290 Cole Ave

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Address: 290 Cole Ave, Williamstown, Massachusetts, US
Created date: April 30, 2024
Date last updated: May 20, 2024
  • 100% 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).
  • Possibility for continuing onsite repair/management agreement with significant cost savings.
  • 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.

Property 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.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $2,695,000
No. of Units: 17
Average Occupancy: 8.01
Year Built: 1900
Lot Size: 0.71 Sq ft
Opportunity Zone: No
Price per unit: $158,529
Property Website Click Here
Address: 290 Cole Ave, Williamstown, MA 01267, USA
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