Three-Bay Automotive
For Sale
$489,000
1593 Cove Rd, New Bedford, MA 02740
Commercial Sale, New Bedford, MA
Property Size2,000 SF
Lot Size0.14 Acres
Price / SF$244.50
Days on Market22
Property Features for 1593 Cove Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MUB
Zoning description
Legal Conforming
Directions
GPS
Standard status
Active
APN
2884954
Size
2,000 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5090
Amenities
Oil/water separator
Building Details
Year built
1972
Listing Agency:
RE/MAX Vantage · RE/MAX International
(774) 992-0297
Listed By:
Eddie Lopez
(508) 999-4424
Added: Aug 15
Changed: Sep 3
Last Checked: Sep 5 at 1:06AM
MLS# 73564121
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,000-square-foot steel automotive building was constructed in 1972 and includes three service bays with vehicle lifts that remain with the property. An oil/water separator is installed and up to code. The sale consists of the real estate only.
The property occupies a 0.1377-acre corner lot with off-street parking. The included land is the lot to the right when facing the building; the lot to the left is excluded. Located on Cove Rd in New Bedford’s south end, the site offers access to Rt. 18 and I-195. MUB zoning supports continued automotive use, with other commercial applications also identified in the property information.
The property occupies a 0.1377-acre corner lot with off-street parking. The included land is the lot to the right when facing the building; the lot to the left is excluded. Located on Cove Rd in New Bedford’s south end, the site offers access to Rt. 18 and I-195. MUB zoning supports continued automotive use, with other commercial applications also identified in the property information.
Key Highlights
- 2,000‑square‑foot steel building constructed in 1972
- Three service bays with vehicle lifts included
- Oil/water separator installed and up to code
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,048
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.53%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$540,960
$541.0K
Cap Rate 7%
$386,400
$386.4K
Cap Rate 9%
$300,533
$300.5K
Market Conditions
NOI Build-Up for 2,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$42.0K $21.00/SF
− Vacancy
−$3.4K −$1.68/SF
EGI
$38.6K $19.32/SF
− OpEx
−$11.6K −$5.80/SF
NOI
$27.0K $13.52/SF
Area
New Bedford, MA
Vacancy
8.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$540,960
Cap Rate 7%
$386,400
Cap Rate 9%
$300,533
Alternative Uses
Best Use
Retail
$386.4K
$338.1K – $450.8K
NOI $27,048 @ 7.0% cap · market cap 5.53%
Second Best
Industrial
$281.2K
$246.1K – $328.1K
NOI $19,686 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$589.7K
$516.0K – $688.0K
NOI $41,280 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Service bays
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
106k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Dining 45%
Electronics 3%
Home Improvements & Furnishings 1%
Cumberland Farms
Shops & Services
20,046 visits/mo
0.3 miles
Dollar Tree
Shops & Services
15,737 visits/mo
0.5 miles
Dunkin' Donuts
Dining
12,555 visits/mo
0.2 miles
Burger King
Dining
11,434 visits/mo
0.4 miles
Taco Bell
Dining
9,556 visits/mo
0.3 miles
Demographics for 02740, MA
45,166
Population
20,532
Households
2.2
Avg Household Size
39
Median Age
18%
College-Educated
77%
High-School Grad
5.7 sq mi
ZIP Area
7,924
Density / Sq Mi
$54,563
Median Household Income
$39,310
Median Earnings
$1,052
Median Rent
$303,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - MUB-zoned garage with vehicle lifts, off-street parking, and infrastructure supporting automotive operations.
Where is this auto shop located?
The property is located at 1593 Cove Rd New Bedford, MA.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: 2,000‑square‑foot steel building constructed in 1972; Three service bays with vehicle lifts included; Oil/water separator installed and up to code
