Renovated Triplex with
For Sale
$699,999
1461 Pleasant St, New Bedford, MA 02740
Updated three-unit property with modernized systems, remodeled interiors, basement laundry connections, and driveway parking.
Property Size2,810 SF
Price / SF$249.11
Days on Market133
Property Features for 1461 Pleasant St
General Information
Standard status
Active
Size
2,810 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
MUB
Net Operating Income
$74,400
Taxes and HOA fees
Annual Taxes
$5,203
Building Details
Building Size
2,810 SF
Year Built
1890
Stories
3
Listing Agency:
Pina & Savage Realty Inc.
(508) 930-4625
Listed By:
Elizabeth G Savage
Source:
Dohertyproperties
Added: Apr 21
Changed: Aug 29
Last Checked: Aug 30 at 12:50PM
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 Pina & Savage Realty Inc.
Investment Insights
Based on property information with market context.
This 2,810-square-foot triplex, built in 1890, has undergone extensive renovation across its building systems and unit interiors. Improvements include a 200-amp electrical service, upgraded water and sewer lines, a new gas line, new windows, and forced hot air heating with new ductwork. Kitchens feature granite countertops and new cabinetry, while bathrooms have been comprehensively updated with new fixtures, tile, vanities, toilets, ventilation, and plumbing components.
The basement includes laundry hookups serving all 3 units, and a driveway provides on-site parking. Two new 40-gallon water heaters were installed for the second and third units. The property is located at 1461 Pleasant St in New Bedford and carries MUB zoning.
The basement includes laundry hookups serving all 3 units, and a driveway provides on-site parking. Two new 40-gallon water heaters were installed for the second and third units. The property is located at 1461 Pleasant St in New Bedford and carries MUB zoning.
Key Highlights
- Triplex with 2,810 square feet, built in 1890
- 200‑amp electrical service upgrade
- Two new 40‑gallon water heaters for the second and third units
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
$40,392
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
5.77%
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%
$807,840
$807.8K
Cap Rate 7%
$577,029
$577.0K
Cap Rate 9%
$448,800
$448.8K
Market Conditions
NOI Build-Up for 2,810 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
$62.4K $22.20/SF
− Vacancy
−$4.7K −$1.67/SF
EGI
$57.7K $20.54/SF
− OpEx
−$17.3K −$6.16/SF
NOI
$40.4K $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%
$807,840
Cap Rate 7%
$577,029
Cap Rate 9%
$448,800
Alternative Uses
Best Use
Multifamily LT 5
$577.0K
$504.9K – $673.2K
NOI $40,392 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$529.8K
$463.5K – $618.1K
NOI $37,083 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$828.5K
$725.0K – $966.6K
NOI $57,998 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
781
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?
Triplex - Updated three-unit property with modernized systems, remodeled interiors, basement laundry connections, and driveway parking.
Where is this triplex located?
The property is located at 1461 Pleasant St New Bedford, MA.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: Triplex with 2,810 square feet, built in 1890; 200‑amp electrical service upgrade; Two new 40‑gallon water heaters for the second and third units
