Renovated 3-Unit
New
For Sale
$799,900
133 State St, New Bedford, MA 02740
Three vacant residences with updated building systems and flexible owner-use or leasing options.
Property Size4,774 SF
Days on Market5
Property Features for 133 State St
General Information
Standard status
Active
Size
4,774 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$7,094
Building Details
Building Size
4,774 SF
Year Built
1871
Stories
3
Units
3
Listing Agency:
Century 21 Limitless
Listed By:
Kyle Seyboth · License #REB.0019335
(508) 726-3492
Source:
Elliman
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 14 at 6:31AM
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 Limitless
Investment Insights
Based on property information with market context.
Built in 1871, this three-unit triplex has undergone renovation and is currently vacant throughout. The unit mix includes a four-bedroom, two-bath residence; a three-bedroom, two-bath residence; and a two-bedroom, one-bath residence, creating options for leasing, owner occupancy, or a combination of the two.
Building system improvements include PVC drain lines, PEX water lines, first-floor mini-split systems, two gas-fired boilers, and three hot water tanks. The property is near Clasky Commons, local shops, restaurants, markets, museums, public transportation, and the New Bedford Whaling National Historical Park. Route 18, Route 140, Route 195, Downtown New Bedford, the waterfront, UMass Dartmouth’s New Bedford campus, and Southcoast Health are also accessible from the property.
Building system improvements include PVC drain lines, PEX water lines, first-floor mini-split systems, two gas-fired boilers, and three hot water tanks. The property is near Clasky Commons, local shops, restaurants, markets, museums, public transportation, and the New Bedford Whaling National Historical Park. Route 18, Route 140, Route 195, Downtown New Bedford, the waterfront, UMass Dartmouth’s New Bedford campus, and Southcoast Health are also accessible from the property.
Key Highlights
- Three‑unit property with all units vacant
- Unit mix includes 4BR/2BA, 3BR/2BA, and 2BR/1BA layouts
- New PVC drains and PEX water lines throughout
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
$68,624
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
8.58%
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%
$1,372,480
$1.4M
Cap Rate 7%
$980,343
$980.3K
Cap Rate 9%
$762,489
$762.5K
Market Conditions
NOI Build-Up for 4,774 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
$106.0K $22.20/SF
− Vacancy
−$7.9K −$1.67/SF
EGI
$98.0K $20.54/SF
− OpEx
−$29.4K −$6.16/SF
NOI
$68.6K $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%
$1,372,480
Cap Rate 7%
$980,343
Cap Rate 9%
$762,489
Alternative Uses
Best Use
Multifamily LT 5
$980.3K
$857.8K – $1.14M
NOI $68,624 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$900.0K
$787.5K – $1.05M
NOI $63,001 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$1.41M
$1.23M – $1.64M
NOI $98,535 @ 7.0% cap · market cap 12.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three vacant residences with updated building systems and flexible owner-use or leasing options.
Where is this triplex located?
The property is located at 133 State St New Bedford, MA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Three‑unit property with all units vacant; Unit mix includes 4BR/2BA, 3BR/2BA, and 2BR/1BA layouts; New PVC drains and PEX water lines throughout
