Historic Greenfield Property with
For Sale
$699,000
151 Smead Hill Rd, Greenfield, MA 01301
Historic property in Greenfield with multi-use enterprise potential.
Property Size8,744 SF
Lot Size5.44 Acres
Days on Market153
Property Features for 151 Smead Hill Rd
General Information
Standard status
Active
Size
8,744 SF
Lot size
5.44 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$17,536
Building Details
Building Size
8,744 SF
Year Built
1994
Listing Agency:
SR Commercial Realty
(413) 557-4846
Listed By:
Zaisha Robert
(413) 557-4846
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:04AM
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.
Located at 151 Smead Hill Rd in Greenfield, this historic property presents a unique opportunity for a visionary entrepreneur. Previously a sought-after wedding venue, the property is situated in a Rural Residential zone and offers flexible, adaptable spaces suitable for various ventures, including a boutique bed and breakfast, an innovative event venue, or a seasonal retreat. The zoning permits open space cluster development, allowing for creative reconfiguration that concentrates development while preserving expansive, natural communal areas. This zoning could potentially facilitate the development of modern co-housing or shared amenity communities, all within a setting of timeless rural charm. The property holds hidden potential for a multi-use enterprise.
Key Highlights
- Flexible, adaptable spaces suitable for a boutique bed and breakfast, event venue, or seasonal retreat.
- Zoning permits open space cluster development, allowing for creative reconfiguration.
- Potential for modern co‑housing or shared amenity communities.
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
7.58%
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 7.58%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$3.63M
$3.17M – $4.23M
NOI $253,812 @ 7.0% cap · market cap 36.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
15
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 property in Greenfield with multi-use enterprise potential.
Where is this wedding venue located?
The property is located at 151 Smead Hill Rd Greenfield, MA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Flexible, adaptable spaces suitable for a boutique bed and breakfast, event venue, or seasonal retreat.; Zoning permits open space cluster development, allowing for creative reconfiguration.; Potential for modern co‑housing or shared amenity communities.
