Well-Maintained 8-Unit Apartment
For Sale
$1,450,000
144 Choate St., Fall River, MA 02723
Eight-unit, four-level property with updated kitchens and baths, individually metered electric, and off-street parking for eight vehicles.
Property Size7,686 SF
Price / SF$188.65
Days on Market67
Property Features for 144 Choate St.
General Information
Standard status
Active
Size
7,686 SF
Total Parking Spaces
8
Property subtype
5-9 Family
Additional Details
Highway Access
Yes
Multifamily Units
8
Building Details
Building Size
7,686 SF
Year Built
1900
Stories
4
Listing Agency:
Paiva Real Estate Services, LLC
(508) 443-3443
Listed By:
Christopher J. Paiva · License #9532605
Source:
Paulgrover
Added: May 26
Changed: Jul 26
Last Checked: Jul 30 at 10:46AM
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 Paiva Real Estate Services, LLC
Investment Insights
Based on property information with market context.
This well-maintained 8-unit apartment building spans four levels and includes four 3-bedroom units and four 2-bedroom units. The units have received updates, including improvements to common areas and to kitchens and baths. Building-wide baseboard heating is in place, and each unit has individually metered electric. Off-street parking is provided for eight vehicles, and a new aluminum fire escape was recently installed by the seller.
The property is described as being conveniently located near highway access, parks, and schools.
From a layout perspective, the building offers a balanced mix of unit sizes across four levels, with utility metering designed to support separate electric billing for each unit.
The property is described as being conveniently located near highway access, parks, and schools.
From a layout perspective, the building offers a balanced mix of unit sizes across four levels, with utility metering designed to support separate electric billing for each unit.
Key Highlights
- 8‑unit, four‑level income property built in 1900
- Unit mix: four 3‑bedroom units and four 2‑bedroom units
- Updates noted to common areas, kitchens, and baths
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $249.0k | $32.40 |
| − Vacancy | −$16.9k | −$2.20 |
| EGI | $232.1k | $30.20 |
| − OpEx | −$104.4k | −$13.59 |
| NOI | $127.7k | $16.61 |
7,686 SF · lease $32.40/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.82M
$1.60M – $2.13M
NOI $127,651 @ 7.0% cap · market cap 8.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.68M
$4.10M – $5.46M
NOI $327,645 @ 7.0% cap · market cap 22.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
974
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 - Eight-unit, four-level property with updated kitchens and baths, individually metered electric, and off-street parking for eight vehicles.
Where is this apartment building located?
The property is located at 144 Choate St. Fall River, MA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 8‑unit, four‑level income property built in 1900; Unit mix: four 3‑bedroom units and four 2‑bedroom units; Updates noted to common areas, kitchens, and baths
