Two-Unit Home with Fenced
For Sale
$469,900
407 Park St, New Bedford, MA 02740
Residential Income, New Bedford, MA
Property Size2,402 SF
Lot Size0.12 Acres
Price / SF$195.63
Days on Market118
Property Features for 407 Park St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RA
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bathroom 2, Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 5, Bedroom 2
Parking
2
Fireplace
1
Directions
use GPS
Subdivision
West
Standard status
Active
APN
2893894
Size
2,402 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4998
Amenities
off street parking
fenced-in yard
Building Details
Year built
1913
Floors in Building
2
Number of units
2
Listing Agency:
Keller Williams Realty
(508) 238-5000
Listed By:
Scott Morris
(508) 238-5000
Added: May 6
Changed: Aug 21
Last Checked: Aug 31 at 2:06AM
MLS# 73513761
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 two-family residence at 407 Park St includes 2,402 square feet on a 0.12-acre lot and was built in 1913. The first unit contains two bedrooms, one full bathroom, a living room, dining room, and eat-in kitchen. The upper unit provides three bedrooms, one full bathroom, a living room, dining room, and eat-in kitchen. Wood interior detailing, built-in closets, and a fireplace add character to the home.
The property is located in New Bedford’s West End and includes off-street parking along with a fenced yard. Zoning is RA. The configuration offers two distinct residential units within one building, with a total of five bedrooms and two bathrooms.
The property is located in New Bedford’s West End and includes off-street parking along with a fenced yard. Zoning is RA. The configuration offers two distinct residential units within one building, with a total of five bedrooms and two bathrooms.
Key Highlights
- Two‑family property with 2,402 square feet
- First unit includes 2 bedrooms and 1 full bathroom
- Upper unit includes 3 bedrooms and 1 full bathroom
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
$34,528
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
7.35%
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%
$690,560
$690.6K
Cap Rate 7%
$493,257
$493.3K
Cap Rate 9%
$383,644
$383.6K
Market Conditions
NOI Build-Up for 2,402 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
$53.3K $22.20/SF
− Vacancy
−$4.0K −$1.67/SF
EGI
$49.3K $20.54/SF
− OpEx
−$14.8K −$6.16/SF
NOI
$34.5K $14.37/SF
Area
New Bedford, MA
Vacancy
7.50%
Lease Rate
$22.20 /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%
$690,560
Cap Rate 7%
$493,257
Cap Rate 9%
$383,644
Alternative Uses
Best Use
Multifamily LT 5
$493.3K
$431.6K – $575.5K
NOI $34,528 @ 7.0% cap · market cap 7.35%
Second Best
Apartment 5plus
$452.8K
$396.2K – $528.3K
NOI $31,698 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$708.2K
$619.7K – $826.3K
NOI $49,577 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
829
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Income-producing residential property with separate living areas, off-street parking, and a private enclosed yard.
Where is this duplex located?
The property is located at 407 Park St New Bedford, MA.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Two‑family property with 2,402 square feet; First unit includes 2 bedrooms and 1 full bathroom; Upper unit includes 3 bedrooms and 1 full bathroom
