Renovated Triplex with Unit
For Sale
$449,900
2123 21-23 Linden St, Pittsfield, MA 01201
Updated apartments offer varied layouts in Pittsfield’s downtown cultural district.
Property Size2,790 SF
Price / SF$161.25
Days on Market45
Property Features for 2123 21-23 Linden St
General Information
Standard status
Active
Size
2,790 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/2BA
Multifamily Units
3
Building Details
Year Built
1850
Listing Agency:
Gilcrest Properties
Listed By:
Michael Castellano · License #10311203179
(518) 610-8121
Source:
Amodiorealestate
Added: Jul 21
Changed: Aug 29
Last Checked: Sep 1 at 8:45PM
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 Gilcrest Properties
Investment Insights
Based on property information with market context.
This triplex contains 2,790 square feet and three apartments arranged across two floors. The first level includes two one-bedroom, one-bath units, while the second floor features a two-bedroom, two-bath apartment. Renovation work includes modern finishes and updated systems throughout the property.
The building is located at 2123 21-23 Linden St in downtown Pittsfield’s cultural district, steps from the Barrington Stage Company theater. Constructed in 1850, the property combines a historic building shell with recently updated apartment interiors. Its three-unit configuration supports residential income use and accommodates the stated live-in owner format.
The building is located at 2123 21-23 Linden St in downtown Pittsfield’s cultural district, steps from the Barrington Stage Company theater. Constructed in 1850, the property combines a historic building shell with recently updated apartment interiors. Its three-unit configuration supports residential income use and accommodates the stated live-in owner format.
Key Highlights
- Three‑apartment triplex with 2,790 square feet
- Two 1‑bed/1‑bath units on the 1st floor
- 2‑bed/2‑bath apartment on the 2nd floor
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
$38,128
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
8.47%
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%
$762,560
$762.6K
Cap Rate 7%
$544,686
$544.7K
Cap Rate 9%
$423,644
$423.6K
Market Conditions
NOI Build-Up for 2,790 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
$70.3K $25.20/SF
− Vacancy
−$984 −$0.35/SF
EGI
$69.3K $24.85/SF
− OpEx
−$31.2K −$11.18/SF
NOI
$38.1K $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%
$762,560
Cap Rate 7%
$544,686
Cap Rate 9%
$423,644
Alternative Uses
Best Use
Multifamily LT 5
$594.6K
$520.3K – $693.7K
NOI $41,624 @ 7.0% cap · market cap 9.25%
Second Best
Apartment 5plus
$544.7K
$476.6K – $635.5K
NOI $38,128 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$816.9K
$714.8K – $953.1K
NOI $57,184 @ 7.0% cap · market cap 12.71%
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
461
Businesses Nearby
Explore this area
Business Placement
Demographics for 01201, MA
45,494
Population
22,566
Households
2
Avg Household Size
44
Median Age
34%
College-Educated
93%
High-School Grad
60.4 sq mi
ZIP Area
753
Density / Sq Mi
$68,879
Median Household Income
$43,054
Median Earnings
$1,098
Median Rent
$236,500
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?
Triplex - Updated apartments offer varied layouts in Pittsfield’s downtown cultural district.
Where is this triplex located?
The property is located at 2123 21-23 Linden St Pittsfield, MA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Three‑apartment triplex with 2,790 square feet; Two 1‑bed/1‑bath units on the 1st floor; 2‑bed/2‑bath apartment on the 2nd floor
