Triplex with Two
For Sale
$659,800
Pending
108 Phillips Avenue, New Bedford, MA 02746
The first-floor unit will be vacant at closing, while the upper floors are occupied by tenants at will.
Property Size3,045 SF
Days on Market280
Property Features for 108 Phillips Avenue
General Information
Standard status
Pending
Size
3,045 SF
Total Parking Spaces
6
Property subtype
Multi-family / 3 Family
Zoning
RC
Units
Unit Mix
1 x 3BR, 1 x 3BR, 1 x 2BR
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,163
Amenities
coin-operated washer and dryer
No
3.0
Full
3
3.00
Fenced
Frame
Shingle
Fenced Yard, Porch
Porch
Building Details
Year Built
1903
Buildings
1
Listing Agency:
Home And Key Real Estate, LLC
(508) 817-4284
Listed By:
Jacob Galary · License #9574483
(508) 817-4284
Source:
Compass
Added: Nov 24, 2025
Changed: Aug 30
Last Checked: Aug 31 at 1:36AM
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 Home And Key Real Estate, LLC
Investment Insights
Based on property information with market context.
This 3-family property contains three residential units within 3045 square feet. The first-floor apartment has 3 bedrooms and will be delivered vacant at closing. The second-floor unit also has 3 bedrooms, while the third-floor unit has 2 bedrooms; both upper units are occupied by tenants at will. Heating includes baseboard heat in the first-floor unit and space heaters in the upper apartments.
The building has vinyl siding, a porch, a fenced yard, off-street parking, and 2 2-car garages. A roof and gutters were installed 5 years ago. Each apartment includes a range and refrigerator, and the basement contains a coin-operated washer and dryer that will remain with the property. The property is zoned RC and is located near amenities, public transportation, and commuter routes.
The building has vinyl siding, a porch, a fenced yard, off-street parking, and 2 2-car garages. A roof and gutters were installed 5 years ago. Each apartment includes a range and refrigerator, and the basement contains a coin-operated washer and dryer that will remain with the property. The property is zoned RC and is located near amenities, public transportation, and commuter routes.
Key Highlights
- 3‑family property with 3045 square feet
- Unit mix includes 3 bedrooms, 3 bedrooms, and 2 bedrooms
- First‑floor unit delivered vacant at closing
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
$43,770
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
6.63%
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%
$875,400
$875.4K
Cap Rate 7%
$625,286
$625.3K
Cap Rate 9%
$486,333
$486.3K
Market Conditions
NOI Build-Up for 3,045 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
$67.6K $22.20/SF
− Vacancy
−$5.1K −$1.67/SF
EGI
$62.5K $20.54/SF
− OpEx
−$18.8K −$6.16/SF
NOI
$43.8K $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%
$875,400
Cap Rate 7%
$625,286
Cap Rate 9%
$486,333
Alternative Uses
Best Use
Multifamily LT 5
$625.3K
$547.1K – $729.5K
NOI $43,770 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$574.1K
$502.3K – $669.7K
NOI $40,184 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$897.8K
$785.6K – $1.05M
NOI $62,849 @ 7.0% cap · market cap 9.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,070
Businesses Nearby
Explore this area
Business Placement
Demographics for 02746, MA
17,355
Population
7,640
Households
2.3
Avg Household Size
33
Median Age
10%
College-Educated
67%
High-School Grad
2.8 sq mi
ZIP Area
6,198
Density / Sq Mi
$41,023
Median Household Income
$33,472
Median Earnings
$1,100
Median Rent
$324,400
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?
Triplex - The first-floor unit will be vacant at closing, while the upper floors are occupied by tenants at will.
Where is this triplex located?
The property is located at 108 Phillips Avenue New Bedford, MA.
What is the asking price?
The asking price for this property is $659,800.
What are key features of this property?
This property features: 3‑family property with 3045 square feet; Unit mix includes 3 bedrooms, 3 bedrooms, and 2 bedrooms; First‑floor unit delivered vacant at closing
