Three-Unit Residential Income
For Sale
$600,000
115 Thompson St, New Bedford, MA 02740
Well-maintained three-family building with two bathrooms per unit layout variety and a private back deck on the first floor.
Property Size2,532 SF
Price / SF$236.97
Days on Market103
Property Features for 115 Thompson St
General Information
Standard status
Active
Size
2,532 SF
Property subtype
Multi-Family
Zoning
RC
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,094
Building Details
Building Size
2,532 SF
Year Built
1896
Stories
3
Listing Agency:
RE/MAX Vantage
(774) 992-0297
Listed By:
Josiah Cordero
(774) 992-9766
Source:
Churchillprop
Added: Jul 20
Changed: Oct 27
Last Checked: Oct 28 at 5:21AM
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 RE/MAX Vantage
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Investment Insights
Based on property information with market context.
This well-maintained three-family property offers a flexible layout for an owner-occupant or an investor. The first-floor unit features three bedrooms, one bathroom, and a private back deck. The second-floor unit also has three bedrooms and one bathroom and is set to be delivered vacant. The third-floor unit includes two bedrooms and one bathroom, completing the three-unit configuration.
The property is described as being conveniently located near local amenities, shopping, dining, and major routes, with walkability rated as very walkable and bikeability rated as bikeable.
Overall, the building’s residential income structure consists of three separate units with bedroom and bathroom counts as outlined above, with the second unit delivered vacant for immediate occupancy or leasing planning.
The property is described as being conveniently located near local amenities, shopping, dining, and major routes, with walkability rated as very walkable and bikeability rated as bikeable.
Overall, the building’s residential income structure consists of three separate units with bedroom and bathroom counts as outlined above, with the second unit delivered vacant for immediate occupancy or leasing planning.
Key Highlights
- Three‑family property built in 1896
- First‑floor unit: 3 bedrooms, 1 bathroom, plus a private back deck
- Second‑floor unit: 3 bedrooms, 1 bathroom and will be delivered vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,396
Cap Rate
6.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$727,920
$727.9K
Cap Rate 7%
$519,943
$519.9K
Cap Rate 9%
$404,400
$404.4K
Market Conditions
NOI Build-Up for 2,532 SF
Gross rent
$56.2K $22.20/SF
− Vacancy
−$4.2K −$1.67/SF
EGI
$52.0K $20.54/SF
− OpEx
−$15.6K −$6.16/SF
NOI
$36.4K $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 Rate 5%
$727,920
Cap Rate 7%
$519,943
Cap Rate 9%
$404,400
Alternative Uses
Best Use
Multifamily LT 5
$519.9K
$455.0K – $606.6K
NOI $36,396 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$477.3K
$417.7K – $556.9K
NOI $33,414 @ 7.0% cap · market cap 5.57%
Theoretical Best
Office A
$746.6K
$653.3K – $871.0K
NOI $52,260 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,415
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained three-family building with two bathrooms per unit layout variety and a private back deck on the first floor.
Where is this triplex located?
The property is located at 115 Thompson St New Bedford, MA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Three‑family property built in 1896; First‑floor unit: 3 bedrooms, 1 bathroom, plus a private back deck; Second‑floor unit: 3 bedrooms, 1 bathroom and will be delivered vacant
