Adams Multifamily Investment
For Sale
$1,275,000
16 & 18 North Summer St, Adams, MA 01220
Nine updated units near downtown Adams and Ashuwillticook Rail Trail.
Property Size7,464 SF
Price / SF$170.82
Days on Market171
Property Features for 16 & 18 North Summer St
General Information
Standard status
Active
Size
7,464 SF
Property subtype
Multifamily
Building Details
Year Built
1900
Listing Agency:
WILLIAM PITT SOTHEBY'S - LENOX
(413) 637-4402
Listed By:
Carrie Lobovits Wright · License #9574935
(413) 212-1865
Source:
Lockandkeyre
Added: Apr 20
Changed: Oct 6
Last Checked: Oct 5 at 6:52PM
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 WILLIAM PITT SOTHEBY'S - LENOX
Investment Insights
Based on property information with market context.
This is a rare opportunity to acquire two apartment buildings, totaling nine units, in a convenient Adams location. The properties have been thoughtfully updated throughout, featuring a newer roof, boilers, hot water systems, windows, and electrical systems, as well as modern finishes. The remodeled kitchens include quartz countertops, newer cabinetry, and updated appliances. One building, located at 16 North Summer Street, Adams, contains six units, offering immediate value potential for investors looking to maximize rental income. These units are solid and updated, presenting a strong foundation for a portfolio. The other building, located at 18 North Summer Street, features three fully renovated two-bedroom units with well-designed living spaces. This results in a turnkey component with strong, healthy rental income already in place. The property includes a mix of garden-style and townhouse-style units, appealing to a variety of tenants, and offers the added convenience of off-street parking. Ideally located near downtown Adams and the Ashuwillticook Rail Trail, residents enjoy easy access to local dining, shopping, and outdoor recreation. It is also just minutes away from cultural destinations including Mass MoCA and The Clark Art Institute, as well as Mount Greylock State Reservation, Greylock Glen, and the Thunderbolt Ski Trail, offering year-round lifestyle appeal in the Berkshires. The property size is 7464 square feet.
Key Highlights
- Two buildings totaling nine units, offering immediate income potential.
- Fully renovated units feature modern finishes, including quartz/marble countertops, newer cabinetry, and updated appliances.
- Newer roof, boilers, hot water systems, windows, and electrical systems reduce future maintenance costs.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$102,003
Cap Rate
8.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,040,060
$2.0M
Cap Rate 7%
$1,457,186
$1.5M
Cap Rate 9%
$1,133,367
$1.1M
Market Conditions
NOI Build-Up for 7,464 SF
Gross rent
$188.1K $25.20/SF
− Vacancy
−$2.6K −$0.35/SF
EGI
$185.5K $24.85/SF
− OpEx
−$83.5K −$11.18/SF
NOI
$102.0K $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 Rate 5%
$2,040,060
Cap Rate 7%
$1,457,186
Cap Rate 9%
$1,133,367
Alternative Uses
Best Use
Apartment 5plus
$1.46M
$1.28M – $1.70M
NOI $102,003 @ 7.0% cap · market cap 8.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.19M
$1.91M – $2.55M
NOI $152,982 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
398
Businesses Nearby
Explore this area
Business Placement
Demographics for 01220, MA
8,166
Population
4,563
Households
1.8
Avg Household Size
45
Median Age
25%
College-Educated
93%
High-School Grad
22.9 sq mi
ZIP Area
357
Density / Sq Mi
$56,285
Median Household Income
$44,708
Median Earnings
$930
Median Rent
$199,800
Median Home Value
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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?
Apartment building - Nine updated units near downtown Adams and Ashuwillticook Rail Trail.
Where is this apartment building located?
The property is located at 16 & 18 North Summer St Adams, MA.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Two buildings totaling nine units, offering immediate income potential.; Fully renovated units feature modern finishes, including quartz/marble countertops, newer cabinetry, and updated appliances.; Newer roof, boilers, hot water systems, windows, and electrical systems reduce future maintenance costs.
