Turnkey Six-Unit Investment
For Sale
$979,000
131 Thomas St, Fall River, MA 02723
Fully occupied six-unit building with separate utilities and updates.
Property Size4,704 SF
Price / SF$208.12
Days on Market107
Property Features for 131 Thomas St
General Information
Standard status
Active
Size
4,704 SF
Property subtype
5-9 Family
Building Details
Year Built
1900
Listing Agency:
Dan Quintal Real Estate
(508) 676-7274
Listed By:
Daniel Quintal · License #450550781
(774) 248-5252
Source:
Lockandkeyre
Added: May 21
Changed: Sep 4
Last Checked: Sep 4 at 4:45AM
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 Dan Quintal Real Estate
Investment Insights
Based on property information with market context.
This is a six-unit, fully occupied investment property. All utilities are separate and paid for by the tenants. Updates have been made over the years, including a new fire panel and a roof that is approximately 10 years old. Two of the six units have de-lead certificates. The driveway could be extended to offer more off-street parking. Rents are currently below market. The property is located in a walkable community with a walk score of 89, indicating it is very walkable. The bike score is 63, indicating it is bikeable. The transit score is 43, indicating some transit options are available.
Key Highlights
- Turnkey 6‑unit building, currently fully occupied.
- All utilities are separated and paid by tenants.
- Rents are currently below market, offering potential for increased income.
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
$78,125
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
7.98%
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%
$1,562,500
$1.6M
Cap Rate 7%
$1,116,071
$1.1M
Cap Rate 9%
$868,056
$868.1K
Market Conditions
NOI Build-Up for 4,704 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
$152.4K $32.40/SF
− Vacancy
−$10.4K −$2.20/SF
EGI
$142.0K $30.20/SF
− OpEx
−$63.9K −$13.59/SF
NOI
$78.1K $16.61/SF
Area
Bristol County, MA
Vacancy
6.80%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,562,500
Cap Rate 7%
$1,116,071
Cap Rate 9%
$868,056
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$976.6K – $1.30M
NOI $78,125 @ 7.0% cap · market cap 7.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.86M
$2.51M – $3.34M
NOI $200,526 @ 7.0% cap · market cap 20.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,107
Businesses Nearby
Explore this area
Business Placement
Demographics for 02723, MA
16,084
Population
7,976
Households
2
Avg Household Size
38
Median Age
13%
College-Educated
74%
High-School Grad
1.6 sq mi
ZIP Area
10,053
Density / Sq Mi
$41,789
Median Household Income
$40,140
Median Earnings
$1,058
Median Rent
$312,900
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?
Apartment building - Fully occupied six-unit building with separate utilities and updates.
Where is this apartment building located?
The property is located at 131 Thomas St Fall River, MA.
What is the asking price?
The asking price for this property is $979,000.
What are key features of this property?
This property features: Turnkey 6‑unit building, currently fully occupied.; All utilities are separated and paid by tenants.; Rents are currently below market, offering potential for increased income.
