Two-Property Apartment Building
For Sale
$1,275,000
16 & 18 North Summer St, Adams, MA 01220
Two apartment buildings totaling nine renovated units with off-street parking are offered for sale in Adams, Massachusetts.
Property Size7,464 SF
Price / SF$170.82
Days on Market100
Property Features for 16 & 18 North Summer St
General Information
Standard status
Active
Size
7,464 SF
Property subtype
Multi Family
Zoning
Multi
Taxes and HOA fees
Annual Taxes
$7,522
Building Details
Building Size
7,464 SF
Year Built
1900
Listing Agency:
WILLIAM PITT SOTHEBY'S - LENOX
Listed By:
Carrie Wright · License #9574935
(413) 212-1865
Source:
413realestate
Added: May 29
Changed: Sep 4
Last Checked: Sep 4 at 2:40AM
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 for-sale portfolio includes two apartment buildings, 16 & 18 North Summer St, totaling nine units. The property is described as fully renovated throughout, with updates noted for the roof, boilers, hot water systems, windows, electrical systems, and modern interior finishes. Kitchens have been remodeled with newer cabinetry and updated appliances, and the unit mix includes two-bedroom apartments arranged as a combination of garden-style and townhouse-style layouts. Off-street parking is also included.
The buildings are positioned for convenient access to downtown Adams and the Ashuwillticook Rail Trail. The public remarks also note proximity to regional cultural and outdoor destinations in the Berkshires, including Mass MoCA and The Clark Art Institute, as well as Mount Greylock State Reservation, Greylock Glen, and the Thunderbolt Ski Trail.
As presented, this is a turnkey residential income offering with ongoing rental activity, and the remarks additionally mention the potential for short-term rental income, subject to local ordinances.
The buildings are positioned for convenient access to downtown Adams and the Ashuwillticook Rail Trail. The public remarks also note proximity to regional cultural and outdoor destinations in the Berkshires, including Mass MoCA and The Clark Art Institute, as well as Mount Greylock State Reservation, Greylock Glen, and the Thunderbolt Ski Trail.
As presented, this is a turnkey residential income offering with ongoing rental activity, and the remarks additionally mention the potential for short-term rental income, subject to local ordinances.
Key Highlights
- Two apartment buildings totaling nine renovated units in Adams, MA
- 16 & 18 North Summer Street: nine fully renovated units with 2‑bedroom apartments
- Updates include newer roof, boilers, hot water, windows, and electrical systems
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
8.00%
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 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
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 - Two apartment buildings totaling nine renovated units with off-street parking are offered for sale in Adams, Massachusetts.
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 apartment buildings totaling nine renovated units in Adams, MA; 16 & 18 North Summer Street: nine fully renovated units with 2‑bedroom apartments; Updates include newer roof, boilers, hot water, windows, and electrical systems
