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68 Union St 15 Unit Apartment Building $1,850,000 ($123,333/Unit) 8.66% Cap Rate Pittsfield, MA 01201
Investment Highlights
- 8.66% proforma cap
- 16.64% pro forma cash-on-cash (75% LTV)
Executive Summary
68–80 Union Street presents a rare opportunity to acquire a stabilized, fully renovated 15-unit multifamily property in the heart of Pittsfield, Massachusetts. The property delivers strong in-place cash flow at a 7.52% cap rate with meaningful embedded upside through below-market rents and two ready-to-lease vacant units.
Every unit has been comprehensively renovated: kitchens include new cabinetry, countertops, and stainless steel appliances; updated bathrooms with modern vanities and new flooring; refinished hardwood floors; and fresh paint throughout. The property is turn-key.
The unit mix consists of 10 two-bedroom/one-bath and 5 one-bedroom/one-bath units on a 0.39-acre parcel with on-site paved, striped parking. The property is not located in a FEMA 100-year flood hazard zone.
Pittsfield's rental demand is anchored by two major employers: Berkshire Medical Center (BMC), the region's largest employer with over 2,500 employees, and General Dynamics Mission Systems, which operates a significant defense and electronics facility in the city. This workforce housing demand is stable year-round, with limited new supply keeping vacancy low and supporting consistent rent growth.
Tours available by appointment.
Every unit has been comprehensively renovated: kitchens include new cabinetry, countertops, and stainless steel appliances; updated bathrooms with modern vanities and new flooring; refinished hardwood floors; and fresh paint throughout. The property is turn-key.
The unit mix consists of 10 two-bedroom/one-bath and 5 one-bedroom/one-bath units on a 0.39-acre parcel with on-site paved, striped parking. The property is not located in a FEMA 100-year flood hazard zone.
Pittsfield's rental demand is anchored by two major employers: Berkshire Medical Center (BMC), the region's largest employer with over 2,500 employees, and General Dynamics Mission Systems, which operates a significant defense and electronics facility in the city. This workforce housing demand is stable year-round, with limited new supply keeping vacancy low and supporting consistent rent growth.
Tours available by appointment.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,850,000 | Apartment Style | Low-Rise |
| Price Per Unit | $123,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.39 AC |
| Cap Rate | 8.66% | Building Size | 18,329 SF |
| Gross Rent Multiplier | 7.3 | No. Stories | 3 |
| No. Units | 15 | Year Built/Renovated | 1900/2026 |
| Property Type | Multifamily | Parking Ratio | 0.82/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | DCD - DCD – Downtown Commercial District, City of Pittsfield, MA | ||
| Price | $1,850,000 |
| Price Per Unit | $123,333 |
| Sale Type | Investment |
| Cap Rate | 8.66% |
| Gross Rent Multiplier | 7.3 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.39 AC |
| Building Size | 18,329 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1900/2026 |
| Parking Ratio | 0.82/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | DCD - DCD – Downtown Commercial District, City of Pittsfield, MA |
Amenities
- Smoke Detector
Unit Amenities
- Cable Ready
- Kitchen
- Refrigerator
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
| 2+1 | 10 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | PITT-000010H-000002-000011 | Total Assessment | $891,000 (2025) |
| Land Assessment | $105,000 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $786,000 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
PITT-000010H-000002-000011
Land Assessment
$105,000 (2025)
Improvements Assessment
$786,000 (2025)
Total Assessment
$891,000 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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68 Union St