best Use
Apartment 5plus
$809.0K
$707.9K – $943.9K
NOI $56,632 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.42M
NOI $84,935 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
47
Businesses Nearby
Explore this area
Business Placement
Demographics for 01238, MA
5,722
Population
3,069
Households
1.9
Avg Household Size
51
Median Age
46%
College-Educated
99%
High-School Grad
27.6 sq mi
ZIP Area
207
Density / Sq Mi
$74,469
Median Household Income
$47,035
Median Earnings
$1,255
Median Rent
$332,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Short term rental property - Historic carriage house with furnished, renovated units and separately metered utilities.
Where is this short term rental property located?
The property is located at 135 Stockbridge Lee, MA.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: Four furnished, renovated apartments operating as short‑term and seasonal rentals; Property spans 1.75 acres; Original structure dates to 1910; renovation completed in 2005
