Three-Level Duplex with
For Sale
$695,000
129-131 State Street, New Bedford, MA 02740
Two residential units offer upgraded kitchens, substantial bedroom capacity, and private rear outdoor space.
Property Size3,774 SF
Days on Market57
Property Features for 129-131 State Street
General Information
Standard status
Active
Size
3,774 SF
Property subtype
2 Family - 2 Units Side by Side
Taxes and HOA fees
Annual Taxes
$8,019
Building Details
Building Size
3,774 SF
Year Built
2005
Listing Agency:
Keller Williams Elite
(508) 695-4545
Listed By:
Daniel Mansour Barbour · License #449537458
Source:
Allisonmazer
Added: Jun 25
Changed: Aug 18
Last Checked: Aug 20 at 11:56AM
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 Keller Williams Elite
Investment Insights
Based on property information with market context.
This duplex is configured in a townhouse-style layout across three levels, with a partially finished basement serving one of the units. Together, the residences provide 7 bedrooms, 5 full bathrooms, and 2 half bathrooms. Both units include kitchens with upgraded cabinetry and granite countertops, along with private rear decks for outdoor use. The property was built in 2005.
Located at 129-131 State Street in New Bedford, the property is within walking distance of Clasky Park and near major highways, shopping, schools, and other area amenities. The two-unit arrangement supports multi-unit living, owner occupancy, or rental use as described in the property information.
Located at 129-131 State Street in New Bedford, the property is within walking distance of Clasky Park and near major highways, shopping, schools, and other area amenities. The two-unit arrangement supports multi-unit living, owner occupancy, or rental use as described in the property information.
Key Highlights
- Two‑unit duplex with townhouse‑style design across three levels
- Combined layout includes 7 bedrooms, 5 full baths, and 2 half baths
- Partially finished basement in one unit
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
$54,249
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
7.81%
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%
$1,084,980
$1.1M
Cap Rate 7%
$774,986
$775.0K
Cap Rate 9%
$602,767
$602.8K
Market Conditions
NOI Build-Up for 3,774 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
$83.8K $22.20/SF
− Vacancy
−$6.3K −$1.67/SF
EGI
$77.5K $20.54/SF
− OpEx
−$23.2K −$6.16/SF
NOI
$54.2K $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%
$1,084,980
Cap Rate 7%
$774,986
Cap Rate 9%
$602,767
Alternative Uses
Best Use
Multifamily LT 5
$775.0K
$678.1K – $904.2K
NOI $54,249 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$711.5K
$622.6K – $830.1K
NOI $49,804 @ 7.0% cap · market cap 7.17%
Theoretical Best
Office A
$1.11M
$973.7K – $1.30M
NOI $77,895 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
979
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 residential units offer upgraded kitchens, substantial bedroom capacity, and private rear outdoor space.
Where is this duplex located?
The property is located at 129-131 State Street New Bedford, MA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Two‑unit duplex with townhouse‑style design across three levels; Combined layout includes 7 bedrooms, 5 full baths, and 2 half baths; Partially finished basement in one unit
