Three-Unit Triplex Near Brooklawn
New
For Sale
$549,000
118 Irvington St, New Bedford, MA 02745
Three 3-bedroom apartments provide flexible multifamily occupancy near shopping, dining, schools, parks, and commuter routes.
Property Size3,420 SF
Days on Market4
Property Features for 118 Irvington St
General Information
Standard status
Active
Size
3,420 SF
Property subtype
Investment
Units
Unit Mix
3 x 3BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,578
Building Details
Building Size
3,420 SF
Year Built
1917
Stories
3
Units
3
Listing Agency:
(617) 319-1085
Listed By:
Ron Ifrah
(617) 319-1085
Source:
Elliman
Added: Aug 21
Changed: Aug 24
Last Checked: Aug 23 at 5:07AM
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 Ron Ifrah
Investment Insights
Based on property information with market context.
Built in 1917, this three-family property contains three 3-bedroom apartments, offering a defined multifamily configuration with room for owner occupancy or rental use. The unit layout supports a range of household needs while maintaining the distinct structure of a triplex asset.
The property is located at 118 Irvington St in New Bedford, directly across from Brooklawn Park. Shopping, dining, schools, and major commuter routes are accessible from the property. Walk Score is 84, Bike Score is 52, and Transit Score is 36, reflecting a walkable setting with some transit service.
The property is located at 118 Irvington St in New Bedford, directly across from Brooklawn Park. Shopping, dining, schools, and major commuter routes are accessible from the property. Walk Score is 84, Bike Score is 52, and Transit Score is 36, reflecting a walkable setting with some transit service.
Key Highlights
- Three 3‑bedroom units in a single triplex property
- Directly across from Brooklawn Park
- Built in 1917
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
$49,161
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
8.95%
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%
$983,220
$983.2K
Cap Rate 7%
$702,300
$702.3K
Cap Rate 9%
$546,233
$546.2K
Market Conditions
NOI Build-Up for 3,420 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
$75.9K $22.20/SF
− Vacancy
−$5.7K −$1.67/SF
EGI
$70.2K $20.54/SF
− OpEx
−$21.1K −$6.16/SF
NOI
$49.2K $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%
$983,220
Cap Rate 7%
$702,300
Cap Rate 9%
$546,233
Alternative Uses
Best Use
Multifamily LT 5
$702.3K
$614.5K – $819.4K
NOI $49,161 @ 7.0% cap · market cap 8.95%
Second Best
Apartment 5plus
$644.8K
$564.2K – $752.2K
NOI $45,133 @ 7.0% cap · market cap 8.22%
Theoretical Best
Office A
$1.01M
$882.4K – $1.18M
NOI $70,589 @ 7.0% cap · market cap 12.86%
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
799
Businesses Nearby
Explore this area
Business Placement
Demographics for 02745, MA
25,336
Population
10,649
Households
2.4
Avg Household Size
41
Median Age
20%
College-Educated
83%
High-School Grad
9.8 sq mi
ZIP Area
2,585
Density / Sq Mi
$73,154
Median Household Income
$46,978
Median Earnings
$1,104
Median Rent
$339,600
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 3-bedroom apartments provide flexible multifamily occupancy near shopping, dining, schools, parks, and commuter routes.
Where is this triplex located?
The property is located at 118 Irvington St New Bedford, MA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Three 3‑bedroom units in a single triplex property; Directly across from Brooklawn Park; Built in 1917
