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Mixed-Use

Berkshires Portfolio

401 North St, Pittsfield, MA 01201

Listing Price: $10,600,000

Cap Rate
7.12%
Number of Units
61
Occupancy
97.0%
Price/Unit
$173,770
Price/Gross SF
$180.72
Gross SF
58,655

Investment Overview

Marcus & Millichap, as exclusive advisor to ownership, is pleased to present a rare opportunity to purchase a sizable portfolio in the core CBD of an ascending Berkshires market, consisting of best-in-class properties that generate 16%+ cash-on-cash returns. The portfolio consists of four properties on three tax parcels, comprised of multi-family rentals, retail and office suites. Ownership has completed extensive renovations throughout the portfolio, which is now stabilized with 100% occupancy and 100% collections throughout COVID. Given the lack of competing high-quality product in the Pittsfield market, the portfolio has benefited from an imbalanced supply and demand dynamic, which has led to near 0% realized vacancy and rapid absorption of its renovated apartments which is expected to continue into the foreseeable future.

Investment Highlights

  • Four-building portfolio in the Berkshire market
  • Portfolio includes Greystone Residences, Wendell Residences and Extension, Lloyd Building and 28 Bradford Street
  • Ownership has invest heavily in creating operational efficiencies by installing state-of-the-art technology.

Exclusively Listed By

Broker of Record

  • John Horowitz

    First Vice President / District Manager

    (718) 475-4300

    License(s) MA: 1000303

    Massachusetts

Listing Price: $10,600,000

Cap Rate
7.12%
Number of Units
61
Occupancy
97.0%
Price/Unit
$173,770
Price/Gross SF
$180.72
Gross SF
58,655

Investment Highlights

  • Four-building portfolio in the Berkshire market
  • Portfolio includes Greystone Residences, Wendell Residences and Extension, Lloyd Building and 28 Bradford Street
  • Ownership has invest heavily in creating operational efficiencies by installing state-of-the-art technology.

Investment Overview

Marcus & Millichap, as exclusive advisor to ownership, is pleased to present a rare opportunity to purchase a sizable portfolio in the core CBD of an ascending Berkshires market, consisting of best-in-class properties that generate 16%+ cash-on-cash returns. The portfolio consists of four properties on three tax parcels, comprised of multi-family rentals, retail and office suites. Ownership has completed extensive renovations throughout the portfolio, which is now stabilized with 100% occupancy and 100% collections throughout COVID. Given the lack of competing high-quality product in the Pittsfield market, the portfolio has benefited from an imbalanced supply and demand dynamic, which has led to near 0% realized vacancy and rapid absorption of its renovated apartments which is expected to continue into the foreseeable future.

Exclusively Listed By

Broker of Record

  • John Horowitz

    First Vice President / District Manager

    (718) 475-4300

    License(s): MA: 1000303

    Massachusetts

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