Duplex with Private Rear
For Sale
$695,000
129-131 State Street, New Bedford, MA 02740
MULTI_FAMILY - New Bedford, MA
Property Size3,774 SF
Lot Size0.10 Acres
Price / SF$184.15
Days on Market53
Property Features for 129-131 State Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RB
Bedrooms
6
Bathrooms
6
Full bathrooms
5
Half bathrooms
2
Rooms
Bathroom 6, Bathroom 2, Bedroom 4, Bathroom 5, Bedroom 5, Bedroom 2, Bathroom 1, Bathroom 4, Bedroom 6, Bedroom 3, Bathroom 3, Bathroom 7, Bedroom 1
Parking
2
Elementary school
Parker
Middle school
Keith
High school
Nbhs
Directions
North on County Street, Right on Pope Street, and left on State Street.
Standard status
Active
APN
M:0072 L:0078,2895233
Size
3,774 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8019
Amenities
private rear decks
Building Details
Year built
2005
Floors in Building
6
Number of units
2
Listing Agency:
Keller Williams Elite · Keller Williams Realty
(508) 695-4545
Added: Jun 25
Changed: Aug 14
Last Checked: Aug 16 at 6:06PM
MLS# 73541673
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 duplex/townhouse-style property offers spacious living across three levels, with a partially finished basement in one unit. Each of the two units is configured with its own kitchen and comfortable layout, and combined the residences include 7 bedrooms, 5 full baths, and 2 half baths. The home is set up for flexible use, including owner-occupancy or multi-unit tenancy, supported by generously sized rooms throughout and private rear decks for each unit.
The property is built in 2005 and sits on a 0.1019-acre lot with a total building size of 3,774 square feet. Zoned RB, it is located in New Bedford, within walking distance to Clasky Park and close to major highways, shopping, schools, and other area amenities.
The result is a compact, well-appointed multi-unit residence designed for day-to-day livability, with outdoor space at the rear and additional interior flexibility provided by the partially finished basement.
The property is built in 2005 and sits on a 0.1019-acre lot with a total building size of 3,774 square feet. Zoned RB, it is located in New Bedford, within walking distance to Clasky Park and close to major highways, shopping, schools, and other area amenities.
The result is a compact, well-appointed multi-unit residence designed for day-to-day livability, with outdoor space at the rear and additional interior flexibility provided by the partially finished basement.
Key Highlights
- Duplex/townhouse‑style design with three levels plus a partially finished basement in one unit
- Private rear decks for outdoor entertaining
- Two units with 7 bedrooms, 5 full baths, and 2 half baths
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
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,065
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?
Duplex - Duplex/townhouse-style units on RB zoning with private rear decks, spread across three levels plus a partially finished basement.
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: Duplex/townhouse‑style design with three levels plus a partially finished basement in one unit; Private rear decks for outdoor entertaining; Two units with 7 bedrooms, 5 full baths, and 2 half baths
