Published on: Wednesday, July 3, 2024
Updated on: Wednesday, July 3, 2024
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About the Lister
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Name: Guzel Lubinski
Company: Golde Group Real Estate
Office Phone: 312-237-0290
Cell Phone: 312-237-0290
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  17-Unit Multi-Family 4-Building
290 Cole Ave Williamstown Massachusetts , 01267
290 Cole Ave Williamstown Massachusetts                                                                                       , 01267 Golde Group Real Estate
Listing ID: CL-Massachusetts-108

Purchase Option

Acquisition Option: Traditional Purchase
Cap Rate (%): 8.01
Net Operating Income: $215,876
Commission Split (%): 0
Quick Glance
Listing ID: CL-Massachusetts-108
Status: Accepting Offers
Financing: Third Party Financing
Occupancy: 100%
Year Build: 1990
Building Size: 20,200 SqFt
Lot Size: 30,927 Acre
No of Stories: 4
No of Parking: 17
Offer to Millionaire Club: No
Business Available for Sale: No
Is Net Lease Investment: No
Property On Ground Lease: No
Building Status: Existing
Listing Summary
Golden Group Real Estate is proud to present a portfolio of four 100% occupied multi-family buildings totaling 17 units each unit with its own address.
Complete Details
Year Build: 1990
Building Size: 20,200 SqFt.
No of Stories: 4
Total Lot Area: 30927 Acre
No of Parking: 17
No of Total Units: 17
Property Current Status: Normal Sale
Building Status: Existing
Heating and Cooling: Not Specified
Building Class: B
Property on Ground Lease?: No
Net Lease Investment?: No
Business Price Included?: No
Roofing: Not Specified
Occupancy: 100%
Full Description
Golden Group Real Estate is proud to present a portfolio of four 100% occupied multi-family buildings totaling 17 units (mostly 2 bed, 1 bath), each unit with its own address. With easy access to New York City (155 miles) and Boston (150 miles) for business and getaways, this upscale and culturally-rich residential community is home to Williams College (#1 Liberal Arts College in the U.S. with an endowment of $1.6M/student), the Clark Art Institute (14th largest museum in the U.S., $670M assets), the Williamstown Theater Festival (a pipeline of plays and performers to Broadway and Hollywood), and other attractions (County revenue from tourism 2021 = $900M). The property offers a great value-add investment at the current cap rate 8%. A flexible rent structure and strong market provides a buyer the opportunity to renew or re-tenant at higher rental rates. With competing supply of rental units in Williamstown currently and often at zero, there is strong market supported upside in apartment rents; a range of $50-$200 per unit may be expected through simple renewal increases. With a continuous history of significant upgrades, this very well maintained property has strong demographics and excellent potential for both long-term growth and stability. Here each building is referred by the color of its facade: Gray, Red, Blue and Yellow. Of 17 units, one (Blue building - 290 Cole Ave) is an upscale commercial unit, formerly hair salon, currently occupied by the owner’s business; continued occupancy is negotiable.
Additional Properties
Property Highlights
  • 00% occupied 4-building portfolio of 16 attractive, wellappointed, convenient, and scenic apartments, plus one upscale commercial studio.
  • Located in the elite, culture and arts driven community around Williams College.
  • Diverse and therefore stable and secure portfolio at 8% cap rate suitable for any budget demands with excellent growth potential.
  • Lease-back option with the current owner occupying commercial unit on month-to-month basis.
  • Flexible rent structure provides a buyer opportunities to renew or re-tenant at higher rental rates.
  • Very well maintained with significant capital upgrades across a decade of current ownership. Two major capital projects to conclude before sale (five new furnaces in Red Building, basement repair in Grey Building).
  • Great owner-user or value-add investment opportunity in an affluent, artsy and upscale college town with steady demand for, and extremely limited competing supply of, residential units throughout the year.
Features
  • Possibility for continuing onsite repair/management agreement with significant cost savings.
Actual - Cash Flow
Cash Flow Year Gross Income Effective GrossIncome Operating Expenses Net Operating Income Pre Tax Cash Flow Cap Rate
2024
$270,720
$0
$54,853
$215,876
$0
0%
Cash Flow for Current Listings
Listing Location
Attached Documents
  • Download | 4buildingmultifamilyWilliamstownMAOMFINAL.pdf ( 7,812.25KB)
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