Versatile Commercial Property For
For Sale
$600,000
138 Morgan St, Fall River, MA 02721
Commercial property with office and warehouse space in Fall River.
Property Size4,382 SF
Lot Size0.16 Acres
Days on Market266
Property Features for 138 Morgan St
General Information
Standard status
Active
Size
4,382 SF
Lot size
0.16 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,631
Building Details
Building Size
4,382 SF
Year Built
1900
Listing Agency:
Century 21 Limitless
(508) 726-3492
Listed By:
Kyle Seyboth · License #32535
(508) 726-3492
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 20 at 11:52AM
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.
This commercial property offers over 4,000 square feet of versatile space suitable for a variety of business uses. It features both office and warehouse areas, providing flexibility to accommodate different needs. The property is situated in a prime location near major highways and local amenities, offering excellent visibility and accessibility. Off-street parking is available. The office space is equipped with central A/C, a bathroom, a conference area, and a kitchenette. Located on a highly visible corner lot in the growing area of Fall River, MA, this property offers significant potential for future business expansion.
Key Highlights
- Prime location near major highways and local amenities.
- Over 4,000 square feet of versatile commercial space.
- Office and warehouse areas provide flexibility for various business uses.
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
$42,882
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
7.15%
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%
$857,640
$857.6K
Cap Rate 7%
$612,600
$612.6K
Cap Rate 9%
$476,467
$476.5K
Market Conditions
NOI Build-Up for 4,382 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
$65.7K $15.00/SF
− Vacancy
−$4.5K −$1.02/SF
EGI
$61.3K $13.98/SF
− OpEx
−$18.4K −$4.19/SF
NOI
$42.9K $9.79/SF
Area
Bristol County, MA
Vacancy
6.80%
Lease Rate
$15.00 /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%
$857,640
Cap Rate 7%
$612,600
Cap Rate 9%
$476,467
Alternative Uses
Best Use
Office B
$1.03M
$900.3K – $1.20M
NOI $72,025 @ 7.0% cap · market cap 12.00%
Second Best
Warehouse
$811.0K
$709.6K – $946.2K
NOI $56,771 @ 7.0% cap · market cap 9.46%
Theoretical Best
Office A
$2.67M
$2.33M – $3.11M
NOI $186,799 @ 7.0% cap · market cap 31.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,781
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02721, MA
28,075
Population
12,358
Households
2.3
Avg Household Size
38
Median Age
15%
College-Educated
73%
High-School Grad
4.0 sq mi
ZIP Area
7,019
Density / Sq Mi
$50,666
Median Household Income
$40,315
Median Earnings
$1,010
Median Rent
$362,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Self-Storage at U-Haul — 110 Lewiston St, Fall River, MA 02721
- Store Space Self Storage — 288 Plymouth Ave, Fall River, MA 02721
Frequently Asked Questions
What type of property is this?
Warehouse - Commercial property with office and warehouse space in Fall River.
Where is this warehouse located?
The property is located at 138 Morgan St Fall River, MA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Prime location near major highways and local amenities.; Over 4,000 square feet of versatile commercial space.; Office and warehouse areas provide flexibility for various business uses.
