Three-Unit Residential Income
For Sale
$610,000
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$240.92
Days on Market51
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:
REMAX Andrew Realty Services
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jul 20
Changed: Sep 7
Last Checked: Sep 8 at 3:57AM
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 REMAX Andrew Realty Services
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 = 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
$36,396
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
5.97%
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%
$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
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
$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 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%
$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 5.97%
Second Best
Apartment 5plus
$477.3K
$417.7K – $556.9K
NOI $33,414 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$746.6K
$653.3K – $871.0K
NOI $52,260 @ 7.0% cap · market cap 8.57%
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
1,415
Businesses Nearby
Explore this area
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
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 - 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 $610,000.
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
