Renovated Three-Residence Multifamily
New
For Sale
$925,000
181/183 North St, Williamstown, MA 01267
Three separate residences offer flexible occupancy, in-unit laundry, fully equipped kitchens, and off-street parking.
Property Size1,941 SF
Price / SF$476.56
Days on Market6
Property Features for 181/183 North St
General Information
Standard status
Active
Size
1,941 SF
Property subtype
Multi Family
Zoning
Multi
Units
Unit Mix
1 x 2BR/1BA, 1 x 4BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,912
Amenities
in-unit laundry
off-street parking
fully applianced kitchens
Building Details
Building Size
1,941 SF
Year Built
1900
Buildings
2
Listing Agency:
ALTON & WESTALL REAL ESTATE AGENCY, LLC
(413) 281-3562
Listed By:
Seth Alden · License #9502425
Source:
413realestate
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 12:53PM
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 ALTON & WESTALL REAL ESTATE AGENCY, LLC
Investment Insights
Based on property information with market context.
This multifamily property combines a substantially renovated two-family residence with a newly constructed detached accessory dwelling unit, creating three separate residences on one parcel. The two apartments at 181 North Street include a two-bedroom, one-bath layout and a four-bedroom, one-bath layout. The detached 183 North Street ADU provides three bedrooms and two baths.
Each residence includes a fully applianced kitchen and in-unit laundry, along with modern updates and off-street parking. The ADU is leased through the end of the 2026-27 academic year. The property is zoned Multi and is located at 181/183 North St in Williamstown, Massachusetts, near Williams College.
Each residence includes a fully applianced kitchen and in-unit laundry, along with modern updates and off-street parking. The ADU is leased through the end of the 2026-27 academic year. The property is zoned Multi and is located at 181/183 North St in Williamstown, Massachusetts, near Williams College.
Key Highlights
- Three residences: two apartments plus a detached ADU
- 181 North Apt. A: 2 bedrooms and 1 bath
- 181 North Apt. B: 4 bedrooms and 1 bath
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
$26,526
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
2.87%
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%
$530,520
$530.5K
Cap Rate 7%
$378,943
$378.9K
Cap Rate 9%
$294,733
$294.7K
Market Conditions
NOI Build-Up for 1,941 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
$48.9K $25.20/SF
− Vacancy
−$685 −$0.35/SF
EGI
$48.2K $24.85/SF
− OpEx
−$21.7K −$11.18/SF
NOI
$26.5K $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%
$530,520
Cap Rate 7%
$378,943
Cap Rate 9%
$294,733
Alternative Uses
Best Use
Apartment 5plus
$378.9K
$331.6K – $442.1K
NOI $26,526 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$568.3K
$497.3K – $663.1K
NOI $39,783 @ 7.0% cap · market cap 4.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
Explore this area
Business Placement
Demographics for 01267, MA
7,876
Population
3,440
Households
2.3
Avg Household Size
37
Median Age
66%
College-Educated
97%
High-School Grad
59.3 sq mi
ZIP Area
133
Density / Sq Mi
$98,750
Median Household Income
$24,805
Median Earnings
$1,280
Median Rent
$438,100
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?
Multifamily property - Three separate residences offer flexible occupancy, in-unit laundry, fully equipped kitchens, and off-street parking.
Where is this multifamily property located?
The property is located at 181/183 North St Williamstown, MA.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Three residences: two apartments plus a detached ADU; 181 North Apt. A: 2 bedrooms and 1 bath; 181 North Apt. B: 4 bedrooms and 1 bath
