Three-Bay Automotive
New
For Sale
$489,000
1593 Cove Rd, New Bedford, MA 02740
Steel corner-lot facility with vehicle lifts, off-street parking, and Mixed Use Business zoning.
Property Size2,000 SF
Price / SF$244.50
Days on Market7
Property Features for 1593 Cove Rd
General Information
Standard status
Active
Size
2,000 SF
Zoning
MUB
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Service Bays
3
Building Details
Year Built
1972
Buildings
1
Construction
steel
Listing Agency:
RE/MAX Vantage
(774) 263-1830
Listed By:
Donald Sylvia · License #451501447
Source:
Alpernandmesenbourg
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 30 at 8:27PM
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 RE/MAX Vantage
Investment Insights
Based on property information with market context.
This sale includes the real estate only: a steel automotive building of approximately 2,000 square feet with three service bays. Vehicle lifts remain in place, and the oil/water separator is installed and up to code. Off-street parking is included with the lot immediately to the right of the building when facing it; the lot on the left is excluded.
The property occupies a corner location on Cove Rd in New Bedford’s south end, with access to Rt. 18 and I-195. Mixed Use Business (MUB) zoning supports continued automotive use or other commercial uses. The configuration may suit an owner-operator, tradesperson, or investor seeking an established service-oriented facility.
The property occupies a corner location on Cove Rd in New Bedford’s south end, with access to Rt. 18 and I-195. Mixed Use Business (MUB) zoning supports continued automotive use or other commercial uses. The configuration may suit an owner-operator, tradesperson, or investor seeking an established service-oriented facility.
Key Highlights
- Approximately 2,000 SF steel automotive building
- Three service bays with vehicle lifts included
- Oil/water separator installed and up to code
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
$27,048
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
5.53%
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%
$540,960
$541.0K
Cap Rate 7%
$386,400
$386.4K
Cap Rate 9%
$300,533
$300.5K
Market Conditions
NOI Build-Up for 2,000 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
$42.0K $21.00/SF
− Vacancy
−$3.4K −$1.68/SF
EGI
$38.6K $19.32/SF
− OpEx
−$11.6K −$5.80/SF
NOI
$27.0K $13.52/SF
Area
New Bedford, MA
Vacancy
8.00%
Lease Rate
$21.00 /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%
$540,960
Cap Rate 7%
$386,400
Cap Rate 9%
$300,533
Alternative Uses
Best Use
Retail
$386.4K
$338.1K – $450.8K
NOI $27,048 @ 7.0% cap · market cap 5.53%
Second Best
Industrial
$281.2K
$246.1K – $328.1K
NOI $19,686 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$589.7K
$516.0K – $688.0K
NOI $41,280 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Service bays
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
106k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Dining 45%
Electronics 3%
Home Improvements & Furnishings 1%
Cumberland Farms
Shops & Services
20,046 visits/mo
0.3 miles
Dollar Tree
Shops & Services
15,737 visits/mo
0.5 miles
Dunkin' Donuts
Dining
12,555 visits/mo
0.2 miles
Burger King
Dining
11,434 visits/mo
0.4 miles
Taco Bell
Dining
9,556 visits/mo
0.3 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Steel corner-lot facility with vehicle lifts, off-street parking, and Mixed Use Business zoning.
Where is this auto shop located?
The property is located at 1593 Cove Rd New Bedford, MA.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Approximately 2,000 SF steel automotive building; Three service bays with vehicle lifts included; Oil/water separator installed and up to code
