Under-Contract real-estate-and-business operating-home

278-280 Onota Street

Price
$705,000.00
Listing Tags
owner-financing
Beds
17
Size
3392 sqft
Type
Two-Family

Overview

A long-established two-family recovery residence in Pittsfield, the largest city in the Berkshires, running as two homes under one roof with one unit serving men and the other serving women. The house has been in operation for years and transfers turnkey. Real estate and business convey together, and owner financing is available to a qualified buyer.

Lease and Income Structure

278 Onota Street is offered for sale as a going concern, with the real estate and the operating recovery housing business conveying together and owner financing available to a qualified buyer.

Pittsfield and the Berkshires

Pittsfield is the county seat of Berkshire County, the most populous city in the county and the third largest municipality in western Massachusetts, with roughly 44,000 residents. It sits in the valley between the Berkshire Hills and the Taconic Range, which is the picturesque part, and it carries the working infrastructure recovery housing actually depends on. Berkshire Medical Center is the only hospital in the northern half of the county. The region's single Veterans Affairs clinic is here as well.

Downtown holds the Colonial Theatre, Barrington Stage and the Berkshire Museum, with Tanglewood and the rest of the Berkshires summer season a short drive off. General Electric's transformer works once defined the local economy; General Dynamics Mission Systems and SABIC anchor it now. Amtrak's Lake Shore Limited stops at the intermodal center downtown, and the seasonal Berkshire Flyer runs up from New York.

The House

The property is a two-family, one unit up and one down, operated as two distinct recovery residences: men in one, women in the other. That structure is unusual and useful. It lets a single owner serve both populations from one address, with one roof, one tax bill and one insurance policy behind two separate programs.

Operating History

This home has been running as recovery housing for many years. It is not a conversion candidate or a proposal on paper. The use is established, the neighborhood knows it, and the referral relationships that keep beds filled in a small city take years to build. That history is part of what is being sold.

Who This Fits

An operator looking to enter or expand in western Massachusetts with a house that is already stabilized, or an investor who wants the real estate with the program attached. Owner financing is available, with terms depending on the down payment and the buyer's track record. Diligence should cover certification status, zoning and fair housing, life safety systems, building condition, and the current resident and staffing arrangements.

Property Financials
Bed Data
Private Beds 3
Shared Beds 14
Total Beds 17
Vacancy Rate (estimated) 14%
House Mentors 1
Revenue-Producing Beds 14.00
Weekly Rent $180.00
Intake Fee $200.00
Revenue (Annual)
Total Potential Rent Income $159,120.00
Less: Vacancy & Loss $22,276.80
Less: Mentor Rent Credit $9,360.00
Plus: Intake Fee Revenue $6,000.00
Plus: Laundry Service Revenue $3,120.00
Total Revenue $136,603.00
Expenses (Annual)
Operating Expenses $21,148.00
Property Taxes $3,303.00
Property Insurance $3,200.00
Operator Compensation $24,000.00
Total Expenses $51,651.00
Net Income
Net Operating Income $84,952.00
Valuation
Capitalization Rate 10%
Value on Cap Rate $849,520.00