Restaurant, Bakery, and Apartment
For Sale
$1,275,000
Pending
98 County St., New Bedford, MA 02744
Updated exterior with restaurant and commercial bakery plus eight remodeled two-bedroom apartments above.
Property Size11,563 SF
Days on Market55
Property Features for 98 County St.
General Information
Standard status
Pending
Size
11,563 SF
Property subtype
Investment
Additional Details
Multifamily Units
8
Building Details
Building Size
11,563 SF
Year Built
1914
Stories
3
Units
10
Listed By:
Darren Costa
(508) 989-2073
Source:
Elliman
Added: Jul 16
Changed: Aug 25
Last Checked: Sep 7 at 7:06AM
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 Darren Costa
Investment Insights
Based on property information with market context.
This for-sale mixed-use income property includes a well-established restaurant, a very large commercial bakery, and eight rehab apartments above. The exterior has been updated with maintenance-free PVC siding, along with new windows and new doors. The eight two-bedroom apartments are described as totally remodeled, with new windows, new floors, new kitchen cabinets, and new bathrooms. The property also notes that all locks and keys have been replaced and that all heating systems are in working condition.
Located at 98 County St. in New Bedford, MA 02744, the area is described as very walkable (walkScore 84) and bikeable (bikeScore 66), with some transit (transitScore 33).
Located at 98 County St. in New Bedford, MA 02744, the area is described as very walkable (walkScore 84) and bikeable (bikeScore 66), with some transit (transitScore 33).
Key Highlights
- 1914‑built mixed‑use income property with restaurant, large commercial bakery, and 8 rehab apartments above
- Exterior updates include maintenance‑free PVC siding, new windows, and new doors
- 8 apartments are fully rehabbed 2‑bedroom units with new windows, floors, kitchen cabinets, and bathrooms
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
$113,816
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
8.93%
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%
$2,276,320
$2.3M
Cap Rate 7%
$1,625,943
$1.6M
Cap Rate 9%
$1,264,622
$1.3M
Market Conditions
NOI Build-Up for 11,563 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
$172.1K $14.88/SF
− Vacancy
−$9.5K −$0.82/SF
EGI
$162.6K $14.06/SF
− OpEx
−$48.8K −$4.22/SF
NOI
$113.8K $9.84/SF
Area
New Bedford, MA
Vacancy
5.50%
Lease Rate
$14.88 /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%
$2,276,320
Cap Rate 7%
$1,625,943
Cap Rate 9%
$1,264,622
Alternative Uses
Best Use
Specialty Retail
$2.48M
$2.17M – $2.89M
NOI $173,272 @ 7.0% cap · market cap 13.59%
Second Best
Apartment 5plus
$2.18M
$1.91M – $2.54M
NOI $152,593 @ 7.0% cap · market cap 11.97%
Theoretical Best
Office A
$3.41M
$2.98M – $3.98M
NOI $238,660 @ 7.0% cap · market cap 18.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
924
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02744, MA
13,055
Population
5,609
Households
2.3
Avg Household Size
35
Median Age
13%
College-Educated
72%
High-School Grad
1.3 sq mi
ZIP Area
10,042
Density / Sq Mi
$54,841
Median Household Income
$36,799
Median Earnings
$1,133
Median Rent
$344,800
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?
Conventional restaurant - Updated exterior with restaurant and commercial bakery plus eight remodeled two-bedroom apartments above.
Where is this conventional restaurant located?
The property is located at 98 County St. New Bedford, MA.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: 1914‑built mixed‑use income property with restaurant, large commercial bakery, and 8 rehab apartments above; Exterior updates include maintenance‑free PVC siding, new windows, and new doors; 8 apartments are fully rehabbed 2‑bedroom units with new windows, floors, kitchen cabinets, and bathrooms
