Two-Family Residential Income
For Sale
$645,000
151-153 Clara St, New Bedford, MA 02744
Well-maintained duplex with finished basement space and three-bedroom units suitable for owner-occupants or investors.
Property Size2,648 SF
Days on Market60
Property Features for 151-153 Clara St
General Information
Standard status
Active
Size
2,648 SF
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,104
Building Details
Building Size
2,648 SF
Year Built
1922
Stories
2
Units
2
Listing Agency:
Keller Williams South Watuppa
(508) 916-0129
Listed By:
Kristy Washburn
(508) 916-0129
Source:
Elliman
Added: Jun 22
Changed: Aug 19
Last Checked: Aug 20 at 8:41AM
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 Keller Williams South Watuppa
Investment Insights
Based on property information with market context.
This two-family property is spacious and well maintained, offering two separate residential units. Each unit features three bedrooms, high ceilings, ceiling fans, and generous living space. Some appliances are set to convey with the sale. The basement is finished, providing additional flexible space that can be used as an office, gym, playroom, or entertaining area.
The property includes a one-car garage with a new roof and a brand-new garage door, along with off-street parking served by a driveway. The roof is approximately four years old, and the home has been cared for with attention to key exterior components. Conveniently located a short distance from the beach as well as shopping, dining, and other local amenities.
For tenants, buyers, or owner-occupants, the layout supports multiple living arrangements with three-bedroom configurations in both units and extra finished basement space. Some appliances will convey, and off-street parking plus the garage help support day-to-day convenience. Current tenants at will are actively looking for housing.
The property includes a one-car garage with a new roof and a brand-new garage door, along with off-street parking served by a driveway. The roof is approximately four years old, and the home has been cared for with attention to key exterior components. Conveniently located a short distance from the beach as well as shopping, dining, and other local amenities.
For tenants, buyers, or owner-occupants, the layout supports multiple living arrangements with three-bedroom configurations in both units and extra finished basement space. Some appliances will convey, and off-street parking plus the garage help support day-to-day convenience. Current tenants at will are actively looking for housing.
Key Highlights
- Two‑family property built in 1922 with each unit offering 3 bedrooms and high ceilings
- Finished basement with extra space for office, gym, playroom, or entertaining
- Roof is approximately 4 years old; one‑car garage has a new roof and brand‑new garage door
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
$38,064
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
5.90%
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%
$761,280
$761.3K
Cap Rate 7%
$543,771
$543.8K
Cap Rate 9%
$422,933
$422.9K
Market Conditions
NOI Build-Up for 2,648 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
$58.8K $22.20/SF
− Vacancy
−$4.4K −$1.67/SF
EGI
$54.4K $20.54/SF
− OpEx
−$16.3K −$6.16/SF
NOI
$38.1K $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%
$761,280
Cap Rate 7%
$543,771
Cap Rate 9%
$422,933
Alternative Uses
Best Use
Multifamily LT 5
$543.8K
$475.8K – $634.4K
NOI $38,064 @ 7.0% cap · market cap 5.90%
Second Best
Apartment 5plus
$499.2K
$436.8K – $582.4K
NOI $34,945 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$780.8K
$683.2K – $910.9K
NOI $54,655 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
Explore this area
Business Placement
Demographics for 02744, MA
13,055
Population
5,609
Households
2.3
Avg Household Size
35
Median Age
13%
College-Educated
72%
High-School Grad
1.3 sq mi
ZIP Area
10,042
Density / Sq Mi
$54,841
Median Household Income
$36,799
Median Earnings
$1,133
Median Rent
$344,800
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 - Well-maintained duplex with finished basement space and three-bedroom units suitable for owner-occupants or investors.
Where is this duplex located?
The property is located at 151-153 Clara St New Bedford, MA.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Two‑family property built in 1922 with each unit offering 3 bedrooms and high ceilings; Finished basement with extra space for office, gym, playroom, or entertaining; Roof is approximately 4 years old; one‑car garage has a new roof and brand‑new garage door
