Remodeled Two-Family
New
For Sale
$369,000
33 Mill St, Greenfield, MA 01301
Updated interiors feature new kitchens, baths, appliances, and refinished wood floors.
Property Size1,816 SF
Days on Market6
Property Features for 33 Mill St
General Information
Standard status
Active
Size
1,816 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
GC
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,989
Building Details
Building Size
1,816 SF
Year Built
1900
Buildings
1
Stories
2
Units
2
Listing Agency:
Coldwell Banker Community REALTORSÂ
(413) 575-2140
Listed By:
Linda Webster · License #452503354
(413) 575-2140
Source:
Janicemitchellre
Added: Aug 4
Changed: Aug 5
Last Checked: Aug 9 at 1:12PM
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 Coldwell Banker Community REALTORSÂ
Investment Insights
Based on property information with market context.
This two-unit residential property, built in 1900, has been substantially renovated throughout. Each apartment provides approximately 908 SF with two bedrooms and one full bathroom. Interior improvements include refinished wood flooring, remodeled kitchens and bathrooms, new appliances, and fresh paint and finishes. The property is classified GC and is located in Greenfield, Massachusetts.
A detached two-car garage is included with the property, although it requires work. The seller has never occupied the building, and no rental history is available.
A detached two-car garage is included with the property, although it requires work. The seller has never occupied the building, and no rental history is available.
Key Highlights
- Two apartments, each approximately 908 SF
- Each unit includes 2 bedrooms and 1 full bathroom
- Renovations include kitchens, baths, appliances, wood floors, paint, and finishes
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
$26,669
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
7.23%
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%
$533,380
$533.4K
Cap Rate 7%
$380,986
$381.0K
Cap Rate 9%
$296,322
$296.3K
Market Conditions
NOI Build-Up for 1,816 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
$40.3K $22.20/SF
− Vacancy
−$2.2K −$1.22/SF
EGI
$38.1K $20.98/SF
− OpEx
−$11.4K −$6.29/SF
NOI
$26.7K $14.69/SF
Area
Franklin County, MA
Vacancy
5.50%
Lease Rate
$22.20 /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%
$533,380
Cap Rate 7%
$380,986
Cap Rate 9%
$296,322
Alternative Uses
Best Use
Multifamily LT 5
$381.0K
$333.4K – $444.5K
NOI $26,669 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$344.5K
$301.4K – $401.9K
NOI $24,113 @ 7.0% cap · market cap 6.53%
Theoretical Best
Healthcare Medical
$753.0K
$658.9K – $878.6K
NOI $52,713 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,180
Businesses Nearby
Explore this area
Business Placement
Demographics for 01301, MA
18,042
Population
8,761
Households
2.1
Avg Household Size
45
Median Age
38%
College-Educated
92%
High-School Grad
25.3 sq mi
ZIP Area
713
Density / Sq Mi
$54,347
Median Household Income
$37,630
Median Earnings
$1,098
Median Rent
$253,800
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?
Duplex - Updated interiors feature new kitchens, baths, appliances, and refinished wood floors.
Where is this duplex located?
The property is located at 33 Mill St Greenfield, MA.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Two apartments, each approximately 908 SF; Each unit includes 2 bedrooms and 1 full bathroom; Renovations include kitchens, baths, appliances, wood floors, paint, and finishes
