Three-Level Two-Unit
For Sale
$399,900
1359 Purchase Street, New Bedford, MA 02740
Two-family home with vinyl-sided exterior and a walk-up attic that may allow additional unit configuration.
Property Size2,242 SF
Price / SF$178.37
Days on Market126
Property Features for 1359 Purchase Street
General Information
Standard status
Active
Size
2,242 SF
Property subtype
Multi-family
Building Details
Year Built
1870
Listing Agency:
Redlon Realty LLC
Listed By:
Adam Walorz
(781) 878-2478
Source:
Trufantre
Added: Apr 9
Changed: Aug 12
Last Checked: Aug 12 at 3:14AM
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 Redlon Realty LLC
Investment Insights
Based on property information with market context.
This two-family residential property offers 3 levels, including a walk-up attic. The exterior is vinyl-sided, presenting a low-maintenance exterior. Interior features include hardwood floors and functional floor plans with spacious, sun-filled bedrooms.
The home is located in New Bedford, with access to shopping, dining, convenience stores, St. Luke’s Hospital, and highway access all described as minutes away.
One unit includes the walk-up attic, providing flexibility to create additional living space. The layout is presented as suitable for turning the top area into additional units or a different configuration, subject to buyer and permitting requirements.
The home is located in New Bedford, with access to shopping, dining, convenience stores, St. Luke’s Hospital, and highway access all described as minutes away.
One unit includes the walk-up attic, providing flexibility to create additional living space. The layout is presented as suitable for turning the top area into additional units or a different configuration, subject to buyer and permitting requirements.
Key Highlights
- Two‑family home in New Bedford with 2 units and 2,200+ SF
- One unit includes a walk‑up attic with potential to create additional unit(s)
- Walk‑up attic may allow converting the top unit into a townhouse configuration
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
$32,228
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
8.06%
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%
$644,560
$644.6K
Cap Rate 7%
$460,400
$460.4K
Cap Rate 9%
$358,089
$358.1K
Market Conditions
NOI Build-Up for 2,242 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
$49.8K $22.20/SF
− Vacancy
−$3.7K −$1.67/SF
EGI
$46.0K $20.54/SF
− OpEx
−$13.8K −$6.16/SF
NOI
$32.2K $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%
$644,560
Cap Rate 7%
$460,400
Cap Rate 9%
$358,089
Alternative Uses
Best Use
Multifamily LT 5
$460.4K
$402.9K – $537.1K
NOI $32,228 @ 7.0% cap · market cap 8.06%
Second Best
Apartment 5plus
$422.7K
$369.8K – $493.1K
NOI $29,587 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$661.1K
$578.4K – $771.3K
NOI $46,275 @ 7.0% cap · market cap 11.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,773
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 - Two-family home with vinyl-sided exterior and a walk-up attic that may allow additional unit configuration.
Where is this duplex located?
The property is located at 1359 Purchase Street New Bedford, MA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two‑family home in New Bedford with 2 units and 2,200+ SF; One unit includes a walk‑up attic with potential to create additional unit(s); Walk‑up attic may allow converting the top unit into a townhouse configuration
