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    Property profile & analytics

    331 State Rd North Adams, MA 01247-3011

    • Banks
    • 2,921 SF
    • 0.56 lot acres
    OFF-MARKET
    Value Estimations
    $515,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0724605
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 331 State Rd

    Year built
    2006
    Construction
    FRAME
    Lot size
    0.56 lot acres
    Property size
    2,921 SF
    Property type
    Banks
    APN
    NADA M:132 B:0000 L:18
    APU
    NADAM132B0000L18

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $510,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $516,000
      Market price range: $156k - $523k

    • Alternative Use

      Use
      Estimation
      FINANCIAL BUILDING
      $320,000
      Current use
      AUTO REPAIR, GARAGE
      $375,000
      Change: +17% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $355,000
      Change: +10% Conversion: Difficult
      MEDICAL BUILDING
      $340,000
      Change: +5% Conversion: Difficult
      OFFICE BUILDING
      $325,000
      Change: +1% Conversion: Difficult
      RETAIL STORES
      $320,000
      Change: -1% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    North Adams
    County
    Berkshire
    State
    Massachusetts
    Longitude
    -73.1462
    Latitude
    42.6983
    CBSA code
    38340
    CBSA name
    PITTSFIELD, MA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $33,338
    $123,700
    $793,700
    $917,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $835,000
      12,459 SF

      131 Ashland St

      FINANCIAL BUILDING • 12,459 SF
      131 Ashland St, North Adams, MA 01247-4555
      View Details
    • Value Estimation
      $1,575,000
      29,351 SF

      93 Main St, Unit 99

      FINANCIAL BUILDING • 29,351 SF
      93 Main St, North Adams, MA 01247-3405
      View Details
    • Value Estimation
      $520,000
      4,392 SF

      31 Eagle St

      FINANCIAL BUILDING • 4,392 SF
      31 Eagle St, North Adams, MA 01247-2602
      View Details
    • Value Estimation
      $11,330,000
      81,415 SF

      43-45 Veterans Memorial Dr

      GROCERY, SUPERMARKET • 81,415 SF
      43-45 Veterans Memorial Dr, North Adams, MA 01247
      View Details
    • Value Estimation by Request
      970 SF

      47 Eagle St, Unit 49

      RETAIL STORES (PERSONAL SERVICES) • 970 SF
      47 Eagle St, North Adams, MA 01247-2602
      View Details
    • Value Estimation
      $700,000
      4,815 SF

      46 Church St

      SHOW ROOM, WAREHOUSE • 4,815 SF
      46 Church St, North Adams, MA 01247-2629
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Large Three-Family Home

      Three-family home with investment potential in North Adams, Massachusetts.
      30 Dover St, North Adams, MA 01247
      View Details
    • $215,000
      14.37 Acres

      Ready to Build Berkshire Acres

      14.3-acre parcel ready for building in North Adams, MA.
      Reservoir Rd, North Adams, MA 01247
      View Details
    • New
      $174,950
      3,710 SF

      Income-Producing Multifamily Property

      Multifamily property offering income-producing investment potential in North Adams, MA.
      11-15 Perry St, North Adams, MA 01247
      View Details
    • $399,900

      Victorian Quadplex with Income Potential

      Victorian quadplex in central location, ideal for owner occupancy.
      31 Dover St, North Adams, MA 01247
      View Details
    • $149,900
      2,132 SF

      North Adams Multifamily Property

      Six-bedroom, two-bath multifamily property in North Adams, Massachusetts.
      516-518 Union St, North Adams, MA 01247
      View Details
    • Contact for pricing

      Greylock WORKS Loft

      South-facing 2BR loft with modern amenities and Berkshire views.
      520 State Rd, North Adams, MA 01247
      View Details

    Similar Nearby for Lease

    • $700 /Mo

      Commercial Space for Lease

      Commercial space for lease on Rt2, North Adams, MA.
      475 Union St, North Adams, MA 01247
      View Details
    • Contact for pricing
      2,948 SF

      Retail Space on Veterans Memorial

      Retail space available on Veterans Memorial Drive in North Adams.
      55 Veterans Memorial Dr, North Adams, MA 01247
      View Details
    • Contact for pricing
      127,626 SF

      Parkade Plaza Retail Space For Lease

      North Adams, MA Retail Center - High Visibility
      82 Main St, North Adams, MA 01247
      View Details
    • Contact for pricing
      2,480 SF

      Prime Retail Space in North Adams

      Prominent retail space in historic North Adams, near Mass MOCA.
      11 Summer St, North Adams, MA 01247
      View Details
    • Contact for pricing
      22,000 SF

      Prime Retail Space Available

      Up to 22,000 SF available near major retailers.
      830 Curran Hwy, North Adams, MA 01247
      View Details
    • Contact for pricing

      Apartment for Rent

      Apartment available for rent.
      520 State Rd, North Adams, MA 01247
      View Details

    Property Visit Statistics

    • Visits by month
      2.9k
    • Visitors by month
      1.3k
    • Avg Time on site
      10 min
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    331 State Rd
    North Adams, MA 01247-3011
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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