Renovated Six-Unit Apartment
New
For Sale
$1,350,000
45 Forest St, Lee, MA 01238
MultiFamily, Lee, MA
Property Size7,956 SF
Lot Size1.00 Acre
Price / SF$169.68
Days on Market4
Property Features for 45 Forest St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
12
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 4, Bedroom 2, Bedroom 4, Bathroom 3, Bathroom 7, Bedroom 12, Bedroom 9, Bathroom 1, Bedroom 6, Bedroom 11, Bedroom 10, Bathroom 6, Bedroom 7, Bathroom 5, Basement, Bedroom 1, Bedroom 3, Bedroom 8, Bathroom 2, Bedroom 5
Parking features
Off Street
Interior features
Alarm System, Cable Avail, Fireplace(s), Stone Countertop
Fireplace
1
Appliances
Refrigerator, Range, Microwave
Elementary school
Lee
Middle school
Lee
High school
Lee
Directions
Mass Pike Exit 10 (Lee) to Route 20 West toward downtown Lee. Turn right onto Forest Street. Property is #45
Subdivision
Middle Registry
Standard status
Active
APN
LEEE M:026 B:00 L:0000-0005.0
Size
7,956 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6607
Utilities
Utilities
Cable Available
Sewer type
Private Sewer
Heating system
Electric (Heating), Steam, Hot Water(Heating), Oil
Water source
Public
Building Details
Year built
1900
Number of units
6
Flooring type
Wood, Tile - Ceramic
Building materials
Wood Frame, Vinyl, Fiberglass
Roof type
Asphalt
Architectural style
Greek Revival
Listing Agency:
Lamacchia Realty, Inc. - Dalton
(413) 443-7274
Listed By:
Marc Bellora · License #9581950
(413) 418-6415
Added: Sep 11
Last Checked: Sep 14 at 3:06AM
MLS# 250809
Copyright © 2026 Berkshire County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This six-unit apartment property contains 7,956 square feet on 1 acre and combines historic character with recent improvements. Five units have been renovated, while the building also features a newer roof, updated electrical service, and newer heating systems. The property includes wood and ceramic tile flooring, stone countertops, fireplaces, refrigerators, ranges, and microwaves. Public water, separate utilities, and off-street parking are also in place.
The unit mix accommodates both long-term and seasonal rental arrangements, with short-term rental use also identified as an option. A 4BR/2BA unit provides an owner-occupancy configuration while the remaining units generate rental income. Built in 1900 in the Greek Revival style, the property offers access to the Mass Pike, Lee Outlets, and Berkshire attractions.
The unit mix accommodates both long-term and seasonal rental arrangements, with short-term rental use also identified as an option. A 4BR/2BA unit provides an owner-occupancy configuration while the remaining units generate rental income. Built in 1900 in the Greek Revival style, the property offers access to the Mass Pike, Lee Outlets, and Berkshire attractions.
Key Highlights
- Six‑unit apartment property totaling 7,956 square feet
- 1‑acre property with off‑street parking
- Five of six units have been renovated
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
$108,726
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
8.05%
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%
$2,174,520
$2.2M
Cap Rate 7%
$1,553,229
$1.6M
Cap Rate 9%
$1,208,067
$1.2M
Market Conditions
NOI Build-Up for 7,956 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
$200.5K $25.20/SF
− Vacancy
−$2.8K −$0.35/SF
EGI
$197.7K $24.85/SF
− OpEx
−$89.0K −$11.18/SF
NOI
$108.7K $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%
$2,174,520
Cap Rate 7%
$1,553,229
Cap Rate 9%
$1,208,067
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,726 @ 7.0% cap · market cap 8.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $163,066 @ 7.0% cap · market cap 12.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
138
Businesses Nearby
Explore this area
Business Placement
Demographics for 01238, MA
5,722
Population
3,069
Households
1.9
Avg Household Size
51
Median Age
46%
College-Educated
99%
High-School Grad
27.6 sq mi
ZIP Area
207
Density / Sq Mi
$74,469
Median Household Income
$47,035
Median Earnings
$1,255
Median Rent
$332,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Five updated units, separate utilities, and off-street parking support a flexible residential income configuration.
Where is this apartment building located?
The property is located at 45 Forest St Lee, MA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Six‑unit apartment property totaling 7,956 square feet; 1‑acre property with off‑street parking; Five of six units have been renovated
