Vacant Six-Family Residential
For Sale
$899,500
1017 Pine Street, Fall River, MA 02723
Fully vacant six-family building with upgraded HVAC and on-demand hot water, separately metered utilities for new tenants.
Property Size4,457 SF
Price / SF$201.82
Days on Market65
Property Features for 1017 Pine Street
General Information
Standard status
Active
Size
4,457 SF
Property subtype
5-9 Family
Building Details
Year Built
1900
Listing Agency:
Jose S. Castelo Real Estate, Inc.
(508) 496-1282
Listed By:
Martin Correia
(508) 496-1282
Source:
Lockandkeyre
Added: Jun 6
Changed: Aug 7
Last Checked: Aug 9 at 4:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Jose S. Castelo Real Estate, Inc.
Investment Insights
Based on property information with market context.
This well-maintained six-family residential property is fully vacant and ready for new tenants. The building has undergone major system upgrades, including updated heating and air conditioning systems, along with new on-demand hot water units. Utilities are separately metered, supporting straightforward billing and tenant-level control.
The property is located at 1017 Pine Street in Fall River, MA 02723. With the unit mix already in place and the key building systems improved, it offers a clear path to re-occupancy.
For buyers seeking a turnkey multifamily acquisition, the current vacancy status can reduce initial setup friction and allow immediate leasing efforts. Separately metered utilities can also be attractive for tenants and operators looking for cleaner, individual utility responsibility. Overall, it presents a practical option for an owner planning to stabilize occupancy while leveraging the completed mechanical upgrades.
The property is located at 1017 Pine Street in Fall River, MA 02723. With the unit mix already in place and the key building systems improved, it offers a clear path to re-occupancy.
For buyers seeking a turnkey multifamily acquisition, the current vacancy status can reduce initial setup friction and allow immediate leasing efforts. Separately metered utilities can also be attractive for tenants and operators looking for cleaner, individual utility responsibility. Overall, it presents a practical option for an owner planning to stabilize occupancy while leveraging the completed mechanical upgrades.
Key Highlights
- Six‑family building built in 1900, fully vacant and ready for new tenants
- Upgraded HVAC systems throughout, with major system improvements already completed
- New on‑demand hot water units installed
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
$74,023
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
8.23%
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%
$1,480,460
$1.5M
Cap Rate 7%
$1,057,471
$1.1M
Cap Rate 9%
$822,478
$822.5K
Market Conditions
NOI Build-Up for 4,457 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
$144.4K $32.40/SF
− Vacancy
−$9.8K −$2.20/SF
EGI
$134.6K $30.20/SF
− OpEx
−$60.6K −$13.59/SF
NOI
$74.0K $16.61/SF
Area
Bristol County, MA
Vacancy
6.80%
Lease Rate
$32.40 /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%
$1,480,460
Cap Rate 7%
$1,057,471
Cap Rate 9%
$822,478
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$925.3K – $1.23M
NOI $74,023 @ 7.0% cap · market cap 8.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.71M
$2.37M – $3.17M
NOI $189,997 @ 7.0% cap · market cap 21.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,867
Businesses Nearby
Explore this area
Business Placement
Demographics for 02723, MA
16,084
Population
7,976
Households
2
Avg Household Size
38
Median Age
13%
College-Educated
74%
High-School Grad
1.6 sq mi
ZIP Area
10,053
Density / Sq Mi
$41,789
Median Household Income
$40,140
Median Earnings
$1,058
Median Rent
$312,900
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?
Apartment building - Fully vacant six-family building with upgraded HVAC and on-demand hot water, separately metered utilities for new tenants.
Where is this apartment building located?
The property is located at 1017 Pine Street Fall River, MA.
What is the asking price?
The asking price for this property is $899,500.
What are key features of this property?
This property features: Six‑family building built in 1900, fully vacant and ready for new tenants; Upgraded HVAC systems throughout, with major system improvements already completed; New on‑demand hot water units installed
