13-Unit Studio Apartment
For Sale
$1,595,000
1148 American Legion Highway, Westport, MA 02790
Single-level studios include full bathrooms, refrigerators, and kitchen sinks for individual resident use.
Property Size3,622 SF
Lot Size1.00 Acre
Price / SF$440.36
Days on Market139
Property Features for 1148 American Legion Highway
General Information
Standard status
Active
Size
3,622 SF
Lot size
1.00 Acre
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
13 x studio
Multifamily Units
13
Building Details
Year Built
1948
Buildings
1
Stories
1
Listing Agency:
Demakis Family Real Estate,Inc.
(508) 287-2695
Listed By:
Chris Demakis
(508) 287-2695
Source:
Demakis
Added: Apr 14
Changed: Aug 29
Last Checked: Aug 29 at 5:39PM
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 Demakis Family Real Estate,Inc.
Investment Insights
Based on property information with market context.
This one-level multifamily property contains 13 studio apartments, each with a full bathroom featuring a shower, refrigerator, and kitchen sink. Built in 1948, the building sits on a 1-acre parcel and is served by natural gas, a septic system, and a private well. The property has a history of long-term, at-will tenancy.
The site has exposure along MA State Rte. 177, with proximity to Interstate 195 and U.S. Rte. 6. It is located within a Business zoning district, supporting consideration of the existing apartment use as well as the possible commercial redevelopment opportunity identified for the property. An adjacent .75-acre vacant parcel may also be available with the building.
The site has exposure along MA State Rte. 177, with proximity to Interstate 195 and U.S. Rte. 6. It is located within a Business zoning district, supporting consideration of the existing apartment use as well as the possible commercial redevelopment opportunity identified for the property. An adjacent .75-acre vacant parcel may also be available with the building.
Key Highlights
- 13‑unit, one‑level studio apartment building
- Each studio includes a full bath with shower, refrigerator, and kitchen sink
- Situated on a 1‑acre parcel, with adjacent .75‑acre vacant parcel also available
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
$60,155
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
3.77%
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%
$1,203,100
$1.2M
Cap Rate 7%
$859,357
$859.4K
Cap Rate 9%
$668,389
$668.4K
Market Conditions
NOI Build-Up for 3,622 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
$117.4K $32.40/SF
− Vacancy
−$8.0K −$2.20/SF
EGI
$109.4K $30.20/SF
− OpEx
−$49.2K −$13.59/SF
NOI
$60.2K $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%
$1,203,100
Cap Rate 7%
$859,357
Cap Rate 9%
$668,389
Alternative Uses
Best Use
Apartment 5plus
$859.4K
$751.9K – $1.00M
NOI $60,155 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.21M
$1.93M – $2.57M
NOI $154,402 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
Explore this area
Business Placement
Demographics for 02790, MA
16,458
Population
7,523
Households
2.2
Avg Household Size
50
Median Age
30%
College-Educated
91%
High-School Grad
53.9 sq mi
ZIP Area
305
Density / Sq Mi
$100,617
Median Household Income
$52,188
Median Earnings
$1,313
Median Rent
$476,000
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 - Single-level studios include full bathrooms, refrigerators, and kitchen sinks for individual resident use.
Where is this apartment building located?
The property is located at 1148 American Legion Highway Westport, MA.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: 13‑unit, one‑level studio apartment building; Each studio includes a full bath with shower, refrigerator, and kitchen sink; Situated on a 1‑acre parcel, with adjacent .75‑acre vacant parcel also available
