62-64 Orchard St Pittsfield MA 01201
Great investment- 0.8 Acres (34,848 sq ft) lot suitable for 40 residential units or for the construction of buildings totaling 20,000 sq ft in a great location in Pittsfield in western Massachusetts.
The average listing price for ZIP code 01201 is $263,640 (Trulia.com)
The 0.8 acres lot had buildings with area totaling 20,000 sq ft built on it which had 40 residential units.
Good location:
Pittsfield, the largest city in Berkshire County and third largest in western Massachusetts, is a cultural, commercial, legal and medical center renowned for its high standard of living, amazing landscapes and great people. The city has a growing arts district, has won the Commonwealth Award (Massachusetts’ highest award in the arts, humanities and sciences) and offers residents a large choice of entertainment, cafes/restaurants and unique businesses. In 2010, the Financial Times dubbed Pittsfield as the “Brooklyn of the Berkshires” and it was ranked 20th in the United States as “Most Secure Place to Live” among small cities by Farmers Insurance. In 2012, Pittsfield was ranked among top 10 places for single people to retire to by U.S. News.
The property is located in a nice neighborhood with decent well kept houses, close to local facilities, amenities and employment centers.
It is also close to public transport. Amtrak Station-Pittsfield is 10 minutes walk.
Downtown Pittsfield: 0.7 miles
Berkshire Medical Center: 0.2 miles
Demographics (within 5 miles)*:
Population: 53,078
White alone: 92.46%
Average Household Income: $59,149
Crime: Low.
*Loopnet
Great value:
The average listing price for ZIP code 01201 is $263,640 (Trulia.com)
Comparables (Sold within 1 mile in the last 12 months):
166 Dewey Avenue, Pittsfield, MA 01201- Sold 4/15/2014-0.188 acres- $130,000 ($691,489/acre)
10 Goodman Lane, Pittsfield, MA 01201- Sold 9/26/2014- 0.19 acres- $129,000 ($678,947/ acre)
which values this lot at : $547,174.00 (based on the average price/ acre of the above comparables)
Good rental income:
Renting prices are very good in the area with strong demand. When 40 units are built on this lot, the income will be substantial and could exceed $550,000 gross rental income/ year based on the figures below. Rent prices in the area are as currently as follows:
1 Bed $750-$1,250
2 Bed: $1,500
(hotpads.com)
Real Estate Tax:
Yearly Tax: $816
Parcel ID #: H10-0011-0021
Sold AS IS, WHERE IS -
Buyer assuming real estate taxes, liens and encumbrances and is responsible for redemption.
See additional details
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer. Buyer is responsible for $500 deed prep and doc fee as well as 8% auction premium (minimum $250).
10% non-refundable deposit (minimum $1,000), auction premium (minimum $250) and the $500 deed preparation fee to be paid within 48 hours of auction close.
Final Payment to be made within 1 week of the Auction close.
All bidders to do their due diligence and verify directly. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. Property is sold on a Quit Claim Deed or Release Deed or similar deed with buyer assuming real estate taxes, liens and encumbrances and is responsible for redemption. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.
