Adams Multifamily Investment
For Sale
$1,375,000
16 & 18 North Summer St, Adams, MA 01220
Nine updated units near downtown Adams and Ashuwillticook Rail Trail.
Property Size7,464 SF
Price / SF$184.22
Days on Market129
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) 212-1865
Listed By:
Carrie Lobovits Wright
(413) 212-1865
Source:
Lockandkeyre
Added: Apr 16
Changed: Aug 21
Last Checked: Aug 22 at 4:08AM
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 = 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
$102,003
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
7.42%
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%
$2,040,060
$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
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
$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 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%
$2,040,060
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 7.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.19M
$1.91M – $2.55M
NOI $152,982 @ 7.0% cap · market cap 11.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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 $1,375,000.
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.
