Triplex with Two-Bedroom
New
For Sale
$675,000
185 Covel St, Fall River, MA 02723
Three residences provide consistent two-bedroom layouts suited to rental or owner occupancy.
Property Size2,685 SF
Days on Market3
Property Features for 185 Covel St
General Information
Standard status
Active
Size
2,685 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,810
Building Details
Building Size
2,685 SF
Year Built
1900
Stories
3
Units
3
Listing Agency:
Alfonso Realty Co.
Listed By:
Henry Alfonso · License #9029045
(508) 207-0152
Source:
Elliman
Added: Sep 8
Last Checked: Sep 9 at 11:02AM
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 Alfonso Realty Co.
Investment Insights
Based on property information with market context.
This triplex contains three residential units, with each apartment arranged as a five-room, two-bedroom residence. The property was built in 1900 and offers a unit configuration that supports either rental use or owner occupancy.
Situated at 185 Covel St in Fall River’s East End, the property is near shopping, dining, schools, public transportation, and major highway access. The location records a Walk Score of 82, a Bike Score of 59, and a Transit Score of 32.
Situated at 185 Covel St in Fall River’s East End, the property is near shopping, dining, schools, public transportation, and major highway access. The location records a Walk Score of 82, a Bike Score of 59, and a Transit Score of 32.
Key Highlights
- Three residential units in a single triplex property
- Each unit includes 5 rooms and 2 bedrooms
- Built in 1900
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
$47,984
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
7.11%
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%
$959,680
$959.7K
Cap Rate 7%
$685,486
$685.5K
Cap Rate 9%
$533,156
$533.2K
Market Conditions
NOI Build-Up for 2,685 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
$74.1K $27.60/SF
− Vacancy
−$5.6K −$2.07/SF
EGI
$68.5K $25.53/SF
− OpEx
−$20.6K −$7.66/SF
NOI
$48.0K $17.87/SF
Area
Bristol County, MA
Vacancy
7.50%
Lease Rate
$27.60 /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%
$959,680
Cap Rate 7%
$685,486
Cap Rate 9%
$533,156
Alternative Uses
Best Use
Multifamily LT 5
$685.5K
$599.8K – $799.7K
NOI $47,984 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$637.0K
$557.4K – $743.2K
NOI $44,593 @ 7.0% cap · market cap 6.61%
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,458 @ 7.0% cap · market cap 16.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,081
Businesses Nearby
Explore this area
Business Placement
Demographics for 02723, MA
16,084
Population
7,976
Households
2
Avg Household Size
38
Median Age
13%
College-Educated
74%
High-School Grad
1.6 sq mi
ZIP Area
10,053
Density / Sq Mi
$41,789
Median Household Income
$40,140
Median Earnings
$1,058
Median Rent
$312,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Three residences provide consistent two-bedroom layouts suited to rental or owner occupancy.
Where is this triplex located?
The property is located at 185 Covel St Fall River, MA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Three residential units in a single triplex property; Each unit includes 5 rooms and 2 bedrooms; Built in 1900
