New Bedford Four-Unit
For Sale
$689,900
191 Bonney Street, New Bedford, MA 02740
Well-maintained, owner-occupied four-unit property in New Bedford.
Property Size2,732 SF
Price / SF$252.53
Days on Market183
Property Features for 191 Bonney Street
General Information
Standard status
Active
Size
2,732 SF
Total Parking Spaces
2
Property subtype
Multi-family / 4 Family
Zoning
MUB
Taxes and HOA fees
Annual Taxes
$4,737
Amenities
City/Town Sewer, Public
No
Wood, Tile
4.0
Full, Partially Finished, Walk Out, Concrete Floor, Unfinished Basement
4
4.00
Fenced/Enclosed
Frame
Shingle
Level, Other
Porch
Building Details
Year Built
1891
Listing Agency:
Redlon Realty LLC
(774) 259-4057
Listed By:
Adam Walorz · License #9570473
(774) 259-4057
Source:
Compass
Added: Feb 18
Changed: Aug 8
Last Checked: Aug 8 at 5:40AM
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 Redlon Realty LLC
Investment Insights
Based on property information with market context.
This well-maintained, family-owned, nearly 3000 square foot, four-unit property is located in New Bedford. The property offers an investment opportunity with off-street parking via a driveway and a backyard. It is situated in a prime location for tenants and commuters, with convenient access to the highway, shopping, dining, and parks. The property features a fully vinyl-sided exterior and four legal units, each containing two bedrooms. The units are in great condition and include full kitchens, baths, light and bright bedrooms, and convenient floor plans. This is a rare opportunity to own a legal four-unit property in a growing city.
Key Highlights
- Large 4‑unit property (nearly 3000 SF) in New Bedford
- Prime location near highway access, shopping, dining, and parks
- Off‑street parking with driveway and backyard
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
$39,271
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
5.69%
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%
$785,420
$785.4K
Cap Rate 7%
$561,014
$561.0K
Cap Rate 9%
$436,344
$436.3K
Market Conditions
NOI Build-Up for 2,732 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
$60.7K $22.20/SF
− Vacancy
−$4.5K −$1.67/SF
EGI
$56.1K $20.54/SF
− OpEx
−$16.8K −$6.16/SF
NOI
$39.3K $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%
$785,420
Cap Rate 7%
$561,014
Cap Rate 9%
$436,344
Alternative Uses
Best Use
Multifamily LT 5
$561.0K
$490.9K – $654.5K
NOI $39,271 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$515.0K
$450.7K – $600.9K
NOI $36,053 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$805.5K
$704.9K – $939.8K
NOI $56,388 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,415
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?
Quadplex - Well-maintained, owner-occupied four-unit property in New Bedford.
Where is this quadplex located?
The property is located at 191 Bonney Street New Bedford, MA.
What is the asking price?
The asking price for this property is $689,900.
What are key features of this property?
This property features: Large 4‑unit property (nearly 3000 SF) in New Bedford; Prime location near highway access, shopping, dining, and parks; Off‑street parking with driveway and backyard
