Updated Triplex with
For Sale
$659,900
185 Richmond St, New Bedford, MA 02740
Three residential units feature updated finishes, porches, and outdoor amenities including a pool and jacuzzi.
Property Size2,540 SF
Days on Market8
Property Features for 185 Richmond St
General Information
Standard status
Active
Size
2,540 SF
Property subtype
Investment
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,170
Amenities
updated windows
fence
flooring
blown in insulation
hot water tanks
front & back porch
leased solar panels for 2nd floor unit
unground pool
jacuzzi
shed
Building Details
Building Size
2,540 SF
Year Built
1896
Buildings
1
Stories
3
Units
3
Listing Agency:
Seaport Realty
(508) 525-5740
Listed By:
Daphne Bullis
(508) 525-5740
Source:
Elliman
Added: Aug 13
Changed: Aug 17
Last Checked: Aug 20 at 10:19AM
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 Seaport Realty
Investment Insights
Based on property information with market context.
This three-family property, built in 1896, includes three residential units with updates to the windows, flooring, insulation, and hot water tanks. The property also has front and back porches, a shed, an in-ground pool, and a jacuzzi. Leased solar panels serve the second-floor unit.
Located in New Bedford, the property has a Walk Score of 92 and a Bike Score of 57, placing everyday destinations within convenient walking and biking range. A Transit Score of 37 reflects access to some public transportation. Showings require 24-hour notice.
Located in New Bedford, the property has a Walk Score of 92 and a Bike Score of 57, placing everyday destinations within convenient walking and biking range. A Transit Score of 37 reflects access to some public transportation. Showings require 24-hour notice.
Key Highlights
- Three‑family property with three residential units
- Updates include windows, flooring, blown‑in insulation, and hot water tanks
- In‑ground pool, jacuzzi, shed, and front and back porches
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
$36,511
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%
$730,220
$730.2K
Cap Rate 7%
$521,586
$521.6K
Cap Rate 9%
$405,678
$405.7K
Market Conditions
NOI Build-Up for 2,540 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
$56.4K $22.20/SF
− Vacancy
−$4.2K −$1.67/SF
EGI
$52.2K $20.54/SF
− OpEx
−$15.6K −$6.16/SF
NOI
$36.5K $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%
$730,220
Cap Rate 7%
$521,586
Cap Rate 9%
$405,678
Alternative Uses
Best Use
Multifamily LT 5
$521.6K
$456.4K – $608.5K
NOI $36,511 @ 7.0% cap · market cap 5.53%
Second Best
Apartment 5plus
$478.9K
$419.0K – $558.7K
NOI $33,520 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$748.9K
$655.3K – $873.8K
NOI $52,426 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
632
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units feature updated finishes, porches, and outdoor amenities including a pool and jacuzzi.
Where is this triplex located?
The property is located at 185 Richmond St New Bedford, MA.
What is the asking price?
The asking price for this property is $659,900.
What are key features of this property?
This property features: Three‑family property with three residential units; Updates include windows, flooring, blown‑in insulation, and hot water tanks; In‑ground pool, jacuzzi, shed, and front and back porches
