Six-Unit Apartment
For Sale
$345,000
37 Melville Street, Pittsfield, MA 01201
Downtown property with studio layouts, vinyl siding, and individually metered electric service.
Property Size2,260 SF
Price / SF$152.65
Days on Market198
Property Features for 37 Melville Street
General Information
Standard status
Active
Size
2,260 SF
Total Parking Spaces
1
Property subtype
MultiFamily
Units
Unit Mix
6 x studio
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$5,755
Amenities
True
Electric, Nat Gas, Forced Air, Yes
6
6.00
7.00
Yes
Range, Refrigerator
Blue
Building Details
Year Built
1880
Construction
vinyl siding
Listing Agency:
NOCHER REALTY
Listed By:
Cory Evangelisto · License #9551763
(413) 358-3056
Source:
Compass
Added: Feb 18
Changed: Sep 3
Last Checked: Sep 2 at 11:30PM
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 NOCHER REALTY
Investment Insights
Based on property information with market context.
Built in 1880, this 2,260-square-foot apartment property contains six studio units. The building has vinyl siding, and each apartment is served by separate electricity, supporting individually allocated electric service.
The property is in downtown Pittsfield, with shopping and restaurants located nearby. Its six-unit configuration and studio apartment mix define the existing residential income profile.
The property is in downtown Pittsfield, with shopping and restaurants located nearby. Its six-unit configuration and studio apartment mix define the existing residential income profile.
Key Highlights
- Six‑unit apartment property in downtown Pittsfield
- Six studio apartments within 2,260 square feet
- Separate electricity for each unit
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
$30,885
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
8.95%
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%
$617,700
$617.7K
Cap Rate 7%
$441,214
$441.2K
Cap Rate 9%
$343,167
$343.2K
Market Conditions
NOI Build-Up for 2,260 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
$57.0K $25.20/SF
− Vacancy
−$797 −$0.35/SF
EGI
$56.2K $24.85/SF
− OpEx
−$25.3K −$11.18/SF
NOI
$30.9K $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%
$617,700
Cap Rate 7%
$441,214
Cap Rate 9%
$343,167
Alternative Uses
Best Use
Apartment 5plus
$441.2K
$386.1K – $514.8K
NOI $30,885 @ 7.0% cap · market cap 8.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$661.7K
$579.0K – $772.0K
NOI $46,321 @ 7.0% cap · market cap 13.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,814
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?
Apartment building - Downtown property with studio layouts, vinyl siding, and individually metered electric service.
Where is this apartment building located?
The property is located at 37 Melville Street Pittsfield, MA.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Six‑unit apartment property in downtown Pittsfield; Six studio apartments within 2,260 square feet; Separate electricity for each unit
