Building Details

Year Built 1963

Buildings 1

Construction brick

Listing Agency: 5 College REALTORS Northampton Show Phone

Listed By: Rachel Simpson Show Phone

Source: Fivecollegerealtors

Added: Jun 23 Changed: Aug 29 Last Checked: Aug 30 at 5:49PM

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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 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.

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 (±1% cap)

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 (±1% cap)

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

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage Auto Parts Store HVAC Service Furniture & Home Goods

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

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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