Updated Two-Family
For Sale
$549,000
Pending
124 Washington St, New Bedford, MA 02740
Two-family home with three bedrooms per unit, updated bathrooms, vinyl siding, and a fully fenced yard.
Property Size2,128 SF
Days on Market91
Property Features for 124 Washington St
General Information
Standard status
Pending
Size
2,128 SF
Total Parking Spaces
1
Property subtype
Multi Family Home
Zoning
RB
Occupancy
50%
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,940
Building Details
Building Size
2,128 SF
Year Built
1871
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Century 21 Mario Real Estate
(617) 569-6044
Listed By:
Veraluxe Team
(508) 677-5570
Source:
Alliancepartnersre
Added: Jun 10
Changed: Aug 8
Last Checked: Jul 23 at 6:35AM
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 Century 21 Mario Real Estate
Investment Insights
Based on property information with market context.
This well-maintained two-family residence features three bedrooms in each unit and updated modern bathrooms. The exterior includes durable vinyl siding and a low-maintenance approach, complemented by a fully fenced yard that provides private outdoor space.
The first-floor unit can be delivered vacant, which may suit an owner-occupant preference. The second-floor unit has a reliable tenant in place, offering flexibility for investors and owner-occupants.
Located at 124 Washington St in New Bedford, the property presents a straightforward duplex configuration with clear unit-by-unit differences in current occupancy status.
The first-floor unit can be delivered vacant, which may suit an owner-occupant preference. The second-floor unit has a reliable tenant in place, offering flexibility for investors and owner-occupants.
Located at 124 Washington St in New Bedford, the property presents a straightforward duplex configuration with clear unit-by-unit differences in current occupancy status.
Key Highlights
- Two‑family home built in 1871 with 3 bedrooms in each unit
- Updated modern bathrooms in both units
- Durable vinyl siding with low‑maintenance exterior
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
$30,589
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
5.57%
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%
$611,780
$611.8K
Cap Rate 7%
$436,986
$437.0K
Cap Rate 9%
$339,878
$339.9K
Market Conditions
NOI Build-Up for 2,128 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
$47.2K $22.20/SF
− Vacancy
−$3.5K −$1.67/SF
EGI
$43.7K $20.54/SF
− OpEx
−$13.1K −$6.16/SF
NOI
$30.6K $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%
$611,780
Cap Rate 7%
$436,986
Cap Rate 9%
$339,878
Alternative Uses
Best Use
Multifamily LT 5
$437.0K
$382.4K – $509.8K
NOI $30,589 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$401.2K
$351.0K – $468.1K
NOI $28,083 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$627.5K
$549.0K – $732.0K
NOI $43,922 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,399
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family home with three bedrooms per unit, updated bathrooms, vinyl siding, and a fully fenced yard.
Where is this duplex located?
The property is located at 124 Washington 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: Two‑family home built in 1871 with 3 bedrooms in each unit; Updated modern bathrooms in both units; Durable vinyl siding with low‑maintenance exterior
