8-Unit Apartment
For Sale
$1,060,000
21 Turners Falls Road, Montague, MA 01376
Brick construction, private parking, and individually metered electric support straightforward apartment operations.
Property Size6,232 SF
Price / SF$170.09
Days on Market69
Property Features for 21 Turners Falls Road
General Information
Standard status
Active
Size
6,232 SF
Property subtype
Multi-family
Occupancy
100%
Additional Details
Multifamily Units
8
Amenities
decks
covered patios
coin-op washer and dryer
storage cages
Building Details
Year Built
1963
Buildings
1
Construction
brick
Listing Agency:
5 College REALTORS Northampton
(413) 386-8234
Listed By:
Rachel Simpson
(413) 386-8234
Source:
Fivecollegerealtors
Added: Jun 23
Changed: Aug 29
Last Checked: Aug 29 at 1:57PM
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 5 College REALTORS Northampton
Investment Insights
Based on property information with market context.
This 8-unit apartment building contains 6,232 square feet and was built in 1963. Each residence includes a bedroom, office or den, and an open living and dining area. Upper apartments offer decks, while lower apartments have covered patios. Interior finishes include wood flooring in the main living areas, with vinyl in kitchens and bathrooms. Radiant electric ceiling heat serves the units.
A large dry basement provides storage cages along with coin-operated laundry equipment. Replacement windows, a brick exterior, and private off-street parking are also included. Electric service is separately metered for each apartment; ownership pays common-area electricity, water, and sewer.
The property is at 21 Turners Falls Road in Montague, Massachusetts, near Barton's Cove, downtown, and the canal bike trail. Greenfield is approximately 10 minutes away, and UMass is a 25-minute drive.
A large dry basement provides storage cages along with coin-operated laundry equipment. Replacement windows, a brick exterior, and private off-street parking are also included. Electric service is separately metered for each apartment; ownership pays common-area electricity, water, and sewer.
The property is at 21 Turners Falls Road in Montague, Massachusetts, near Barton's Cove, downtown, and the canal bike trail. Greenfield is approximately 10 minutes away, and UMass is a 25-minute drive.
Key Highlights
- 8‑unit apartment building with 6,232 square feet, built in 1963
- Each unit includes a bedroom, office or den, and open living/dining area
- Upper units have decks; lower units include covered patios
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
$82,748
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
7.81%
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%
$1,654,960
$1.7M
Cap Rate 7%
$1,182,114
$1.2M
Cap Rate 9%
$919,422
$919.4K
Market Conditions
NOI Build-Up for 6,232 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
$157.0K $25.20/SF
− Vacancy
−$6.6K −$1.06/SF
EGI
$150.5K $24.14/SF
− OpEx
−$67.7K −$10.86/SF
NOI
$82.7K $13.28/SF
Area
Franklin County, MA
Vacancy
4.20%
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%
$1,654,960
Cap Rate 7%
$1,182,114
Cap Rate 9%
$919,422
Alternative Uses
Best Use
Apartment 5plus
$1.18M
$1.03M – $1.38M
NOI $82,748 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$2.58M
$2.26M – $3.01M
NOI $180,896 @ 7.0% cap · market cap 17.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
117
Businesses Nearby
Explore this area
Business Placement
Demographics for 01376, MA
5,324
Population
2,471
Households
2.2
Avg Household Size
43
Median Age
31%
College-Educated
94%
High-School Grad
4.1 sq mi
ZIP Area
1,299
Density / Sq Mi
$57,857
Median Household Income
$39,426
Median Earnings
$1,147
Median Rent
$237,800
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 - Brick construction, private parking, and individually metered electric support straightforward apartment operations.
Where is this apartment building located?
The property is located at 21 Turners Falls Road Montague, MA.
What is the asking price?
The asking price for this property is $1,060,000.
What are key features of this property?
This property features: 8‑unit apartment building with 6,232 square feet, built in 1963; Each unit includes a bedroom, office or den, and open living/dining area; Upper units have decks; lower units include covered patios
