Duplex with Finished Attic
New
For Sale
$499,900
343 Purchase St, New Bedford, MA 02740
Two-family property with solar panels, a fenced yard, and deck space for outdoor use.
Property Size2,039 SF
Price / SF$245.17
Days on Market7
Property Features for 343 Purchase St
General Information
Standard status
Active
Size
2,039 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
solar panels
fenced yard
deck
Building Details
Year Built
1878
Listing Agency:
Michelle Gerez, Re/Max Impact
Listed By:
Michelle Terry Team
(508) 202-0008
Source:
Centralmassachusettsproperties
Added: Sep 8
Changed: Sep 10
Last Checked: Sep 14 at 8:16AM
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 Michelle Gerez, Re/Max Impact
Investment Insights
Based on property information with market context.
This 2,039-square-foot duplex, built in 1878, includes two residential units and additional finished living area in the attic of the second-floor residence. The property has received updates and ongoing maintenance, while solar panels serve the upper unit.
Outdoor features include a secure fenced yard and deck, providing space for gardening, entertaining, or everyday use. Located at 343 Purchase St in New Bedford, Massachusetts, the property offers a two-family configuration with added interior flexibility and dedicated exterior space.
Outdoor features include a secure fenced yard and deck, providing space for gardening, entertaining, or everyday use. Located at 343 Purchase St in New Bedford, Massachusetts, the property offers a two-family configuration with added interior flexibility and dedicated exterior space.
Key Highlights
- 2,039‑square‑foot duplex with two residential units
- Finished attic living area associated with the second‑floor unit
- Solar panels serving the second‑floor residence
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
$29,310
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
5.86%
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%
$586,200
$586.2K
Cap Rate 7%
$418,714
$418.7K
Cap Rate 9%
$325,667
$325.7K
Market Conditions
NOI Build-Up for 2,039 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
$45.3K $22.20/SF
− Vacancy
−$3.4K −$1.67/SF
EGI
$41.9K $20.54/SF
− OpEx
−$12.6K −$6.16/SF
NOI
$29.3K $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%
$586,200
Cap Rate 7%
$418,714
Cap Rate 9%
$325,667
Alternative Uses
Best Use
Multifamily LT 5
$418.7K
$366.4K – $488.5K
NOI $29,310 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$384.4K
$336.4K – $448.5K
NOI $26,908 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$601.2K
$526.1K – $701.4K
NOI $42,085 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,897
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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Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Two-family property with solar panels, a fenced yard, and deck space for outdoor use.
Where is this duplex located?
The property is located at 343 Purchase St New Bedford, MA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 2,039‑square‑foot duplex with two residential units; Finished attic living area associated with the second‑floor unit; Solar panels serving the second‑floor residence
