5-Unit Apartment
For Sale
$1,350,000
702-704 Main St, Amherst, MA 01002
Five residences offer private entrances, wood flooring, individual utility equipment, and a large on-site parking area.
Property Size3,892 SF
Price / SF$346.87
Days on Market45
Property Features for 702-704 Main St
General Information
Standard status
Active
Size
3,892 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
5
Building Details
Year Built
1880
Buildings
1
Tenancy
Multi
Listing Agency:
William Raveis R.E. & Home Services
Listed By:
Matthew Crowner
Source:
Valkyrierealtyllc
Added: Jul 17
Changed: Aug 29
Last Checked: Aug 25 at 5:47AM
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 William Raveis R.E. & Home Services
Investment Insights
Based on property information with market context.
The property includes five apartments within a 3892-square-foot building constructed in 1880. Each unit has a private entrance, wood flooring, a separate electric meter, and its own water heater. A Buderus heating system was installed approximately 2 years ago, and the property includes a large parking lot.
Located at 702-704 Main Street, the building is less than a mile from Amherst Center. Restaurants, shopping, Amherst College, UMass, and public transportation are identified within the surrounding area. All five apartments are currently rented through May 2027, providing a clearly defined occupancy timeline for the existing units.
Located at 702-704 Main Street, the building is less than a mile from Amherst Center. Restaurants, shopping, Amherst College, UMass, and public transportation are identified within the surrounding area. All five apartments are currently rented through May 2027, providing a clearly defined occupancy timeline for the existing units.
Key Highlights
- Five apartment units in a 3892‑square‑foot building
- All five units are rented through May 2027
- Buderus heating system installed approximately 2 years ago
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
$51,408
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
3.81%
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%
$1,028,160
$1.0M
Cap Rate 7%
$734,400
$734.4K
Cap Rate 9%
$571,200
$571.2K
Market Conditions
NOI Build-Up for 3,892 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
$98.1K $25.20/SF
− Vacancy
−$4.6K −$1.18/SF
EGI
$93.5K $24.02/SF
− OpEx
−$42.1K −$10.81/SF
NOI
$51.4K $13.21/SF
Area
Hampshire County, MA
Vacancy
4.70%
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%
$1,028,160
Cap Rate 7%
$734,400
Cap Rate 9%
$571,200
Alternative Uses
Best Use
Apartment 5plus
$734.4K
$642.6K – $856.8K
NOI $51,408 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.37M
$2.07M – $2.77M
NOI $165,911 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
360
Businesses Nearby
Explore this area
Business Placement
Demographics for 01002, MA
27,558
Population
11,089
Households
2.5
Avg Household Size
30
Median Age
74%
College-Educated
97%
High-School Grad
53.3 sq mi
ZIP Area
517
Density / Sq Mi
$69,411
Median Household Income
$22,570
Median Earnings
$1,561
Median Rent
$449,000
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 - Five residences offer private entrances, wood flooring, individual utility equipment, and a large on-site parking area.
Where is this apartment building located?
The property is located at 702-704 Main St Amherst, 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: Five apartment units in a 3892‑square‑foot building; All five units are rented through May 2027; Buderus heating system installed approximately 2 years ago
