Building Details

Year Built 1940

Construction Cape-style

Listing Agency: Keller Williams Pinnacle Central

Listed By: Stacey M. Hamel · License #453011592 Show Phone

Source: Foster-healey

Added: Oct 11 Changed: Oct 16 Last Checked: Oct 16 at 9:05AM

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Investment Insights

Based on property information with market context.

Built in 1940, this three-unit property has two finished apartments and a third unit with its interior removed to the studs. One finished apartment is occupied under a lease; the other is vacant. Public records list two bedrooms per unit. The upper-floor layouts in Units 1 and 2 include space that may accommodate additional bedrooms. Each unit has electric heat and a separate electric hot water heater.

Other features include some hardwood flooring, basement washer and dryer hookups, and a roof replaced in 2021.

Key Highlights

• Three residential units; two are finished and one is gutted to the studs
• One finished unit is leased; the other is vacant
• Public records show two bedrooms per unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,224

Cap Rate

6.22%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$404,480 $404.5K

Cap Rate 7%

$288,914 $288.9K

Cap Rate 9%

$224,711 $224.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,400 SF

Gross rent

$30.2K $21.60/SF

− Vacancy

−$1.3K −$0.96/SF

EGI

$28.9K $20.64/SF

− OpEx

−$8.7K −$6.19/SF

NOI

$20.2K $14.45/SF

Area

Hampshire County, MA

Vacancy

4.46%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$404,480

Cap Rate 7%

$288,914

Cap Rate 9%

$224,711

Alternative Uses

Best Use

Multifamily LT 5

$288.9K

$252.8K – $337.1K (±1% cap)

NOI $20,224 @ 7.0% cap · market cap 6.22%

Second Best

Apartment 5plus

$264.2K

$231.2K – $308.2K (±1% cap)

NOI $18,492 @ 7.0% cap · market cap 5.69%

Theoretical Best

Office A

$852.6K

$746.0K – $994.7K (±1% cap)

NOI $59,680 @ 7.0% cap · market cap 18.36%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Building Supply Plumbing Service (Bike/Boat/Book/etc) Store Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

339

Businesses Nearby

Explore this area Business Placement

Demographics for 01082, MA

10,565

Population

5,021

Households

2.1

Avg Household Size

44

Median Age

26%

College-Educated

92%

High-School Grad

47.0 sq mi

ZIP Area

225

Density / Sq Mi

$71,023

Median Household Income

$49,991

Median Earnings

$1,049

Median Rent

$271,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Two apartments are finished, while the third has been stripped to the studs for renovation.

Where is this triplex located?

The property is located at 5-7 Bellevue Avenue Ware, MA.

What is the asking price?

The asking price for this property is $325,000.

What are key features of this property?

This property features: Three residential units; two are finished and one is gutted to the studs; One finished unit is leased; the other is vacant; Public records show two bedrooms per unit