Remodeled Duplex with
For Sale
$449,000
184 Summer St, New Bedford, MA 02740
One residence is vacant and updated for immediate occupancy, while the other remains tenant occupied and deleaded.
Property Size1,623 SF
Days on Market155
Property Features for 184 Summer St
General Information
Standard status
Active
Size
1,623 SF
Property subtype
2 Family - 2 Units Up/Down
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,815
Amenities
back deck
off street parking
basement storage
attic storage
Building Details
Building Size
1,623 SF
Year Built
1850
Listing Agency:
Corcoran Chart House Realty
Listed By:
Alexandra Stamatakos · License #1001899
(401) 246-4198
Source:
Allisonmazer
Added: Apr 7
Changed: Sep 8
Last Checked: Aug 31 at 1:43AM
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 Corcoran Chart House Realty
Investment Insights
Based on property information with market context.
This 1,623-square-foot duplex, built in 1850, contains two residences with a combined four bedrooms and two full baths. Each unit is configured with two bedrooms and one full bath. The first-floor residence is vacant and has been remodeled with refreshed flooring, an updated kitchen, dishwasher, gas range, refrigerator, in-unit laundry, and a renovated bathroom. The second-floor residence is occupied and deleaded.
Property improvements include new electrical service throughout, vinyl siding, and a young roof. A rear deck, off-street parking, unfinished basement with interior access and bulkhead, and walk-up attic provide additional utility and storage. The property is zoned RB and is located near the waterfront, downtown, shopping, and major highways.
Property improvements include new electrical service throughout, vinyl siding, and a young roof. A rear deck, off-street parking, unfinished basement with interior access and bulkhead, and walk-up attic provide additional utility and storage. The property is zoned RB and is located near the waterfront, downtown, shopping, and major highways.
Key Highlights
- Two‑unit duplex with 1,623 SF, four bedrooms, and two full baths
- Each residence includes 2 bedrooms and 1 full bath
- Vacant first‑floor unit remodeled with updated flooring, kitchen, bath, and in‑unit laundry
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
$23,330
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
5.20%
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%
$466,600
$466.6K
Cap Rate 7%
$333,286
$333.3K
Cap Rate 9%
$259,222
$259.2K
Market Conditions
NOI Build-Up for 1,623 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
$36.0K $22.20/SF
− Vacancy
−$2.7K −$1.67/SF
EGI
$33.3K $20.54/SF
− OpEx
−$10.0K −$6.16/SF
NOI
$23.3K $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%
$466,600
Cap Rate 7%
$333,286
Cap Rate 9%
$259,222
Alternative Uses
Best Use
Multifamily LT 5
$333.3K
$291.6K – $388.8K
NOI $23,330 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$306.0K
$267.7K – $357.0K
NOI $21,418 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$478.6K
$418.7K – $558.3K
NOI $33,499 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,823
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?
Duplex - One residence is vacant and updated for immediate occupancy, while the other remains tenant occupied and deleaded.
Where is this duplex located?
The property is located at 184 Summer St New Bedford, MA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,623 SF, four bedrooms, and two full baths; Each residence includes 2 bedrooms and 1 full bath; Vacant first‑floor unit remodeled with updated flooring, kitchen, bath, and in‑unit laundry
