Two-Building Multifamily
For Sale
$950,000
85-91 School Street, Greenfield, MA 01301
Two separate multifamily buildings on one lot offer 10 one-bedroom units, with parking for 10 vehicles and outdoor space.
Property Size5,320 SF
Price / SF$178.57
Days on Market112
Property Features for 85-91 School Street
General Information
Standard status
Active
Size
5,320 SF
Total Parking Spaces
10
Property subtype
Multi-family
Lease Term
[]
Additional Details
Highway Access
Yes
Multifamily Units
10
Building Details
Year Built
1905
Tenancy
Multi
Listing Agency:
Ruggeri Real Estate
Listed By:
Alayna Zellmann
(978) 630-2070
Source:
Foster-healey
Added: May 26
Changed: Sep 14
Last Checked: Sep 14 at 7:09AM
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 Ruggeri Real Estate
Investment Insights
Based on property information with market context.
This property consists of two separate multifamily buildings situated on a single lot, providing a total of 10 individual 1 bed/1 bath units. The buildings were constructed in 1905 and include 5,320+ square feet of living space. Outside, the offering includes outdoor space for tenant enjoyment and ample parking with 10 designated spots.
The property is located at 85-91 School Street in Greenfield, MA 01301, just minutes from downtown, shopping, restaurants, and major routes, offering convenient access to everyday amenities.
Additional annual property data and unit specification sheets are available upon request.
The property is located at 85-91 School Street in Greenfield, MA 01301, just minutes from downtown, shopping, restaurants, and major routes, offering convenient access to everyday amenities.
Additional annual property data and unit specification sheets are available upon request.
Key Highlights
- Two separate multifamily buildings on one lot
- 10 individual 1 bed/1 bath units across 5,320+ sq ft of living space
- Built in 1905
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
$70,638
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
7.44%
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%
$1,412,760
$1.4M
Cap Rate 7%
$1,009,114
$1.0M
Cap Rate 9%
$784,867
$784.9K
Market Conditions
NOI Build-Up for 5,320 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
$134.1K $25.20/SF
− Vacancy
−$5.6K −$1.06/SF
EGI
$128.4K $24.14/SF
− OpEx
−$57.8K −$10.86/SF
NOI
$70.6K $13.28/SF
Area
Franklin County, MA
Vacancy
4.20%
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%
$1,412,760
Cap Rate 7%
$1,009,114
Cap Rate 9%
$784,867
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$883.0K – $1.18M
NOI $70,638 @ 7.0% cap · market cap 7.44%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$2.21M
$1.93M – $2.57M
NOI $154,423 @ 7.0% cap · market cap 16.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,594
Businesses Nearby
Explore this area
Business Placement
Demographics for 01301, MA
18,042
Population
8,761
Households
2.1
Avg Household Size
45
Median Age
38%
College-Educated
92%
High-School Grad
25.3 sq mi
ZIP Area
713
Density / Sq Mi
$54,347
Median Household Income
$37,630
Median Earnings
$1,098
Median Rent
$253,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two separate multifamily buildings on one lot offer 10 one-bedroom units, with parking for 10 vehicles and outdoor space.
Where is this apartment building located?
The property is located at 85-91 School Street Greenfield, MA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two separate multifamily buildings on one lot; 10 individual 1 bed/1 bath units across 5,320+ sq ft of living space; Built in 1905
