Updated Duplex with Outdoor
For Sale
$499,000
164 Chestnut Street, New Bedford, MA 02740
Two residential units combine period character, updated systems, outdoor areas, and access to public transportation.
Property Size1,949 SF
Price / SF$256.03
Days on Market32
Property Features for 164 Chestnut Street
General Information
Standard status
Active
Size
1,949 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,391
Amenities
rear deck
fenced yard
covered front deck
full basement
Building Details
Building Size
1,949 SF
Year Built
1844
Buildings
1
Listing Agency:
Lamacchia Realty, Inc.
Listed By:
Eric Alberto · License #9504692
(508) 567-0692
Source:
Paulgrover
Added: Sep 3
Changed: Sep 18
Last Checked: Oct 3 at 3:33AM
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 Lamacchia Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 1844, this two-family property offers nearly 2,000 sq ft across two residential units. The first floor includes 2 bedrooms, a living room, dining room, sunroom, kitchen, pantry, and remodeled bath. The second floor has 3 bedrooms, hardwood floors, a pantry, and a skylight. Hardwood flooring and other original details carry through the building.
Recent improvements include upgraded plumbing, two water heaters, updated electrical service with an Emporia energy monitor and whole-house surge protector, updated siding, and an updated solar skylight. The roof is under five years old. Exterior amenities include a rear deck, fenced yard, and expansive covered front deck. A full basement provides additional space. Located at 164 Chestnut St in New Bedford, the property has access to public transportation, a 70 WalkScore, a 51 BikeScore, and a 47 TransitScore.
Recent improvements include upgraded plumbing, two water heaters, updated electrical service with an Emporia energy monitor and whole-house surge protector, updated siding, and an updated solar skylight. The roof is under five years old. Exterior amenities include a rear deck, fenced yard, and expansive covered front deck. A full basement provides additional space. Located at 164 Chestnut St in New Bedford, the property has access to public transportation, a 70 WalkScore, a 51 BikeScore, and a 47 TransitScore.
Key Highlights
- Two‑family property with nearly 2,000 sq ft
- First‑floor unit has 2 bedrooms; second‑floor unit has 3 bedrooms
- Roof is under five years old
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
$28,016
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
5.61%
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%
$560,320
$560.3K
Cap Rate 7%
$400,229
$400.2K
Cap Rate 9%
$311,289
$311.3K
Market Conditions
NOI Build-Up for 1,949 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
$43.3K $22.20/SF
− Vacancy
−$3.2K −$1.67/SF
EGI
$40.0K $20.54/SF
− OpEx
−$12.0K −$6.16/SF
NOI
$28.0K $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%
$560,320
Cap Rate 7%
$400,229
Cap Rate 9%
$311,289
Alternative Uses
Best Use
Multifamily LT 5
$400.2K
$350.2K – $466.9K
NOI $28,016 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$367.4K
$321.5K – $428.7K
NOI $25,720 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$574.7K
$502.8K – $670.5K
NOI $40,227 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,717
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units combine period character, updated systems, outdoor areas, and access to public transportation.
Where is this duplex located?
The property is located at 164 Chestnut Street New Bedford, MA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑family property with nearly 2,000 sq ft; First‑floor unit has 2 bedrooms; second‑floor unit has 3 bedrooms; Roof is under five years old
