Three-Unit Residential
For Sale
$610,000
115 Thompson St, New Bedford, MA 02740
Residential Income, New Bedford, MA
Property Size2,532 SF
Lot Size0.06 Acres
Price / SF$240.92
Days on Market49
Property Features for 115 Thompson St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RC
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bathroom 1, Bedroom 8, Bedroom 4, Bedroom 7, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 6, Bedroom 2, Bathroom 2
Directions
Please use GPS
Standard status
Active
APN
M:0030 L:0357,2887383
Size
2,532 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5094
Building Details
Year built
1896
Floors in Building
3
Number of units
3
Listing Agency:
RE/MAX Vantage · RE/MAX International
(774) 992-0297
Listed By:
Eddie Lopez
(508) 999-4424
Added: Jul 20
Changed: Sep 4
Last Checked: Sep 6 at 12:06AM
MLS# 73552185
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit residential property contains 2,532 square feet across three apartments. The first-floor residence offers three bedrooms, one bathroom, and a private back deck. The second-floor unit also includes three bedrooms and one bathroom and is scheduled for delivery vacant. The third-floor apartment provides two bedrooms and one bathroom, creating a mix of two- and three-bedroom layouts within the building.
Built in 1896, the property occupies a 0.0606-acre lot at 115 Thompson St in New Bedford, Massachusetts. RC zoning applies to the site. Shopping, dining, and other local amenities are located nearby, with access to major routes also noted in the property information.
Built in 1896, the property occupies a 0.0606-acre lot at 115 Thompson St in New Bedford, Massachusetts. RC zoning applies to the site. Shopping, dining, and other local amenities are located nearby, with access to major routes also noted in the property information.
Key Highlights
- Three‑unit residential property with 2,532 square feet
- Unit mix includes two 3‑bedroom apartments and one 2‑bedroom apartment
- Second‑floor unit 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 - Three separate apartments include a vacant second-floor unit and private outdoor space 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‑unit residential property with 2,532 square feet; Unit mix includes two 3‑bedroom apartments and one 2‑bedroom apartment; Second‑floor unit will be delivered vacant
