Three-Level Apartment Rooming
For Sale
$569,900
192 Walnut St, New Bedford, MA 02740
Residential Income, New Bedford, MA
Property Size2,443 SF
Lot Size0.05 Acres
Price / SF$233.28
Days on Market573
Property Features for 192 Walnut St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RC
Bedrooms
10
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 9, Bedroom 10, Bathroom 3, Bedroom 6, Bedroom 5, Bedroom 8, Bedroom 7, Bedroom 1, Bedroom 2, Bathroom 2
Directions
Please Use GPS
Standard status
Active
APN
M:0046 L:0149,2890699
Size
2,443 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3822
Building Details
Year built
1879
Floors in Building
5
Number of units
10
Listing Agency:
RE/MAX Vantage · RE/MAX International
(774) 992-0297
Listed By:
Eddie Lopez
(508) 999-4424
Added: Jan 24, 2025
Changed: Aug 20
Last Checked: Aug 20 at 7:06PM
MLS# 73329052
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-level rooming house offers a practical, tenant-friendly layout with 10 rooms and three bathrooms. Seven of the rooms include individual ovens, and all rooms are equipped with private sinks and cabinetry to support independent day-to-day convenience. The property is fully insulated for energy efficiency and year-round comfort, with each room outfitted with its own minisplit.
The property is located at 192 Walnut St in New Bedford, Massachusetts, and is zoned RC. The site totals 0.0515 acres, with a listed size of 2,443 square feet. Built in 1879, the building presents a defined, room-by-room tenancy format that can be considered for an investor seeking this specific configuration.
The property is located at 192 Walnut St in New Bedford, Massachusetts, and is zoned RC. The site totals 0.0515 acres, with a listed size of 2,443 square feet. Built in 1879, the building presents a defined, room-by-room tenancy format that can be considered for an investor seeking this specific configuration.
Key Highlights
- 10 rooms and three bathrooms in a three‑level rooming house format
- Seven rooms feature individual ovens; all rooms have private sinks and cabinetry
- Fully insulated for energy efficiency and year‑round comfort; each room has a minisplit
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
$32,240
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
5.66%
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%
$644,800
$644.8K
Cap Rate 7%
$460,571
$460.6K
Cap Rate 9%
$358,222
$358.2K
Market Conditions
NOI Build-Up for 2,443 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
$63.0K $25.80/SF
− Vacancy
−$4.4K −$1.81/SF
EGI
$58.6K $23.99/SF
− OpEx
−$26.4K −$10.80/SF
NOI
$32.2K $13.20/SF
Area
New Bedford, MA
Vacancy
7.00%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
45.00%
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%
$644,800
Cap Rate 7%
$460,571
Cap Rate 9%
$358,222
Alternative Uses
Best Use
Apartment 5plus
$460.6K
$403.0K – $537.3K
NOI $32,240 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$720.3K
$630.3K – $840.4K
NOI $50,424 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
2,060
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?
Apartment building - Features individual ovens and private sinks in each room, plus minisplit heating for year-round comfort.
Where is this apartment building located?
The property is located at 192 Walnut St New Bedford, MA.
What is the asking price?
The asking price for this property is $569,900.
What are key features of this property?
This property features: 10 rooms and three bathrooms in a three‑level rooming house format; Seven rooms feature individual ovens; all rooms have private sinks and cabinetry; Fully insulated for energy efficiency and year‑round comfort; each room has a minisplit
