Listing Agency: Engel & Volkers Wellesley · Engel & Völkers Show Phone

Listed By: Jeffrey Loholdt · License #009531874 Show Phone

Added: Jul 19 Changed: Sep 3 Last Checked: Sep 6 at 4:06AM

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MLS# 73551925

Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This 63-acre land offering combines open, level areas with mixed timber extending across changing elevations. A recently built 40 x 60 garage provides substantial utility, including a 10,000 lb truck lift, 400 amp service, and 110/220 electrical outlets spaced throughout the building. Plumbing is stubbed for a bathroom and slop sink, while additional conduit was installed in the slab for future improvements. A hot dog heater is also ready for propane connection.

The property includes an estimated 1,200 feet of road frontage and is located on Main St in Savoy, with access to Adams and North Adams nearby. Town bylaws may allow subdivision, subject to applicable requirements. The rear timberland rises from the more open portions of the property and includes areas with potential views.

Key Highlights

• 63 acres with open areas and mixed timber forestland
• Recently built 40 x 60 garage
• 10,000 lb truck lift and 400 amp electrical service

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

$16,836

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

3.38%

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%

$336,720 $336.7K

Cap Rate 7%

$240,514 $240.5K

Cap Rate 9%

$187,067 $187.1K

Market Conditions

NOI Build-Up for 2,400 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

$21.6K $9.00/SF

− Vacancy

−$1.8K −$0.75/SF

EGI

$19.8K $8.25/SF

− OpEx

−$3.0K −$1.24/SF

NOI

$16.8K $7.02/SF

Area

Berkshire County, MA

Vacancy

8.30%

Lease Rate

$9.00 /SF/Yr

Expense Ratio

15.00%

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%

$336,720

Cap Rate 7%

$240,514

Cap Rate 9%

$187,067

Alternative Uses

Best Use

Warehouse

$240.5K

$210.5K – $280.6K (±1% cap)

NOI $16,836 @ 7.0% cap · market cap 3.38%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$702.7K

$614.9K – $819.8K (±1% cap)

NOI $49,190 @ 7.0% cap · market cap 9.88%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Residential land & home ...

Lease Details

Yes

Heavy power

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1

Businesses Nearby

Explore this area Business Placement

Demographics for 01256, MA

645

Population

410

Households

1.6

Avg Household Size

52

Median Age

24%

College-Educated

91%

High-School Grad

35.9 sq mi

ZIP Area

18

Density / Sq Mi

$55,000

Median Household Income

$47,396

Median Earnings

$731

Median Rent

$267,200

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this residential land & home lots located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Residential land & home lot - Open and wooded acreage includes a recently built garage with expansion-ready electrical and plumbing infrastructure.

Where is this residential land & home lot located?

The property is located at 97 Main St Savoy, MA.

What is the asking price?

The asking price for this property is $498,000.

What are key features of this property?

This property features: 63 acres with open areas and mixed timber forestland; Recently built 40 x 60 garage; 10,000 lb truck lift and 400 amp electrical service