Building Details

Stories 2

Listing Agency: Cohn and Company

Listed By: Timothy Grader · License #MA 9567530

Source: Crexi

Added: Mar 9 Changed: Aug 14 Last Checked: Aug 14 at 6:04AM

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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 Cohn and Company

Investment Insights

Based on property information with market context.

This high-visibility, high-traffic property is a two-level welding and blacksmith shop with approximately 5,260 square feet of space. The property includes an industrial shop area, a retail showroom, a kitchenette, and a handicap-accessible restroom. The first floor features a 400-amp, 3-phase electrical service with two sub-panels, propane infrared heating in the shop, and radiant heat in the showroom and bathroom. A 500-gallon propane tank and Renai on-demand boiler are also present. Access to the first floor is provided by a 13-foot by 10-foot north door and two 4-foot by 8-foot double doors on the east side. The shop floor has built-in square pockets, welding rails, under-slab wiring for a dust collector, and PVC piping for downdraft welding, along with 14-foot ceilings. High-pressure propane drops are installed for forges, with piped air from the second floor to support heavy fabrication. The shop is equipped with two column-mounted jib cranes. The second level, comprising 1,760 square feet, is mostly open, with center I-beams and three-quarter-inch tongue-and-groove flooring. It also features drive-in access, two electrical sub-panels, and a finished, heated office with views. The property is located 2 hours from Boston and Albany, 3.5 hours from New York City, and 4 hours from Montreal.

Key Highlights

• High‑visibility, high‑traffic location ideal for business exposure.
• Substantial 5,260 SF space with dedicated industrial shop, retail showroom, kitchenette, and handicap‑accessible restroom.
• Heavy‑duty electrical and mechanical infrastructure: 400‑amp 3‑phase service, propane infrared/radiant heating, 500‑gallon propane tank, and Renai On‑Demand boiler.

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

$32,532

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

7.66%

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%

$650,640 $650.6K

Cap Rate 7%

$464,743 $464.7K

Cap Rate 9%

$361,467 $361.5K

Market Conditions

NOI Build-Up for 5,260 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

$49.9K $9.48/SF

− Vacancy

−$3.4K −$0.64/SF

EGI

$46.5K $8.84/SF

− OpEx

−$13.9K −$2.65/SF

NOI

$32.5K $6.18/SF

Area

Franklin County, MA

Vacancy

6.80%

Lease Rate

$9.48 /SF/Yr

Expense Ratio

30.00%

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%

$650,640

Cap Rate 7%

$464,743

Cap Rate 9%

$361,467

Alternative Uses

Best Use

Industrial

$464.7K

$406.7K – $542.2K (±1% cap)

NOI $32,532 @ 7.0% cap · market cap 7.66%

Second Best

—

—

no second resolved use

Theoretical Best

Healthcare Medical

$2.18M

$1.91M – $2.54M (±1% cap)

NOI $152,682 @ 7.0% cap · market cap 35.93%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

⚒ Morrell Metalsmiths Metal Fabrication Plant

Suggested Use

Top Pick Big Box & Wholesale Store Discount Store Department Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

4

Businesses Nearby

Explore this area Business Placement

Demographics for 01340, MA

1,803

Population

1,001

Households

1.8

Avg Household Size

50

Median Age

35%

College-Educated

93%

High-School Grad

52.0 sq mi

ZIP Area

35

Density / Sq Mi

$82,578

Median Household Income

$46,935

Median Earnings

$1,081

Median Rent

$268,100

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Frequently Asked Questions

What type of property is this?

Manufacturing property - Two-level shop with showroom, kitchenette, and accessible restroom.

Where is this manufacturing property located?

The property is located at 207 Greenfield Rd Colrain, MA.

What is the asking price?

The asking price for this property is $424,900.

What are key features of this property?

This property features: High‑visibility, high‑traffic location ideal for business exposure.; Substantial 5,260 SF space with dedicated industrial shop, retail showroom, kitchenette, and handicap‑accessible restroom.; Heavy‑duty electrical and mechanical infrastructure: 400‑amp 3‑phase service, propane infrared/radiant heating, 500‑gallon propane tank, and Renai On‑Demand boiler.