Vacant Two-Family
New
For Sale
$499,900
650 Third, Fall River, MA 02721
Residential Income, Fall River, MA
Property Size2,081 SF
Lot Size0.11 Acres
Price / SF$240.22
Days on Market6
Property Features for 650 Third
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RES
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 5, Bathroom 1, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 4
Parking
4
Directions
Use GPS
Standard status
Active
Size
2,081 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4325
Amenities
in-unit laundry hookups
off-street parking
Building Details
Year built
1900
Floors in Building
3
Number of units
2
Listing Agency:
RE/MAX Vantage · RE/MAX International
(774) 992-0297
Listed By:
Eddie Lopez
(508) 999-4424
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 14 at 7:06AM
MLS# 73574162
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 duplex contains 2,081 square feet on a 0.1087-acre lot and was built in 1900. The first-floor residence has new flooring, a new kitchen, and a new bathroom. The second unit extends across two floors and includes two bathrooms, in-unit laundry hookups, and brand-new mini-split systems. Both residences are delivered vacant, allowing the next owner to occupy one unit, lease both, or configure the property according to their needs.
A roof approximately two years old adds a recent capital improvement. The property also provides off-street parking and is located at 650 Third, Fall River, MA 02721. Zoning is RES, and the layout includes five bedrooms and three bathrooms across the two units.
A roof approximately two years old adds a recent capital improvement. The property also provides off-street parking and is located at 650 Third, Fall River, MA 02721. Zoning is RES, and the layout includes five bedrooms and three bathrooms across the two units.
Key Highlights
- Two‑family duplex with 2,081 square feet
- Both units delivered vacant
- First‑floor unit includes new flooring, a new kitchen, and a new 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
$37,190
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
7.44%
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%
$743,800
$743.8K
Cap Rate 7%
$531,286
$531.3K
Cap Rate 9%
$413,222
$413.2K
Market Conditions
NOI Build-Up for 2,081 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
$57.4K $27.60/SF
− Vacancy
−$4.3K −$2.07/SF
EGI
$53.1K $25.53/SF
− OpEx
−$15.9K −$7.66/SF
NOI
$37.2K $17.87/SF
Area
Bristol County, MA
Vacancy
7.50%
Lease Rate
$27.60 /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%
$743,800
Cap Rate 7%
$531,286
Cap Rate 9%
$413,222
Alternative Uses
Best Use
Multifamily LT 5
$531.3K
$464.9K – $619.8K
NOI $37,190 @ 7.0% cap · market cap 7.44%
Second Best
Apartment 5plus
$493.7K
$432.0K – $576.0K
NOI $34,562 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,711 @ 7.0% cap · market cap 17.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,396
Businesses Nearby
Explore this area
Business Placement
Demographics for 02721, MA
28,075
Population
12,358
Households
2.3
Avg Household Size
38
Median Age
15%
College-Educated
73%
High-School Grad
4.0 sq mi
ZIP Area
7,019
Density / Sq Mi
$50,666
Median Household Income
$40,315
Median Earnings
$1,010
Median Rent
$362,800
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both units are vacant, with updated interiors, laundry hookups, and off-street parking.
Where is this duplex located?
The property is located at 650 Third Fall River, MA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two‑family duplex with 2,081 square feet; Both units delivered vacant; First‑floor unit includes new flooring, a new kitchen, and a new bathroom
