Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Fall River Two-Family Home Title is generated by Realmo AI

    186 Spencer Street, Fall River, MA 02721

    View on Map
    Claim this Listing
    For Sale
    $479,900

    Well-maintained two-family home in Fall River with fenced yard.

    Type:Multi Family
    Property size:
    2,235 SF
    Price / SF:
    $214/SF
    Added:
    May 24, 2026
    Days on Market:
    10
    Last Refresh:
    May 28 at 2:44 am

    Property Features for 186 Spencer Street

    General Information

    Standard status
    Active
    Size
    2,235 SF
    Property subtype
    Multi Family

    Building Details

    Year Built
    1935

    We can help!

    Listing Contact
    Sally Costa

    Listing agent Sally Costa License #RES.0044673

    Listing office Keller Williams South Watuppa

    Listing date May 24, 2026

    Source Lockandkeyre

    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 Keller Williams South Watuppa

    HighLights

    • Two‑family home: Ideal for owner‑occupants or investors.
    • Two spacious units, each with two bedrooms.
    • Convenient location: Close to shopping, restaurants, schools, and highways.
    • Includes a one‑car garage and additional off‑street parking.
    • Fully fenced yard: Great for outdoor activities.
    • Strong rental or multi‑generational living potential.

    Overview

    This well-maintained two-family home is located in Fall River. Each unit features two bedrooms and comfortable living areas with natural light. The property includes a one-car garage, additional off-street parking, and a fully fenced yard. It is located near shopping centers, restaurants, schools, and major highways, offering convenient access to amenities. The property has a size of 2235 square feet. This property presents an opportunity for both owner-occupants and investors.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $61.7k $27.60
    − Vacancy −$4.6k −$2.07
    EGI $57.1k $25.53
    − OpEx −$17.1k −$7.66
    NOI $39.9k $17.87
    2,235 SF · lease $27.60/SF/yr · vacancy 7.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $570.6K
    $499.3K – $665.7K (±1% cap)
    NOI $39,942 @ 7.0% cap · market cap 8.32%
    Second Best
    Apartment 5plus
    $530.3K
    $464.0K – $618.7K (±1% cap)
    NOI $37,119 @ 7.0% cap · market cap 7.73%
    Theoretical Best
    Office A
    $1.36M
    $1.19M – $1.59M (±1% cap)
    NOI $95,275 @ 7.0% cap · market cap 19.85%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fall River
    County
    Bristol
    State
    Massachusetts
    Longitude
    -71.1506315
    Latitude
    41.6684606

    Nearby Similar for Sale

    • $1,268,000
      4,890 SF

      Updated Multifamily Properties in Fall River

      Two properties with updated units near amenities and major routes.
      165 & 169 Grant Street, Fall River, MA 02721
      View Details
    • $699,000
      3,478 SF

      Vacant Three-Family in Fall River

      Completely vacant Fall River triplex, ideal for investors or families.
      4 Coral St, Fall River, MA 02721
      View Details
    • $699,000
      3,280 SF

      Fall River Multifamily Investment

      Three-family property with expansion potential near historic landmarks.
      96 John St, Fall River, MA 02721
      View Details
    • $899,000
      3,354 SF

      Updated Multifamily Investment Opportunity

      Fully updated four-unit property near amenities and major routes.
      169 Grant Street, Fall River, MA 02721
      View Details
    • $1,300,000
      6,882 SF

      Renovated Multifamily Investment Property

      Turnkey six-family property in Fall River, fully renovated in 2013.
      1153 1157 Slade, Fall River, MA 02721
      View Details
    • $744,900
      3,207 SF

      Fall River Income Property

      Three-family home with income potential in a desirable location.
      464 Birch St, Fall River, MA 02724
      View Details
    • $1,350,000
      6,898 SF

      Fall River Multifamily Opportunity

      Multifamily property with six units and a single-family home.
      119-121 Tremont St, Fall River, MA 02720
      View Details
    • $695,000
      3,201 SF

      Fall River Multi-Family Investment

      Well-maintained three-family property with strong rental history.
      1124 Bedford St, Fall River, MA 02723
      View Details
    • $8
      6,500 SF

      Fall River Commercial Space

      6,500 sqft commercial space for lease in Fall River.
      1533 S Main Street, Fall River, MA 02724
      View Details
    • $499,900
      2,894 SF

      Spacious Two-Family Home, Fall River

      Well-maintained two-family home with income potential near amenities.
      27 Cook St, Fall River, MA 02724
      View Details
    • $850,000
      4,121 SF

      Multifamily Property with 5-Unit Potential

      Multifamily property with income potential in Fall River, Massachusetts.
      600 Broadway, Fall River, MA 02724
      View Details
    • $799,900
      3,305 SF

      Renovated Multi-Family Property

      Extensively renovated three-family property with modern amenities and vacant possession.
      58 Downing St, Fall River, MA 02723
      View Details

    FAQs

    What type of property is this?
    Duplex - Well-maintained two-family home in Fall River with fenced yard.
    Where is this duplex located?
    The property is located at 186 Spencer Street Fall River, MA.
    What is the asking price?
    The asking price for this property is $479,900.
    What are key features of this property?
    This property features: Two‑family home: **Ideal for owner‑occupants or investors.**; Two spacious units, each with two bedrooms.; Convenient location: Close to shopping, restaurants, schools, and highways.
    (508) 324-5089
    We can help!
    Listing Contact
    Sally Costa
    Real Estate License ID: RES.0044673
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    186 Spencer Street, Fall River, MA 02721
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!