Victorian 9-Unit Multifamily
For Sale
$995,000
465 Chapel, Lee, MA 01238
Nine fully occupied residential units in a Victorian multifamily building with on-site laundry and parking.
Property Size5,690 SF
Lot Size2.50 Acres
Price / SF$174.87
Days on Market127
Property Features for 465 Chapel
General Information
Standard status
Active
Size
5,690 SF
Total Parking Spaces
16
Lot size
2.50 Acres
Property subtype
Multi-family
Occupancy
100%
Additional Details
Multifamily Units
9
Amenities
coin-operated washer and dryer
storage shed
Building Details
Year Built
1880
Construction
Victorian
Tenancy
Multi
Listing Agency:
STONE HOUSE PROPERTIES,LLC
(413) 822-1008
Listed By:
Timothy Gallagher · License #9573698
(413) 528-4423
Source:
Barnbrookrealty
Added: Apr 20
Changed: Aug 23
Last Checked: Aug 24 at 6:20AM
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 STONE HOUSE PROPERTIES,LLC
Investment Insights
Based on property information with market context.
This Victorian multifamily property includes nine residential units configured as two efficiency one-bedroom units, one two-bedroom unit, and six standard one-bedroom units. Each unit is described as having a living room and a full kitchen. The property is currently fully occupied and includes private parking for up to 16 vehicles, a coin-operated washer and dryer for supplemental income, and a storage shed on-site.
The building is situated on 2.5 landscaped acres in a South County setting, with an additional lot included with the sale. Recent updates noted in the remarks include a furnace and chimney liner both less than one year old.
According to the provided information, the offering is turnkey, with financial details available upon request for qualified buyers.
The building is situated on 2.5 landscaped acres in a South County setting, with an additional lot included with the sale. Recent updates noted in the remarks include a furnace and chimney liner both less than one year old.
According to the provided information, the offering is turnkey, with financial details available upon request for qualified buyers.
Key Highlights
- Victorian multifamily built in 1880 with 9 residential units that are fully occupied
- Unit mix includes 2 efficiency 1‑bedroom units, 1 spacious 2‑bedroom unit, and 6 standard 1‑bedroom units
- Each unit layout features a living room and full kitchen
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
$77,759
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%
$1,555,180
$1.6M
Cap Rate 7%
$1,110,843
$1.1M
Cap Rate 9%
$863,989
$864.0K
Market Conditions
NOI Build-Up for 5,690 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
$143.4K $25.20/SF
− Vacancy
−$2.0K −$0.35/SF
EGI
$141.4K $24.85/SF
− OpEx
−$63.6K −$11.18/SF
NOI
$77.8K $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%
$1,555,180
Cap Rate 7%
$1,110,843
Cap Rate 9%
$863,989
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$972.0K – $1.30M
NOI $77,759 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.94M
NOI $116,622 @ 7.0% cap · market cap 11.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
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 - Nine fully occupied residential units in a Victorian multifamily building with on-site laundry and parking.
Where is this apartment building located?
The property is located at 465 Chapel Lee, MA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Victorian multifamily built in 1880 with 9 residential units that are fully occupied; Unit mix includes 2 efficiency 1‑bedroom units, 1 spacious 2‑bedroom unit, and 6 standard 1‑bedroom units; Each unit layout features a living room and full kitchen
