Historic 9-Unit Bed &
For Sale
Contact for pricing
74 Wendell Avenue, Pittsfield, MA 01201
Historic bed & breakfast with nine guest suites and kitchenettes.
Property Size10,560 SF
Lot Size0.33 Acres
Price / SF$113.64
Days on Market114
Property Features for 74 Wendell Avenue
General Information
Standard status
Active
Size
10,560 SF
Class
A
Total Parking Spaces
18
Lot size
0.33 Acres
Property subtype
Multifamily, Hospitality, Special Purpose
Building Details
Units
9
Listing Agency:
Stone House Properties, LLC
Listed By:
Timothy Gallagher · License #MA 9573698
(413) 822-1008
Source:
Crexi
Added: May 15
Changed: Sep 2
Last Checked: Sep 5 at 11:28AM
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 historic three-story bed and breakfast offers approximately 10,560 square feet of space on a roughly 1/3-acre lot. The property is within walking distance of the downtown theater and business district. It features nine unique guest suites, each with private baths and kitchenettes. An elegant entry foyer welcomes guests, leading to common spaces including a parlor, formal dining room, and fully equipped common kitchen. The first floor also includes two spacious guest suites. Maple, oak, mahogany, and blackwood flooring is present throughout the property, along with three fireplaces located in common areas on the first floor. The second floor hosts four guest suites with a shared common area, while the third floor offers three additional suites and another common gathering space. A potential private one-bedroom owner's unit is located in the basement, suitable for on-site management. The property includes an upgraded heating system with a high-efficiency Viessman boiler and architectural radiators, as well as an upgraded fire security system complete with a sprinkler system. A large parking lot is located in the rear of the property, offering a separate right of way directly onto East Housatonic Street. The property has approximately 95 feet of frontage along Wendell Avenue and is zoned DCD (Downtown Creative District). This turnkey hospitality property has historic character and strong income potential.
Key Highlights
- Turnkey historic 9‑unit bed & breakfast with strong income potential.
- Nine unique guest suites, each with private baths and kitchenettes.
- Prime location within walking distance to the downtown theater/business district.
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
$63,954
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
5.33%
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%
$1,279,080
$1.3M
Cap Rate 7%
$913,629
$913.6K
Cap Rate 9%
$710,600
$710.6K
Market Conditions
NOI Build-Up for 10,560 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
$158.4K $15.00/SF
− Vacancy
−$23.8K −$2.25/SF
EGI
$134.6K $12.75/SF
− OpEx
−$70.7K −$6.69/SF
NOI
$64.0K $6.06/SF
Area
Berkshire County, MA
Vacancy
15.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$1,279,080
Cap Rate 7%
$913,629
Cap Rate 9%
$710,600
Alternative Uses
Best Use
Hotel Hospitality
$913.6K
$799.4K – $1.07M
NOI $63,954 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.09M
$2.71M – $3.61M
NOI $216,438 @ 7.0% cap · market cap 18.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,156
Businesses Nearby
Under-served
Demand for This Use
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
Questions? Ask Rey
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Similar Off Market Nearby
- The Central Downtown Inn & Suites — 20 W Housatonic St, Pittsfield, MA 01201
Frequently Asked Questions
What type of property is this?
Bed & breakfast - Historic bed & breakfast with nine guest suites and kitchenettes.
Where is this bed & breakfast located?
The property is located at 74 Wendell Avenue Pittsfield, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Turnkey historic 9‑unit bed & breakfast with strong income potential.; Nine unique guest suites, each with private baths and kitchenettes.; Prime location within walking distance to the downtown theater/business district.
