Three-Level Apartment
For Sale
$569,900
192 Walnut St, New Bedford, MA 02740
Residential Income, New Bedford, MA
Property Size2,443 SF
Lot Size0.05 Acres
Price / SF$233.28
Days on Market598
Property Features for 192 Walnut St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RC
Bedrooms
10
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 10, Bedroom 6, Bedroom 7, Bedroom 8, Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bedroom 9, Bathroom 3, Bedroom 3, Bedroom 2
Directions
Please Use GPS
Standard status
Active
APN
M:0046 L:0149,2890699
Size
2,443 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3822
Amenities
individual ovens
private sinks and cabinetry
minisplit
Building Details
Year built
1879
Floors in Building
5
Number of units
10
Listing Agency:
RE/MAX Vantage · RE/MAX International
(774) 992-0297
Listed By:
Eddie Lopez
(508) 999-4424
Added: Jan 24, 2025
Changed: Sep 12
Last Checked: Sep 14 at 7:06AM
MLS# 73329052
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 2,443-square-foot rooming house occupies three levels and includes 10 rooms and three bathrooms. Seven rooms have individual ovens, while every room includes a private sink and cabinetry. Each room also has its own minisplit system, and the building has been fully insulated for year-round comfort and energy efficiency.
Built in 1879, the property sits on a 0.0515-acre lot at 192 Walnut St in New Bedford, Massachusetts. RC zoning is identified for the site. The configuration combines private room accommodations with in-room food-preparation equipment in seven rooms and dedicated climate control throughout.
Built in 1879, the property sits on a 0.0515-acre lot at 192 Walnut St in New Bedford, Massachusetts. RC zoning is identified for the site. The configuration combines private room accommodations with in-room food-preparation equipment in seven rooms and dedicated climate control throughout.
Key Highlights
- 10‑room rooming house with three bathrooms across three levels
- 2,443 SF building on a 0.0515‑acre lot
- Seven rooms include individual ovens
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
$32,240
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
5.66%
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%
$644,800
$644.8K
Cap Rate 7%
$460,571
$460.6K
Cap Rate 9%
$358,222
$358.2K
Market Conditions
NOI Build-Up for 2,443 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
$63.0K $25.80/SF
− Vacancy
−$4.4K −$1.81/SF
EGI
$58.6K $23.99/SF
− OpEx
−$26.4K −$10.80/SF
NOI
$32.2K $13.20/SF
Area
New Bedford, MA
Vacancy
7.00%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
45.00%
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%
$644,800
Cap Rate 7%
$460,571
Cap Rate 9%
$358,222
Alternative Uses
Best Use
Apartment 5plus
$460.6K
$403.0K – $537.3K
NOI $32,240 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$720.3K
$630.3K – $840.4K
NOI $50,424 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,060
Businesses Nearby
Explore this area
Business Placement
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Rooming house with private sinks, cabinetry, and individual minisplit systems throughout.
Where is this apartment building located?
The property is located at 192 Walnut St New Bedford, MA.
What is the asking price?
The asking price for this property is $569,900.
What are key features of this property?
This property features: 10‑room rooming house with three bathrooms across three levels; 2,443 SF building on a 0.0515‑acre lot; Seven rooms include individual ovens
